New-York tribune., 1907-10-31

If they want their money they shall certainly
have it. l do not think this will keep UP much
longer. Things running as smoothly as we
could wish
The run on the main office OF the Lincoln
Trust Company, at No. 20s Fifth avenue, con-
tinued yesterday for the fifth consecutive day.
but at O'Clock there were only a few bank
messengers left in the line. and the backbone
of the run seemed to have been broken. Frank
Tilford. the president Of the company, was e%-
ceedngIy optimistic after the close of business
and SAID he was sure the crisis had passed The
company has reduced it's deposits from $4,000
600 to S12000,00 since the run started, feat
which is generally praised by bankers.
Normal conditions were the rule yesterday at
the Broadway Trust Company, the Mechanics
and Traders Bank. the Northern Bank and the
Riverside Bank, where there have been trifing
runs of late. Indeed. at these institutions, there
were more deposits yesterday than Withdrawals
At the banks in Harlem and The Bronx where
there has been more or less excitement recently
conditions yesterday had returned to perfectly
normal basis. At the Dollar Savings Bank and
the Harlem Savings Bank there was no excite
Inent whatever. At the main office and the
various branches of the Hamilton Bank there
was steady stream OF depositors, who signed
the blanks by which they agreed to leave sub
stantial amount of their balances on deposit for
four months provided the bank received perrnis-
sion to resume business. The same was the
case at the United States Exchange Bank and
the Twelfth Ward Bank. 1t is generally expect
ed that these three banks Will open for business
again not later thar next Monday.
BIG DROP IN CALL MONEY.
rapid change of feeling came over the stock
market yesterday when the rate for call money
dropped from 80 per cent to per cent early
enough in the afternoon TO indicate a decided
easing in. the market for this class OF loans.
From extreme weakness. during which many OF
the active issues made new low records for the
present movement, there was an abrupt transi-
tion to marked strength, and rally followed
which carried the whole list up TO the highest
level reached since the panic Of lasE week. At
the close the advance was still in progress. and
such excellent net gains for the day were re-
corded as Az points in Union Pacific, S4 il
Northern Pacific. pa in ST. Paul. 2fs in Ameri-
can Smelling, "a in Amalgamated Copper. 87s
in American Sugar, is in United States Steel
common and ~ in Steel preferred
The net gains, however. do not give COM
prehensive idea OF the sharpness OF the rally,
many prominent stocks closing with gains Of
point or less on the day which earlier had shown
losses OF from to points Louisville & Nash
VILE for example, after selling at 90l5, a new
low mark. rallied TO 941s. Great Northern pre-
ferred made a new bottom at 1O71k. but closed
at 112. Delaware & Hudson touched 123 on the
decline, but rallied TO 12s Brooklyn Rapid
Transit dropped TO a new low record at 90, but
closed at 31%. Consolidated Gas touched II
and rallied TO 81. Sugar after selling at 99Es,
went UP rapidly to 1O4. Copper was low at 4sA
and closed at 50, while Shelters, after selling
at 6514, rallied to 69la.
Pennsylvania and New York Central n1ade
new low marks at 1878 and 93%, respectively,
and then advancedato 1f2 and 81 Northern Pa
cific sold as low 1881 and as high az 10S&,
while Union Pacific dropped to 1O4I and raj
lied to III. Reading was low at 725s and high
at I'm, while Southern Pacific sold from Ga TO
o712. Baltimore & Ohio found a new bottom at
77%, but came back TO 81, while Atchison rallied
from 72ia 10 51a. Two stocks which made new
low records and did not take part in the rally
were Atlantic Coast Line which sold at SO, and
Delaware, Lackawanna & Western, an extreme
iy inactive issue, which dropped 80 points. to
$40
SMALL INVESTORS ACTIVE.
One Of the factors which added to the strength
OF the market in the late dealings was the steady
absorption of high grade investment stocks by
small investors In the aggregate this buying
has become a powerful factor IN the present
market, and. had not the savings banks been
obliged TO put the sixty-day notice rule in eff
feet as regards deposits. it is probable that
many thousands Of additional shares would
have been purchased and taken out Of the mar
ket thus reducing appreciably the floating sup
ply Of stocks.
Not in score Of years has Wall Street ex-
perienced such food of huying orders in small
lots One Of the large houses reported yester-
day that it was doing average daily bus-
ness of from $4,000 to S7J0OOO in odd lots
and that the orders were coming from all parts
of the country. People are buying stocks for
investment in small lots ana are paying cash
for them,' said a member of the firm. This is
bringing thousands OF dollars in cash 10 the mar
ket and is assisting materially in relieving the
situation. Not in years has there been so much
buying for cash by small investors who are
having the stocks transferred TO them I think
it is safe to say that there are more than
four hundred thousand names of stockholders
on the books of the various railroad and indus
trial corporations than were there a year ago"
Another well known broker said: Never in
the ten years of my connection with this firm
have seen so much buying In odd lots for cash
We have wires in twenty-six cities and are max
ing from two hundred and fifty to three hundred
transfers daily
Another representative of a prominent bro
kerage house said: THE buying for cash Is ter
rife ] never saw anything like IL since our
firm was established, twenty years ago Money
IS coming in from outside cities to pay for stock
which is being purchased in small lots In the
majority of instances. for investment There
were large numbers Of such purchases during
the decline in March last. but the sales for the
last week have greatly exceeded those made
during that period. Probably 90 per cent of the
stock purchased in small lots is being taken out
Of the market"
Bond dealers also report that the market both
for investment and for semi-specuative bond