The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-10-30
PUBLIC IS BUYING.
A Flood of Money Is Pouring
Into New York.
Brokers Overwhelmed With
Cash Orders for Stocks.
THE BOW OF PROMISE.
Wall Street Opens the Shutters
and Looks Out.
Sees the Storm Has Passed and
Sky Is Clearing.
BEHIND THE TIMES.
Governor of Washington Has
just Proclaimed a Holiday.
Gold Purchases Depress Our
Stocks in London.
Sees the Storm Has Passed and
Sky Is Clearing.
BEHIND THE TIMES.
Governor of Washington Has
just Proclaimed a Holiday.
Gold Purchases Depress Our
Stocks in London.

New York, Oct. 30.-Banking cOnd1-
tions proceeded steadily towards recov
cry from their recent strain. The use
OF clearing house certificates both here
and at many outside points has relieved
much of the pressure on the banks,
which are now approaching almost nor
NAL conditions. Although no further
gold engagements were reported early
in the day it was noted with satisfac-
tion that the business day in London
had passed without an advance of the
bank rate.
Gold is coming not only from Europe,
but from South America, as some of the
recent engagements have been from
Argentine. 1t became definitely known
here that the report of a financial crisis
in Chile was incorrect. The stock mar
ket showed considerable weakness and
irregularity, with opening declines on
some of the prominent stocks. A favor
able feature was the tremendous buy
ing of stocks in small lots, for invest
ment as reported by the big brokerage
houses.
Purchasers are paying cash and the
volume of business during the past
week runs we'll into the millions.
Not in score of years has Wall
street experienced such a flood of buy
ing orders in lots for transfer to the
purchasers. The majority of these Or
ders are for blocks of stock of five, ten,
twenty-five and fifty shares, while sales
of one and two shares are being fire.
Quently recorded.
w. J. Wellman of J. S. Bache & Co.
bankers and brokers. said today that
such sales by that firm amount to be-
tween 100000 and $750,0O0 a day
and that the orders are coming in
from all parts of the country.
People Are Buying.
people are buying stocks for in
vestment in small lots and are paying
cash for Them" said Mr.. Wellman to-
day.
''rhis is bringing thousands of dol
lars in cash to the market and is as
sisting materially in relieving the sit
uation. 1 think it safe to say that
there are 100000 names of stockhold-
ers on the books of the various rail-
roads and other big corporations
more than there were a year ago."
Never in the 10 years of my con-
nection with the firm of c. 1. Hudson
& Co." said representative of that
firm today, have I seen so much buy
ing in ordered lots for cash. We have
wires in 26 cities and are making from
$50 to 800 transfers daily"
Another representative of a promi-
nent brokerage house said: 1.-The buy
ing for cash is terrific. 1 never saw
anything like it since our firm was
established twenty years ago.
Money is coming from outside
cities to pay for stock which is being
purchased in small lots in the ma
jority of instances for investment
Proba bly, 90 per cent of the stock pur-
chased in small lots is being taken out
of the market"
Financial Sky Clears.
New York, Oct. 30.-Banking condf-
tions appear normal in this city today.
The situation is now so we'll in hand
that no further conferences of bankers
are anticipated. Runs on one two
institutions may be said to be over, and
Wall street today expressed gratifica-
ton that the storm had been weather.
ed. The banks improved their position
yesterday by calling loans and this
process of adjustment may be continued
today. Liquidation of this character is
we'll absorbed considering the fact that
many stock exchange houses are dis
couraging new commitments on
margin basis and are making purchases
only for cash. Bankers declare that the
clearing house certificate plan is work.
ing out smoothly and rapidly, bringing
about normal conditions.
The fact that the weaker banks in
this city are recovering from the Sc
we're financial setback of the last week
or more, was clearly shown today when
their balances were adjusted through
the clearing house. All but one of the
five or six banks whose position has
been regarded as most vulnerable had
balances due them at the clearing
house this morning and the one having
a debit balance owed a very small one.
The accounts of all members of the
stock exchange passed the clearing
house of that institution this morning.
1t was evident early in the days trad
ing that the brokers would be able to
secure money on call to supply the
days needs 81, 100000 being offered at
about IL a. m. at rs per cent This had
no takers, but the first loan was made
at so per cent, the rate quickly dropped
to 40 per cent.
1t is fntimated that the interest pay
ments due November 1, which are being |
anticipated by J. Pierpont Morgan & |
Co. aggregate nearly $7.000,000.
The stock market was subjected to |
sharp selling pressure, prices Of several |
leaders running off sharply in the open |
Ing hours.
The enforced closing out of some ac- |
counts caused severe declines in the |
stocks which figured as collateral in the |
loans With the completion of this |
selling, and the successful passing of |
clearing sheets through the stock ex- !
change clearing house. prices rallied
Stocks Weaken in London.
London, Oct. 30.-The America de- |
mands for gold and the talk of a |
monetary strain in Berlin were reflected |
on the stock exchange today where |
prices in all branches were heavy.
Americans, although they opened fair |
ly steady, soon declined. and selling |