Los Angeles herald., 1907-11-09
WALL STREET
IS A WAKENED
STOCK EXCHANGE OPERATIONS
MORE ACTIVE
BANKS DO NOT FAVOR MUCH
SPECULATION
Railroad Stocks Of Trunk Lines Both
East and West Are Among
the LiveIest Securi-

by Associated Press.
NEW YORK, Nov. s.-There was more pro-
nounced stirring of speculative activity in the
stock market today than at any period since
the recent period of disturbance set in.
The fact was asserted in the current con-
lectures over tho origin of the operations IN
the neishborhood of the stock exchange WIN
the recent return from vacation trips aoroat
Of some o. the large operators, who droppsa
out in the dealings completely several months
ago, the greatest pressure 10 convert into
ready resources some very large noiainss a. oi
the United States steel sinking fund oonos,
and the fact that the transfer OF controi ~
the Tennessee Coal and Iron company 10 ne
United States Steel corporation had maoe
large holdings of the bonds available 10 eho
most prominent of the former speculative ope-
rators gave plausibilty to the supposition OF
the identity Of the principal buying
The market was found responsive 70 these
dealings and reflected the same condition OIL
scarcity of offerings which has been the mega
tive evidence of returning confidence tor sew
eral days past.
towards large speculative operations, put tne
manifest signs of resumption OF operato1nies .
on margin of actual sales indicated that this
obstacle had been overcome in some manner.
The nrincinal b1yinR was concentrated In
limited number of stocks, but the uPwdru
movement fairly comprehensive aitnoush
uneven The grea. trunk lne rallroao seoSns' 49,
10th east and west, were the favorites' espe
cially Union Pacific, Pennsylvania and Reao-
ing and United states steel stocks, Amalga-
mated Copper and American Smelling
The call money market was IN iac. apprsS,- al,
ably easier and there were conspicuous addi-
tions to the list of large tenders OF the caii
al the stock exchange. including bankers ana
trust companies which have been distinguished
for their abstenticn from TINS 10TH oi iehuihe
for many days past.
Estimates of the weeks cash changes as
usually made up preliminary to the pank
statement we're exceedingly confused, ana ne
cessarily so In view OF the ract tnat soilie ne
of the banks withhold the usual information on
which these estimates are based. The move
n1ent to the interior has continued heavy' as
was to be expected. but the amount shlppea
by express and through the sub-treasufy Oh
balance appears tc be somewhat less than last
week Allowances must be made, however
for the short week caused by the election holi-
day this week, in judging of the bearing OF
this fact on the probable supsidence OF the
rush of funds to the Interior
Today's gold arrivals of over s12. 600 DO
not figure in the estimates, which include only
Thursdays operations. but they VIII nsuIe
for one DAYS average in the bank statemeh,,
and will that far offset the apparent decrease
In bank cash of about $4,000. .ooo Arrivals OF
gold have operated to reduce loans wnich were
contracted to engage the gold. and should
operate to reduce that item In the oank state-
nent.
not promise of q very substantial reduction
of the last weeks sSs 100000 bank deficit. 1t
was this consideration which caused the ma,
terial reaction in prices during the late period
of the stock market. The downward tendency
of prices was practically uninterrupted up TO
the closing, but still left many substantial
gains on the day. The advance In the official
discount rate Of the Imperial Bank Of Germany
was practically ignored 1t had been clearly
foreseen and the continued large engagements
of gold for import detracted from its effect.
Bonds were Irregular, Total sales par value,
s4 ess oOo.. United States bonds were unchanged