The Washington herald., 1910-09-07
WALL STREET NEWS
Stocks and All Commodities
on Decline.
LIQUIDATION NOT EXTENSIVE
Market Receivers Half of Early
Losses After II Has weakened
Under Moderate Selling for For
eign Account and Under Scattered
Selling from Customers.

New York. Sept. 6.-Stocls. wheat.
corn, oats. spot cotton, cotton futures.
and provisions all sold lower to-day. It
was a day OF liquidation in all the mar
kets. In stocks the liquidation was not
extensive or important. and the market
recovered halfS OF early losses after II
had weakened under moderate selling for
foreign account. estimated az 5000 shares
on balance. and under scattering selling
from the commission houses for the ac-
count Of customers who, as was the case
last week, ascribed political Developments
as the principal reason for selling. The
liquidation in the commodity markets
was more significant and much keener.
Less than a week ago. when the Au-
gust option was running out" spot cot
ton sold in this city at 20 cents a pound.
Yesterday, following declines in the lat
ter part Of last week. II sold down TO
l4% cents, and declined q cent on the
day. Cotton options for the new crop
months. including the September deliv-
cry. simultaneously sold down 40 points,
or 50 a bale.
Provisions Fall Slightly.
The decline in prices of provisions
were slight. but IN wheat there was a
drop averaging ~ cents a bushel and
In corn a break OF from ia to cents
a bushel. The declines in cotton and
corn were preceded by reports OF ex-
tremely favorable weather in three days
market recess. but weather reports. of
course. could not influence the wheat
crop. which is already made. and IL Is
doubtful II they were more than partly
influential in the breaks in other COM
modify prices.
At any rate, an excellent reason for
declines in commodity prices is found in
the inevitable weakening in the general
purchasing power accompanying every
period Of business reaction, and II is OBJ
vious that such decided declines as those
to-day have an important bearing on
the readjustment OF unfavorable factors
IN the business situation. tending as they
do toward a decrease IN the cost Of liv-
ing and toward a freer export movement
Of the cOuntrys agricultural productions.
Normally the stock market would be ex-
pected to drive buoyance and strength
from such declines In commodity prices
as occurred to-day. The frightened
prospect for good corn and cotton crops
alone might have been expected TO luc-
tuate stocks.
Depression over Politics.
But to-day. as since the PRONUNCIATION
OF the new nationalism" sentiment. con-
tinued depression over political develop
ments was evident, and Wall street
traders were dlsinclined to enter into COM
mitments in the stock market until the
political situation is somewhat clarified.
Il was argued particularly that II was
advisable to await the result OF to-day's
state election in Vermont, and Of pri-
maries held to-day in New Hampshire,
Michigan. and Wisconsin. In the expec-
tation that these events might throw
some clear light upon a situation that is
now greatly confused. To-day also there
was some unfavorable comment upon last
weeks bank statement with its showing
OF a decrease Of S17.OO0.OO0 in surplus re-
serve, a decrease OF Sl7,5O0O0O in cash,
and an Increase Of $135O0,OOO In loans
The changes in all these items were
greater than had been expected. Time
money rates were slightly harder in ac-
cordance with the loss OF cash last week
In London discounts fell below 3 per cent.
and there was an accompanying decline
in sterling exchange rates here. demand
bills closing with a loss Of Is points on
the day.