The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-11-10

RUNSAP VF VAIL NNhb "
PostpOnement Of the publication Of the
bank statement until after the close OF bust
ness deprived yesterdays market of the
principal interest that usually attaches n =
Saturday session. Under the old conditions
a very considerable part of the SATURDAY.
business practically represented betting ON
the character Of the statement Of the 1850
Ciated banks, and some of the traders said
yesterday that az an obstacle had been placed
in the way Of such operations In the future
the Stock Exchange might ae well Cloee up
altogether as remain open for two hours of
mOnotOny aud sta Judging from
the days session II looked as if there WAS
something in their contention. hut cH course
ID il practically certain that the market Will
soon adjust itself to the new conditions and
chat. freed from the unsettliug CONDITIONS
Of the publication Or the tank ngpres. ths
two hours on Saturdav will accord better
with the general course OF trading during
the week than has been the case IN the past.
As stocks bought on SATURDAYS are not
paid for until the following Monday. the
speculative raider found In the post an
additional reason TO speculate on the chsrsc.
ter Of the bank statement. This. of course.
especially applied when they we're operating
on the bull side. A. such times the first
twO-thirds of the session was devoted TO buc
ing stocks and the remaining One-third. FOL.
owing the publication OF the bank figures.
to closing out if the showing was 80 good "a
to afford an opportunity ~ do 80 Of q profit
n necessary the traders could carry, their
stocks until Monday without paying any
thing in the way Of interest. SO that on the
whole no day in the week offered more favor
able opportunities for n Quick turn than the
short session that came at the end. But The
highly speculative activity thus induced In
terfered with more legitimate business and
~afUanA va Nanfa zOnnGfaVnna asnffWalI a
variance with the general tendency Of prices.
30 that In many quarters saturday has been
spoken of as gamblers day" II viii he for
the good OF business when this appeliation
is no longer in order.
The composure with which the Street re-
garded the further reduction Of reserves
justified the action of the Clearing House IN
Withholding the bank figures. Tor although
a bad statement had been expected H. IA
entirely likely that the traders. who Of course
did not need to borrow when selling short.
might have made "A besrish Demonstration
had the figures been published within busi
ness hours. The defects sof the average
system OF computing the items in the state
menC were never more stTikingly Illustrated
than in the extent TO which q week ngo they
made the position Of the banks appear more
favorable than il was and to which they now
produce the contrary effect. The exact
situation to-day il far better than it IL made
to appear by a statement which is hardly
affected by the important changes that have
occurred at the end of the week.
While there appeared to he no letup IN the
good buying OF Mon Pacific there were
indications of a resumption Of bcaTish opera
tiOns by some of the speculative interests
which for months past seem to have beer
entirely Unable TO see anything In the market
except on that side. The reason for the gOOu
buying remained a mystery. for While mos,
Of the traders attributed il to the probability
Of an early announcement Of the plan to give
the stockholders the direct ownership NJ the
securities now in the Company's treasury.
nowhere could anything at all corroborativs
OF this he found except in the single circum-
stance that there was absorption Of the stock
by interests which would be likely to have
advance information in regard 10 that matter.
Possibly "A less picturesque theory might come
nearer stating the actual facts. There has
bees for some weeks past "a good deal of dts
cussiOn as to the possibility of a reduction a.
the rate Of dividend on the stock. so strOngl,
has the expectation of a reduction been enter
tanned in some Quarters that there is no doubt
whatever that IL has resulted in heavy shor,
selling. and il WAS probably the basis of pre-
diCtions made some weeks ago that the stock
would drop below paT and stay there. The
time for action on the dividend is now near
at hand. and IL is extremely improbable that
any change will be made. The rise in the
stock may largely represent the retreat Of the
short interest
Canadian Pacific was the weakest stock in
the market. The reason for this was the
same that had made this issue conspicuously
weak on Thursday the depression abroad
resulting from the increase in the discount
rates at the European financial centres. The
action Of this stock-which is very largely
held in England and 10 a considerable extent
in Germany-was in keeping with the course
Of trading in the general market in London
conditions here even while matters of n hnan-
cial nature still remain in a state of disturb
ance elsewhere.
There was some liquidation in Mexican
Central. due to disappointment over the
shelving OF plans for a merger under the
auspices Of the Mexican Government OF all
the principal roads in that republic. The
selling was rs well taken care OF as in an in
active issue could have been expected.
Only in Union Pacific and Reading did che
transactions exceed 10000 shares. and In the
latter this total was but slightly exceeded
In most of the usually active issues the vol
ume Of transactions was as i-nconseauentiaI
as the price changes. Altogether II was a
very uninteresting session.
More gold was engaged in london and =
further consignment was received in this
city. The movement might stop now without
disappointing anybody.
Live Stock Market.