Los Angeles herald., 1907-09-21
WALL STREET
FEELS SLUMP
STOCK MARKET AGAIN BECOMES
QUIET
BANKS MAKE GAIN IN CURRENCY
DURING WEEK
Call Loan Prices Are Easier-CaIl for
New Bond Is Steady and Con-
tInued-Bradstreet's
Report
BY Associated Press.

BY Associated Press.
NEW YORK. Sept. 2o.-rhe stock market
became very quiet today Reports from brokers'
of the return Of large blocks Of stocks which
had been borrowed for delivery Afforded clue
to one reason for the slowing down OF the puy .
ing in the extent of the covering OF SNORT
contracts which had been done. With the per-
ception that buying of this character was
largely responsible for the advance which has
occurred In prices, operators were disinclneo
to enter on comments on the long sioe Oh 'he
market.
Estimates OF the weeks currency movement
pointed again to n gain by the banks. the = ng
ures indicating between two and three miliion
dollars as the amount OF the increase AS the
forecasts of the bank statement have indicated
a cash gain which the actual statement IN
turn waited to confirm, there was some hesi-
tation today in operating In stocks to discount
a favorable BANK statement.
The call loan market, however, showed re-
turning ease. The foreign trade statement
for August attracted attention by reason OF
the small balance OF excess value OF exports
over imports for the month. This amounted
to but s1,S53,352 compared with S24, l04. .4b3 IN
August of 1906. Not only was there falling
off of upwards OF 100000 In value OF exports
but value of imports has risen more than $2O :
00O0 900 over those for August last year
The present movement of grain for export
trade, however, is heavy and reports were
current in ths grain markets OF some sensa-
tional buying of futures. 1t is asserted also
that foreign demand for the new city bonds
is pronounced factor in the active market
that has sprung W Tor tnese SECURITIES ueail
in when issued"
Their continued advance was the feature Oh
the bond market today, the 60-year issue rising
to 106% compared with an average price 10
subscribers OF about 1922 The 10-year issue
also became active today advancing to 102s4
compared with an issue price below l01 This
movement is Of pronounced tonic effect on the
whole market The large reaction In the mar
ket was partly relieved and the closing tone
was frm
Bonds were firm; total sales par value s3.-
900 900. United States bonds were unchanged
on call.
Bradstreet's tomorrow will say: Whether
attributable to the improvement in the gen
eral financial situation or because OF favorable
weather allowing OF the additional crop devel-
opmeat there is q perceptible better feeling
in general cornmelc cial lines Retail trade mas
hardly been as brisk desired or expected
because of the warm weather. while helping
crops has not stimulated fall buying to any
great extent -,
Reports as TO jobbing trade so far this ran
are in the main favorable. though the unoer,
I tone of conservatism is still perceptipie' ano
fthe feeling is that large buying Is to be tne
KEYNOTE of the autumn trade. Still further re-
duced quotations for copper have evoked only
a small, volume OF buying, and lead Is alse
lower with restrictions output OF botf
metals actively il progress.
Business failures in the United States fol
the week ending September 10 number l7s
against 172 last week.