Daily press. [volume] (Newport News, Va.) 1896-current, 1907-10-31
Though Some Of The Larger CllIes
IN The South aud West Make
Demands for Money.
BUYING STOCKS FOR SECURITIES
Books of the Big Corporations Contain
the Names of Hundreds of New
stockholdera-ereat Volume Of
Small orders Coming From All over
The Country.
(By Associated Press


NEW YORK, Oct. 3O.-The financial
situation today was so nearly normal
That there were few new features of
Importance. II was stated by bankers
that the calls for money from the
neighborhood of New York and the
entire East appeared to be practically
satisfied as such calls for CURRENCY
of an urgent character as were being
received came f.om points west of
the Mississippi. These calls are be.
ing met as fast as conditions permit
Mr.. Williams, the now state super.
intendent of banking, gathered IN
most of the cash in the suspended
banks today and deposited 1t with
sound institutions, thereby adding sew.
oral million dollars to the funds avail
able In the market.
4 The debit balances against banks al
the Clearing House were smaller than
usual under normal conditions all
fsiich balances aggrcgating only n little
more than $9,O0O.0O0 on clearing of
!, 1906 100000. One OF the points at
which the most serious pressure fo.
money is expected is at New Orleans
In order to finance the movement of
the cotton crop. The pressure there,
Is always heavy at this season OF the
year and promises TO be even more
intense this year than usual unless
special preparations are made.
The New Orlean bankers appear TO
be fully alive to this situation and
were endeavoring today to arrange
for transfers of money from Europe
in payment for cotton through the ifs.
cal agents of the United States in
Europe and its direct transmission BY
cable to New Orleans
Southern Cities Want Money.
a committee of New Orleans bank.
ers is In Washington and hopes TO Sc.
cure promise from Secretary Cor.
telyou for the deposit of substantial,
sums OF public money in New Orleans
and other Southern cities.
Secretary Cortelyou appears to re.
cognize the fact that the benefits con.
/ fe:rcd by this policy VIII not be limit.
ed to New Orleans and the South, bn:
VIII aid in the movement for the
prompt delivery of American products
in Europe and the creation of n credit
balance which will cover the imports
Of gold
Cotton bales are being closer Gcruti.
nized In New York and cannot ALWAYS
be negotiated so promptly as in nor
nal times. but where their character
is unimpeachable they are recognized
as forming one o fthe best means of
covering The gold import movement.
One fine most Interesting devotion
ments of the situation Is the large
amount of purchases of securities in
small lots for investment Most of the
large private banking houses which
sell stocks aud bonds have been keen.
ing the clerical forces nj work over.
time executing such orders and al
tending to the transfer OF titles to the
securities CT the books OF the corpora
lions nv which they are issued
This is one Of the decisive marks of
Investment buvine
Many New Stockholders
II is estimated by good judges that
mere are Tour hundred thousand more
names OF stockholders on the books of
me raiiway and industrial corporations
than was the case n year ago.
single large firm reports sales between
$500. 600 and $750.000 per day. Another
firm states that its wires to outlvinr
places are crowded with small orders
directing the transfe- of the securities
TO the names of new owners. while
still another firm declares that there
has not been movement of this kind
OF sncn volume for twenty years.
While it requires a good many sales
in small lots to reduce The mass of
undigcsted securities on the stock
market, the effect OF every such with.
drawal from the quantity of specula.
tive stocks is beneficial to the marke'
This is regarded as a good augnrv bv
the bond holders. whose market has
feen very fiat for many months. hur
who believe that they will he able 20
dispose Of many good securities as
500 as the present furry has subsidized
The cables from Europe were not
disquieting TO those familiar with tho
situation there Tho fact that the
hank of England has allowed the qucs.
ton of raising the discount rate 20 20
over until the regilas meeting of the
board OF governors tomorrow is re.
garded as an indication that the de.
mand for gold is not causing unusual
anxiety there. 1t is generally expect.
ed that the rate Of the bank of Eng.
land will be advanced tomorrow but