The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-28
clearinghouse Certificates Will
Mean Easier Money This
Week.
.BARGAlN-HuNTERs AT WORK
Brokers Surprised by Banks
Naming Lower Rates, and
Customers Profit.

Naming Lower Rates, and
Customers Profit.
NEW YORK. October 27.-sentiment
was comparatively cheerful in broker
Iage oh1ces Saturday, but as rule
brokers were careful to refrain from
expressing any opinion which might
inspire their customers to take on long
stocks. This was done In Difference 10
the wishes Of the bankers who are IN
control OF the relief measures ana also
because OF their own desire to avoid
possible complications should there be
a further furry of an extraordinary
character in call money. Otuwardiy'
at least, the situation showed de-
cided tendency to clear up. There was
not that manifestation of excitement
in the financial district which had been
in evidence during the preceding days
OF the week. and the run on the Trust
Company OF America had 80 dwindled
that 1t did not attract the usual crowd
of onlookers. whose presence has served
to magnify the incident in the MINDS
OF those unfamiliar with all the racts
in the case. Some brokerage houses
were doing an active business, but In
such instances specific conditions pre-
vailed, and their activity did not in any
way interfere with the working out
OF reliefe measures.
The feeling prevailed that SO far as
the stock market Is concerned all real
danger of an actual panic is over, ana
with the manifestation OF conserva-
tism in trading the concentrated eff
forts OF the bankers would end the
tro,iti.e among banking tipahtutio.9
very soon.
Loan Certificates.
Various opinions were expressed in
the morning on the question OF clear
ing house loan certificates, but the as
ISOLATION did not take action until just
before the close of the market. The
announcement that the clearing house
committee had issued call for
meeting of all the members Of the
association was taken earlier to mean,
however, that the certificates would
probably be issued. Whatever differ
ences of opinion there are with regard
to the use OF this emergency measure,
it was said that whatever action was
deemed best by a majority of the as
ISOLATION would be accepted without
cavil by the other members. Brokers,
as rule, have been impressed with
the necessity OF taking their cue In.
speculative matter; from the bankers.
and many of them have referred the
questions which came up in their Of
fees to their banks before finally de-
Gliding upon them.
-Hhen the publication of the bank
statement was Rdelayed beyond the
usual hour of 1880 a rumor was put
into circulation to the effect that no
bank statement would be issued. This
absurd yarn did not lack believers. and
only it's essential absurdity, prevented
it from getting great currency. AS
matter OF fact. the statement came
out with remarkable promptness in
view of the situation. No one can say
whether the bank statement was in
l:1e with expectations. as no one had
any definite idea of what 1t might be
expected to look like. In view of
the disturbance of the week. the esti-
mate of deficit was not regarded as
at all bad, inasmuch as such possi-
billty had been credited on the first
day of the run On one of the trust
companies.
The deficit in reserve is s1.2333oo.
The item showing the Increase In
United States deposits was regarded
with satisfaction. making the substan-
tial total of s1S.613,500. The decrease
in reserves was $12.415,95o. and the in
crease in loans s10.sd4.700. Naturally
there was a very heavy loss in cash.
amounting to more than S12,S00,000.
After the publication of the bank state
ment the general comment was. from
stock market point OF view, that 1t did
not possess any significance. mas
much as the conditions in the specu-
lative markets were very clearly de-
fined, even before the official figures OF
the Clearing House Association were
made public"
Odd Lots Are Bought.
Odd-lot buying was more In evil
dence Saturday than at any time; that
the day in the market and the appear
ance on the tape of the record OF.
odd-lot buying. AS a rule, on busy
day the odd-lot transactions get scant
courtesy and are not shown on the
ticker. 1t may be 1thatfthe dulness at
times gave opportunity for the print
ing Of the transactions in odd lots.
but anyway there was tangible evl-
dence of the appearance In the market
of that particular kind of buying. It
is not easy to trace any relation be-
tween this buying of odd lots of stocks
and the withdrawal of money from
the trust companies and banks. Usu-
ally dcpositor who is tQo nervous to
permit his money to remain In SOL
vent institution and Joins with num-
berless others in precipitating q con-
dition which he is most anxious to
avoid Is not likely to intrust his money
to broker or buy stocks with it.
Some brokerage houses Were pleas
antly surprised Saturday when their
banks notified them OF 8. greduction in
call rates on the loans which they had
from SO per cent. to 80 per cent. This
was very welcome. indeed, to many.
or course, the broker gets his money
back from his customer, so far as his
interest charges are concerned, but
It Is his particular object to make .tthe
interest rates to HIS customer3sas low
as possible. One broker who report
ed that loan on which he was pay
ing 90 per cent. had been reduced to
T. per cent discovered that the money
he had came from Rockefeller sources.
These actions on the part Of certain
lenders emphasized the desire OF all
the banking interests to fortify the
speculative situation, In return for
which brokers were expected to heed
the adn1onitions * ~ ~ THAR I'm n X n u