The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-11-03
GOSsIP OF WALL sEREKr.

no response here. Il was a oIRn OF the de-
dressed state Of sentiment prevailing that the
london quotations we're in almost every
quarter regarded with scepticism. the belief
being almost general that advantage had
oeen taken Of the almost complete absence
OF = market there Co make advances in quo
SatAOns which although meaning little might
serve 60 put a better complexion on the situa-
zion Dy tho time our market opened. II
there was really such q purpose behind the
advanced quotations made abroad IL can
hardly be said that IL accomplished much,
Tor not only did our opening fail Co come uD
TO the London level but in some stocks Il
was under the level OR the preceding nights
close. Pennsylvania closed In LondOn at an
advance OF az points but retained only a
quarter OF q point OF Ehia gain In the opening
quotation here. and Of an advance OF tS
points In Sc. Paul only One-sighkh was re-
tained In our opening. Union Pacific made
a slightly better showing at the start than
either OF those, opening up half a point. or
Within a point OF It's London closing figure.
but each successive sale brought a decline
until at the end OF a few minutes the price
had dropped TO lOs1S. n fraction below FRI
days closing price. 1t was not a cheerful
start and nothing occurred during the short
session to change the tenor Of trading.
II Wall street found the market quiet and
uninteresting-even dreary 70 "A degrse-it
might nevertheless con gratulate itself on the
freedom from anxiety which cOntrasted
sharply with the conditions of one short week
ago. Then IL looked as IL a panic could hardly
be averted; now all danger Of that Is past and
the street has In large measure adjusted itself
70 the slowing down Of busln ess activity that
is inevitable. Not only has the crisis been
passed but the period Of convaleecence IL
more than a week old and the danger OF n
relapse is small. IL took some time TO con-
WinC0 thu maitland ~ eha ah.al,ea s,a.a 80 n..I
GRAFTON. but the lesson has been learned and
is not likely to be forgotten.
Usually the bank statement makes it's ap-
pearance between ilI5 and lI:3N O'Clock. and
when IL failed TO appear at the usual time yes
terdsy the trading came almost 20 an abso-
lutte standstill and remained in something like
that condition until near the close of the
market. The last few minutes. however,
brought a little outbreak of activity a. traders
The had Intended to cover their shorts on the
/. appearance Of the statement-which all ex-
Dected 20 make an unfavOrabIe ~shOwing-were
forced to seize the short opportunity that then
remained OF closing up their contracts over
the weeks end. The figures we're not pub
lished until after the close Of business and
therefore there was no way OF absolutely de-
termining how the market would have taken
them had they appeared earlier. but the feel
ing among brokers and their customers was
one Of disappointment.
10 was An extraordinary bank statement
for the reason that these are no ordinary
times. The loan account showed an increase
Of 500, 900. 900. partly as a result OF assistance
rendered to institutions needing help to tide
them over a period Of heavy Withdrawals by
their; depOsitors. and partly as a result Of the
inclusion Of the Clearing House loan certih-
Gates In this item. The loss Of cash showed
the heavy drain caused by the demands OF
interior institutions, which has not only
resulted In the loss to the associated banks
Of the szB, 900. 900 deposited here by the Treas
ury but OF a large amount besides. The
combined result Of all the changes was that
the banks were Obliged TO dip into their sur
plus reserves to the extent OF over e37. 900. 900,
and while Of course the object OF maintaining
a surplus reserve Is hat IL may be used in
emergencies the unusual extent 10 which
IL has now been drawn upon Ia not calculated
to inspire hope that money can soon be OBJ
tanned for the purpose Of speculation in the
stock market.
Such a statement as that which the banks
have just made Is a pretty plain intimatiOn
that the bars are up and that the local in
situations will take strong measures TO con-
serve Their resources.
Amslgamated Copper was again a weak
feature. but while the traders endeavOred
| 10 explain Lnls ON thnCAluA bt0Fleh OF HLIeKeu
conditions In the trade il looked very much
as II tho decline WAS largely due to liduida-
tiOn Of n forced kind. II was reported that
a fairly large loan in which this stock figured
as collateral had been called some time ARC
but that on account Of the practically demon.
allied conditions prevailing in the market nj
that time the account had been taken Over
TO be liquidated whenever a more favorable
opportunity presented itself. This liduida.
ton. 1t was said yesterday, Is now in progress
Il was inferred from the names on somc
certificates Of st. Paul stocks seen af.oa,
In the Street that certain large holders Of
the securities OF this road nave been liaui
dating in order TO obtain a supply OF fund.-
for the Use Of tho important commercial
enterprises in which they are interested
II the liquidation il still In progress the com
mon stock meets with good support. and wha
would be much more interesting to ascertain
than anything connected with tho selling
would he the source Of the buying orders
The probability IL that the floating supply
Of the stock IL fast finding its way into in
v~estors' hands.
With the single exception Of Pennsylvania
no stock was dealt in to the extent OF 1000
shares. OF PennsyIvaniA 4a.2sO share
changed hands. but az this stock IL OF OnI!
$50 par value. tho transactions In 10 wcry
equivalent TO only ~. lao shares OF stock hav
ing a par value OF 500. transactions in al
stocks totaIIed My IA, 400 shares, practi
caIy the whole market being mad up o
liquidation on the one side and OF cash buyinI
for investment on the other. The profes
sionAI traders did not venture to do anything
more than what was necessary to even III
their position at the end OF the week.