The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-11-03
FYAstNCIAE AND. c0MMKRQE4f4.
SATURDAY. Nov. ?.

Il SATURDAY Nov =.
Buying and; selling Of stocks wal again
checked to-day by exactly the same fUrves
rhAt we're 30 distinctly operative ysStsr-
day. namely. the. feeling on tho part OF
habitual market operators that the financial
BituAtion had become so hazy as not TO
Jnetify an extension OF commitments for
either side Of the speculative account.
Tho London market was firm despite the
grave concern undoubtedly felt in England
over tho prospect Of a general railway
strife and a-pprehensious az to a money
stringency caused by the large exports OF
gold to this side. American stocks In
kondon were indeed quoted at consider
able advances before the opening Of bust
ness here. but they were followed up by
NO buying OF stocks for LondOn account,
nor did they avert q declining tendency
IN prices here. Every one. realized to-day
that the weekly statement OF the Clearing
House banks would make "A poor exhibit
and these expectations constituted another
factor In the dulness Of the market; but as
the bank returns were not published until
after the close Of business they were after
hAA NANNAAhb AGNANSA AAAAhSANNts Ao ~
Of The banks was not, as was commonly
stated, the worst ever made. since the per-
oentase OF reserve of the Clearing House
institutions was disclosed as being 2I.2l
per cent. IA against 20 per cent IN August,
1893. the lowest on record; although. OF
course. the deficit Of s3s. s3s. s25 shown
to-day in the bank reserve has never been
exceeded in absolute figures. The largest
previous deficit reported was on August
~. 1893. when H. was SI8.845. 800. What
to-day's return c~xemplifes ia Of course
the speedy and successful efforts made by
our banks 10 get gold from Europe-total
engagements made up to the close OF bust
ness hours to-day fully rcBching the $50
900. 900 mark--as well Also as the assist
ance afforded by the banks TO the local
trust companies that have been drained
OF their cash by depositors and the with
drawals from the banks of money for the
use Of interior institutions. A substan-
TALLY encouraging feature Of the case as
IL stands is that the money 10 repair this
deficit Is already on the way from Europe;
and from this point Of view the premium
now currently obtaining ON gold and cur-
rency is also wholly desirable. II must
naturally u" Of great effect in withdrawing
money from the boards ~ which. il has
recently been placed.
The week IN Wall Street has been exciting
enough with its sensational fluctuations in
the price OF demand and cable sterling, the
impediments thrownin the way uf domestic
exchange transactions and the numerous
occurrences tending to keep the security
market IN a state Of strain. In the stock
market itself H. was evident that consider
able actual liquidation was still going on,
this being caused only in small degree by
contingencies, real or threatened. regarding
railway or industrial properties. but by
the pressure IN individual instances OF
money raising necessities. The feature of
the week was in reality he multitude of
evidences that were afforded of a rapidly
spreading business contraction over the
entire country, and this contraction is
from the point If view If the financial dis
trict the operation If an altogether salu.
tary influence. II would he more dreaded
than it il. perhaps. were there no deep
seated fears that the slackemAg of business
IL likely ~ he long continued Or a. work
any essential harm; but IN" fact is that the
curtailment of expenditures ny our great
railway and manufacturing corporations is
actually inspiring barge financial interests
in the country with greater confidence than
they have fels at say time during tue pres
ent year, since n means that the country
Is travelling rapidly along the road To a
saving Of money and in particular tO n
reduction of the price of labor from
a PROFESSIONALLY high and inflated level.
II is the opinion held by our best bankers
that there will he or at least ought 90 be
N, AocfIaA ,h,pnrn Tor VH. h,efar l., A.. -,
mediate condition of affairs when the $50
OOO.OOO more or less ~ gold now on the
way from Europe actually arrives in this
country. Taken i'm connection with the
release in the last few days of over saO.-
O00, 600 of Government nIeIley and by the
rapid additions to bank note circulation
that are now contemplated. It ought to
Offset the injurious effect Of that boarding
OF money which has been the acute cause
IF recent financial troubles. Mention should
be mad of one financial development Of
the week concerning which there has been
comparatively little comment. Default was
made in the payment of the rental due
from the Metropolitan Street Railway Com
pany to the Third Avenue Railroad Com
pany. and IL in conceded that default will
also be made in the interest on the mort
gage upon the Third Avenue property
due on January I. Whether or not the
Third Avenue system is now on the point
Of complete divorce from the Metropolitan
ownership remains 20 be seen. but il is
palpsbls rhat one great accomplishment
Ii nea at hand. that Of breaking UP the
passenger transfer arrangements now inn
posed upon the city's surface railway COM
.panies. II has long been clear. that not
until this action was taken was there any
hope for the profitable operation of the
surface railway lines as a whole with a
FIVE cent fare.
. ...s- .----