The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-10-09

maze IN recent years, the prevailing
Wall Street view seems singulariy
short-sighted. Speculative Wall Street
may have been disturbed by the
manner in which the campaign has
been Waged, but the campaign for
honesty and the square deal" has not
disturbed the community In general. II
Is popular with an important element,
as witness the recent Stability OF prices
The campaign Will continue and will
probably win in the end.
But no matter how financial interests
may interpret the political results in
New York State, with the passing OF
the election, the speculative market
probably win find itself again consider
ing things which, from time 10 time.
nave been reCkOned az rInsettiinE and
which still exist N the situation, though
now subordinatcd as market factors.
II would serve no very good PURPOSE
TO specify these features. Some Of them
unquestionably are losing their force.
but one cannot ignore the fact that
such matters as the railway rate situa-
ton, with the suspension Of countless
higher traffic schedules at a time OF
I increased operating cost, the industrial
trust cases in the Supreme Court the
adverse trade balance, and the like
stand in the way OF confident opera
tons. Fortunately these matters do not
interfere with the strict investment
market In fact, they are calculated
10 divert operations 10 that division
where men seek the safety OF the prin-
cipal sum rather than the possibility
Of a material gain through the enhance
/ ment Of speculative prices.
The Portuguese Revolution.
The news developments OF the week
were or interest and Importance, and
many Of them were OF a highly favor
able character.
From the point OF historical interest,
no doubt the first position among the
weeks events will be given TO the revo-
lutionaTy uprising in Portugal, which
resulted in the overthrow o. tho dynasty
and the establishment Of a republic in
that ancient kingdom. This momentous
occurrence had a singuIarIy trifing in
fiuence on the worlds financial markets,
not extending to this country at all
and occas iOning scarcely a ripple in
London, Paris and Berlin
While IL may be toe early 10 measure
| the full effects Of the revolution, Il
seems clear that unless SIS Influence
| should extend 10 Spain and other COuu-
tries having clerical problems, IL mast
rank as the least disturbing, financially.
or all European revolutions OF modern
times. tt Is measured b. break or
| barely 4 points in Portu z uese and ?
points in Spanish boncs, and though the
worlds premier securities, British con
soils, sold al so. the lowest nofnt in fftz-
two years. this issue fas long been de-
pressed by other influences. Consols
! lost but lilo temporarily on the news
from Lisbon, and they have since ad-
VanCed. -.- ....
As a matter Of passing interest. fl
may be noted that the last preceding
occasion on which conSOls sold as low
a. 50 was In lSis, a year also marked
/ by revolutions IN Germany. France, Ire
Ia n ~ ala y
/ famine
Cotton and Commodities.
The least satisfactory OF the weeks
| happenings was the advance OF from
to ia cents in the price OF staple cot
! ton, Influenced in part by the Govern
ment crop report Of Monday. which gave
| an indicated condition as OF September
| =. Of SCI. Though this was not far
/ from what had been expected, and indi-
| Gates a cotton harvest somewhere be
/ tween I.500,Oo0 and 100000 bales, the
/ showing compared with condition OF
! al or the preceding month, and this
| slight deterioration. with adverse wealth
/ or reports, was used a a signal for a
! violent speculative demonstration, which
| has carried cotton, at the outset or a
/ new crop, 20 the highest average point
! in nearly forty years.
! The effects OF this movement on the
Z revivinG textile industry can not be
| other than harmful It is with no sur
| prise that one learns OF important
| manufacturers contemplating the clos
| ing Of mills but recently reOpened for
| operation, and OF a general marking up
| Of prices Of gray goods, with a conse-
/ quent contraction in business ali along
! the line
Despite the advance in cotton many
| conspicuous commodities have moved OF
\ late In a direction favorable for q re
/ adjustment OF the high cost OF living.
! This is notably the case with wheat.
! corn, and pork, which now stands at
I close to the lowest prices Of the year. a
| feature which should go toward cor
! recting the adverse trade balance by
/ stimulating exports Beef and coffee.
| however. are AT the highest figures OF
/ the year.
General Business and Metals.
| While decreased bank exchanges for
the week, amounting 20 g. SIS, 12s, 557, or
/ IS per cent in the entire country, bear
| testimony OF contracting business. gross
( earnings Of ell United States railways,
reporting IN September. aggregate S36.-
S!1,S4s, gain Of s1,lS0,52S. or g. per cent,
| compared with last year. This shows
that an excellent volume Of trade is in
progress in the interior, despite the fall
! ing of at New York. the decreased ex-
| changes or which, due to stock market
I inactivity, contribute the main item to-
| ward the diminished clearances OF the
country.
| The monthly report Of the Copper Pro-
| ducers' Association gave encours cement
| 10 the Street by showing 2 reduction
| last month OF 100000 pounds in the
| supply OF the metal in the country. The
J reduction in output, compared with Au-