The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-09-18
GOSSIP or WALL STREET.

A resumpt ION Of the upward moVsmen,
! In the lptsrboroU Oh Metropolitan issues
overshadowed everything slss In the stoch
market Yesterday. aud the speculation
in these -tocks Was al that prevented tbs
| ex hibitton Of anothe Saturday half $50
,ioa - embarrassing a. any that has been
aeen throughout the summer D.sIinE -
( IN the traction shares exceeded ihOse In
any OF hsr ISSUE. including ths usual market
! Leaders. sdch - I niOn Pacific steel and
4 ksadng. The speculative movement has
carried up he prize Of the preferred :
points In a seek and has IN ress-s ira n-a"-
tons In these usually inactive shares nearly
tehfold. In he Opinioa OF a good many
people he adVancs has ALREADY mOr~ than
discounted The Improvement IN the pos
ion % these shares brought about BY tho
favorable annual report Of he Peterborough
Rapid I ransit company. The ln'erboTouEh-
Nst ropoIi'an shares are nov smonR The
TeN selling above he level ~ this time las
wear
Sales % bonds on The Stock ES'hanEs
last week were double the total Of anv
week during the last month. and while this
Inc Tease Was due IN some part To especial
sCtiyi'y in one or tNo particular issues.
such The Int srborough- Metropolitan
e., better demand was neVert hele--
not icea BILE for all the leading high grade
week were represented In all bat few
cases nv advances. Any increase in act iviiv
in the bond market for a long time back
has almost invariably meant lower prices.
~ that there was tendency bv many
people TO attach moro than ordinary sig.
hincance to The small improvement noted
In his direct ion
although hank ClearinEs in the tinted
states v ere the LARGEST for any Veek since
the end OF July they StilI showed an eI-
traordinaTy decrease Of = = per cent over
the same period last wear A. whole
he volume Of business nov being done -
less than in August, which II especially
significant in vIew Of the fact that Septem-
Der IL almost invariably marked nv . sub
stAntial Increase owing 20 the usual fall
revival after The summer dulnes~ Not
" outstanding this extraordinary thrinkaGe
a. compared With a year ago and the fact
that IL seems likely TO become more pro-
nouncsd there are many people tho profess
to regard this development a. a most
de~ira HE one. They assert that the move
msnt represents = Widespread and general
cur ailment OF expenses which ~ u proceeds
for q little while longer should Law the
foundation for q decided upward trend
next year in spite OF anything that NAV
occur u vas perhaps in this spiri' thai |
he majority Of people last week received !
he rumors of q possible cut IN steel prices.
The full hgures Of the country's foreign !
Tade during August. showing an excess 4
II mports OF o.. Ss5. .cs. which cancelled the ,
mall favorable export balance at the end I
Il july and left an inipor excess Of ssiS .sss ,
or the eight months OF the year. we're not (
eCeived with quite 80 much eauanimhy
bnlv once since the panic OF is73 have
merchandise imports into the 4 nited States
'Scsed-d exports for q full wear. and then
n Isss In 1900 there was an expOu hal
nee OF ssis. 5os. JSO n il remembered
however. that our heaviest exports arc made
n the nnsl Quarter OF the year. ana in this
onnectioR the recent sharp decline IN
train prices 10 The low level Of the year -
fact or OF importance
n railroad earnings for the first month 81
he new hscal wear shows that increases IN
n penSeS have reached the Doint where
hey are outunninR the Rrins made IN ,
rross earnings July gross earnings in
reased 81 az. IN and expenses SIS. ssI az.
eavinS 40 actual loss in net Of .. ss.O,I
The principal reason for this sho wing IL
hat gross earnings during that month fell
N greatly rejecting the smaller yolune
4 business passing over the roads
Although the Clearing House banks sus-
aimed a further Subsi antia loss IN surplus
eserve last week comparison with previous
ears shows that the banks still stand in q
rons position IN this regard The average
urplus OF t2a. .sl 60 has onlv been sur
a-~ed upon tNo occasions since 1855
smely in Iso4 and eos.