The Washington times., 1910-08-21
MORE FAVORABLE MARKET FOR BONDS
FEATURE OF WEEK ON WALL STREET
Permanent Recovery May Be Months AwayRaroads Anxou Oppounf
New Financing
and International Ira de-Buiness
By JOHN GRANT DATER.
the Munsey PubIIeaons

SubiieatiOnE.l
but that the yellow metal was pur-
chased like so many kegs Of nails. or
DoNes OF herring in other words.
mat the imports were a commercial
ana not an exchange traDsa crfon.
New York bankers. on the contrary
nave maintained that. while our mer-
Chandise trade balance was sg,e-se "a
temporarily favorable baIarce had
! been established through sales OF orr
securities 10 Europe. But now Europe
mas oeen selling American stocks and
DchoS, and IN consequence. the conn
Iry IS again thrown back upon an IN
peasant consideration Of the upr-
cHanotSS trade position To persons
VINO take a broad view Of the situa-
llon- the full statement Of the couu-
Ey exports and imports for July.
made PUBLIC during the week was q
diSdET eedble IresenIment particular
- 50 IN that il disclosed another ad-
verse trade balance Exports durfne-
July ran up 10 the large amount 81
S1l4-4yS-Z2z, but Imports amounted 10
- I,5lZ.1O5. leaving a balance against
the country for the month of 81 STS
oes- But II is in the showing of ey-
ports anu impOr-S FOR the seven
.iioii1hs OF the caleI-dar year 10 date
mat th- remarkabia changes which
nave come over the Caunrrv-s inferno
liondl trade are disclosed. For the
interval IN the present year exports
exceed imports by the pitifUI sum OF
Sl.666,364. ContraSred with exress- A,-
ports Tor the same period in 1903 Of
50 .I@e-lOb- and OF S&72,110.4f in 1908
Under conditions such as this IL is
impossible for the co4utr- 10 re.(air
It's once commanding position in the
exchange markets Of the world or re-
AN import ted gold x Europe sees nj
10 sell back securities
The Speculative Market and Politics.
The speculative market continued IN
professional hands showing practically
no change in mis- respect exceDt in
minor particulars. from the condition
prevailing in TIE preceding week. Leaf
lli< commission houses rerorted an en-
tire absence Of public participation in
the market but on the other hand there
was nothing which betokened disquiet-
ing liquidation London took profits
quite extensively. and undoubtedly
some OF the stock recently purchased on |
q scale down was fed out in the market /
influencing occasional reactions. but this |
vas TO have been expected a. a result /
Of the rapid and extensive advance
which. since July 8. has carried prices
from 10 70 points above the low level /
The market on the whole took the Offer
InEs exceedingly wen and showed a con- /
sistently strong undertOne. Il made. /
however. little or no response TO an out
cropping OF deal and rumor stories. some 4
OF which were peculiarly foolish and
the Efforts TO revive pool and CLIQUE on
eraIons IN some % the minor SDe~falrfess
met with very little success On thei
ltooT or the Exchange traders 'urudputIv Il
confined their operations TO a handfT51 Il
or 50 Of issues which have an actual Il
market, and left the speciaIties and in
actiEe stocks, which have practically no /
market. 70 shift for themselves.
Il may Ee doubted Il political devefor,-
il1eltS e>.eIJeq any real fnf uenCe in the /
market OF the week beyond that OF /
. SI..oAllls extensive or confident opera
ions by influential interests. One Sharp
ADVANCE 20 be SIRE was Attributed 10
Shc rejection by the Republican State
committee Of Colonel Roosevelt as tenn
DoraTy chairman Of the State conven-
ton. but important bankers did not re
E3Td this incident as eliminating NTr
Roosevelt IS q political factor. and thev
certainly Cfd not view II as a bull arc7r-
nent- Signs multiply that wall Street I
IS fixing 1tseH FOR something in the Da-
tUTe Of political scare before the
caInpalEn IS over, and in a professional
market the opportunity To create one IS
too tempting for the bear element 10
overlook OF course. the real issues
center around the composition Of tire
House Of Representaffves and the osr3-
patgn has not as Yet developed suf-
hCiently to give any comprehensive idea
Of the outcome. though IL is. quite clear
that bitter facttonal disputes add moth
ing to the chances Of Republican sue
cess In other respects news deveI0p-
ments were mixed. Harvest prospects
prices in he main moved in accord
with the more favoTa bic advfces- Les
Sencd commercial activity was again in
diCated by diminished bank cIearances-
and confirmed by authoritative reports
Of quiet conditions in iron and steel and
other industries. but, taken all in an /
there Il . substantial volume OF business
in progress IN the country. and harvest /
prospects give assurance OF It's main
tenaGCe without further pronounced
contraction.
Today's bank statement again reflects
business CC1tra CtioD. and the shifting Of
2 accounts, in large increases in dcnoSftS
ruounting TO SIS csA on. and the further /
expansion OF S13.4SS-700 in loans Cash
holdings increased 81 0S2. 500 in the aver
age statement, which also reflects a /
slight decrease Of S427.S00 IN surplus re-
serve That changes in another direc-
ton IN the money market are probably
impending, Is Indicated by less con-
siderable Increases in loans and de-
posts IN the actual statement, and by
the decrease there OF S5.0q5-525 in surplus
reserve Exchange at Chicago on New
York ruling at 20 cents discount indf-
Gates that the West Is drawing money
for crop purposes, but banks are still
gaining from the Government and for
the time being one movement viii about
Offset the other.