New-York tribune., 1910-08-26

FINANCIAL MARKET
Politics and Railroad Rates Fac
tors in Stock Price Changes.

The heaviest buying III yesterday
stock market came from the shorts, and
after the demand from this source had
been satisfied prices developed declfT-
ing tendency, which wiped out the i'm
provement recorded by the larger num-
her of issues in the first hour dealings.
Weakness in the afternoon was helped
by unfavorabIe though apparently IN
founded rumors regarding the financial
position of one of the so-Called Hawley
prorerties which in the course Of the
next six months Will be called upon to
meet S5OGO.0O0 notes and d small
amount of maturing bonds, arrange
ments for which, 1t is understood, al
ready have been made. Whatever bull
sentiment may have developed In the
initial trading subsequently was upset
by a sharp rise in the market for corn
on reports of low temperature in the
corn belt adverse weather advices from
the cornfields naturally creating the
fear Of extensive damage to the crop by
early frosts. owing to the fact that IN
most sections of the corn growing states
the harvest is expected TO be late, as a
consequence of poor conditions reported
in the planting season. The corn crop is
never out of danger in the last week in
! August a reflection of which IS found in
the current speculation for higher quota
tions in future options.
Commission houses had no buying or
ders from substantial sources, and the
feebleness of the rally that followed the
sharp decline in the second hour of bust
ness appeared TO convince traders that
for the present, at least, little money
could be made OF the long side of specu-
lation When the stock market shows
no inclination to rally after declines it is
a safe conclusion that lower prices will
be recorded before sustained bull
movement can be brought about. The
larger interests evidently are doing
nothing TO encourage higher quotations.
and from what can be gathered from
high. sources of Information no attempt
will be made TO inaugurate a bull cam
paign until the uncertainty over the po-
litjcal and railroad rate situation has
been eliminated. II is no secret IN the
Street that banking interests are most
,1rfavora bly, impressed with the attitude
Of certain Republican bosses. who evi-
IDENTIFY are endeaVoring to make cam
uaign along lines that seem to be a play
in favor Of the election of a Democratic
Congress The financial community be
Iieves that the country will be better
served by the return Of a Republican
ma iority in the new Congress, but It
finds In the policy of the apparently
soon 10 he discredited Barnes Woodruff
Ward element in this state and the
same sort of element in other states
reason for uneasiness. The chief net
losses were reported by Atchison. ST
Paul. Southern Pacific, Union Pacific
and United States Steel
Money rates at this centre showed no
important change as compared with the
prevailing levels of the last week, while
sterling exchange was trifie firmer,
rejecting a somewhat better supply Of
commercial bills and foreign purchases
Of our securities Doubtless the fact
that quotations for American stocks
showed declines Of from ; to points
from the high figures recorded on the
rally following the July slump encour-
aged some London and Continental buy
ing, though the aggregate Of these pur-
chases was not large, amounting to less
than twenty thousand shares. London
discounts were firm, despite a good
showing by the Bank OF England in its
weekly return, which presented a pro
portion OF reserve 10 liability of 500
per cent. against a ten-year average for
this period Of 50.S6 per cent. Like our
OWE banks the British institution is
preparing for the usual autumn demand
upon its resources. Il is not unlikely
tha; within the course Of few weeks
the English bank cate win be advanced
from It's present per cent level