The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1911-09-03

all of which occurrences are attributed
to the decline IN the New York stock
market.
The foreign selling. which was such
| q feature of the preceding interval, was
not much of factor during the present
week, nor were there any signs or the
disquieting liquidation with which the
break in the market was initiated. In
! fact very many brokers expressed the
/ opinion that the mysterious selling
which so disturbed the market a short
time ago had definitely ceased. II such
is the case II will be welcome news to
brokers believe that anything like q
, bull market is possible In view OF all
the many unsettling factors In the situ-
| alton. This opinion is very freely ex-
pressed now by one of the mos. i'm
. portant private bankers in the country
who has recently returned from Europe.
Some Favorable Factors.
The general industrial situation, this
gentleman holds. is by no means as un.
favorable as Wall Street seems to be-
lieve. We have fair average crops, >
very strong banking position with cheap
money, the stocks of merchandise are
low, and the people. as a whole, are
economizing and strengthening them
selves, and, moreover, the country has
very large credit balance abroad. Gen.
eral business, this authority asserts. Is
not likely to go of very much, but the
depression of financial sentiment has
obtained such a hold upon the Wall
Street community. there Is so much fear
of what may happen from the disloca-
ton of great Industries, 30 much I'M
certainty as to the political outcome
and so little incentive for constructive
work. that in his judgment, confident
operations in the stock market are not
to be expected in the near future
But 1t Is the opinion of this banker.
and Of several others with whom I have
talked, that the unsettlement of the
stock market will. without question.
work for the Improvement of bond
division. The conditions which render
stocks unattractive at the present time,
and which seem to have brought buy
ing almost TO a standstnI. will direct
attention to the safer securities. and an
increasingly active bond market is con-
idently predicted in consequence. This
would be heightened rather than de-
are feared by many persons as n re-
suit Of some unsatisfactory railway
earnings. which are now coming for
ward. However. not all railway earn
ings are poor, and IN many instances,
prices already discount possible divi-
dend reductions.
Cotton Crop Report.
In view of the great emphasis which
has all along been laid upon the cotton
crop as a saving element in the situa-
ton. Wall Street and the cotton mar
ket itself received the Government cot
ton estimate with surprisingly little con-
Germ. The deterioration In conditions
from the July report, Of s9.1 to 1872 in
August. amounting to 15.s per cent, Is
unusually severe and indicates that the
damage from drought in Texas and Ok
lahoma. during August. was much more
serious than had been supposed. but the
price Of the staple scarcely budged and
stock prices were not in the sligest az
fected.
AS in the case of wheat and corn, in
which extensive deterioration has oc-
CURED without creating serious crop
shortage, the situation in cotton has
been saved by the largely increased area