Los Angeles herald., 1907-11-05
WALL STREET
is RVOUS
SPECULATIVE MARKET HAS COLD
CHlLLS
DEEP lNRoAD MADE ON STOCK
PRICES
Financial Situation Causes sorn'
Alarm, but Later Securities Be-
~. come Stronger and Re-
cover Losses
BY Associated Press.

BY Associated Press.
NEW YORK, Nov. 4.--The stock market had
brief attack Of nervousness today, but IL
pass, ! almost as quickly as shudder through
the human frame. The momentary shock
caused some deep infoad on the price put t tne
recovered level OF prices represented not only
full repair of the losses but some supstali'ia'
gains
Before the day was over revised construction
had been placed on some of the very occur
rences which caused the opening M preah ~, ~,
prices, SO that they were mad to AID materlaiiy
in the recovery.
To start with, a sinister significance was a,
tached to the prolonged conferences wnicn
had been going On over Sunday between many
prominent bankers and capitalists OF STANDING,
and what had been sought to attribute 70
renewed crisis in the New YORK trust COMPANY
The latte: view Of these incidents
was what had resulted in soldhcaton ana
forthcation of the truss company situation, 1,
and incidentally in paving the way Tor furthej
consolidation of the iron and steel Industry OF
the country Tic view also found credence
that protective measures for the STOCK harhet ne,
itself had been perfected by agreement Oh tne
fnanciers in conference Inc rae, s ,hnt ma vnfs
cient support was in force to work prompt
check to the decline and early recovery added
TO the strength OF the belief IN the Reports VI
measures of porte ection adopted
The increase in nominal proportions OF the
offerings of stocks in the market left an un,
covered short in nervous state Oh nlinu' anu
the buying from this source was an lmpoItdh-
factor in the latter stages. The feeling OF un-
easiness at the outset was increased py inc
serious view taken abroad of the Saturday
bank statement and the determined demand
for gold for New York. The advance to per
cent in the Bank of England official rate OF
discount without waiting for the regular meet
ing of the board Of governors on THURSDAY was
regarded as indicating an opinion OF gravity IN
the situation.
There was a residue of apprehension holding
over from the publication at the close of the
days stool. market of the bank statement:
But the banking situation steadily improved
the longer the features of the bank statement
were considered. zach item of apparent weak
ness in the statement being open to interpre-
taton of a proportionate strengthening OF the
general banking position at points most re-
quired.
The New York. clearing house banks were
thus seen to have admirably fulfilling their
function as the central reserve depository or
the banks Of the whole country, and to nave
met ,:e heavy demand upon them with requi-
site resources, while still in condition OF
strength leaving no. cause for alarm The en-
gagernent of gold for importation continued on
large scale In spite of tne measures Oh oo-
struction in foreign markets.
The realization became general late in the
day. much so that before operations were
resumed in the stock market as the election
holiday tomorrow, the first instalfment OF
nearly IS, 900 900 OF the incoming tide of gold
would be safely lodged in our own bank
vaults, to be quickly followed at frequent IN
tervals by other streams OF supply. The report
of the absorption OF the Tennessee Coal and
Iron company by the United States steel cor
poration. while not confirmed gained plausi-
bility from the known association with the
finances of that company with the trust com
pany which has been the subject of comon
effort for protection.
The experience through which New York has
passed directed somewhat wistful attention to
the item in the weekly statement OF the Impe-
rial Bank of Germany. which reported an ex-
pansion for the week of nearly seo.0Oo,OOO in
the bank note Issue. The late gains in prices
were quite firmly held to the close OF the
stock market.
4 Bonds were irregular. Total sales par value.
soS400O0 United States IS, the coupon and
the Is advanced X per cent on call.
New York Stocks
NEW YORK, Nov. 4.--Following were the
al toda