Evening star., 1907-10-30
Money Market Conditions
Looked Better Today.
FIRST OFFERINGS IN WEEK
General Banking Situation Further
Improved.
THE ENCOURAGING FEATURE
London Again Depressed-Copper
Stocks Strong-Marked Con-
traction in Activity.
sp-cisi Dispatch to The Star

sp<c'a Dispst"h to The Star
NEW YORK. October 30.-Therc were
some indications today that the long
prevailing stringency in the money
market Is In fair way OF being
broken. For the first time In a week
there were offerings of money on call
during the first hour of business on
the stock exchange. These oHefihsS
Were rendered at - per cent but found
no takers. The first quotations at
which transactions were effected were
at 80 per cent. and there was fairly
liberal supply at that rate Conse-
quently borrowers stood aioof. and an
extensive decline in the money market
took place with the course OF the DAY.
Wall street experienced a great sense
Of relief at the relaxation IN the Hoiiey }
market such as 1t was. The change IN
conditions there was apparently tlt III
rect result OF the better degree OF CO
operation between the clearing house
Ia ni<S In taking out loan certif1cates II
is understood that some little discord
hes heretofore existed some banks TAX
ing the ground that their position was
such that they did not require any as
sfstance from the clearing house. 49,
That was doubtless erue. but. on the
other hand. the money market has re-
oujr&R<4H& the assistance that coulo De
extended through the issue of TINS FORM
of restricted currency.
The general banking situation mace
.urther improvement today, and pracu-
ally al OF the more or less emhar-
1sssed concerns were able furtner 10
strengthen their position uneaslhess III
other directions was not. however, ai'o-
gether allayed. although the DAY was
Compa ratively free from such rumors as
were In circulation throughout the Whoie
o. yesterdays business session.
Feature of the Day.
Another encouraging feature or the
DAYS situation was found in the unusually
.srIy settlement upon the stock exchange
clearing house. which was concluded
few minutes after 10 O'Clock. and In the
exceptionally small debit ba .ances which
,,.ara then paid The significance of the
last named may be found in the fact that
j. illustrates the extent to which transac-
lions on the floor of the STOCK ekchahse
are now being made for caSh iilstedu VI
through the usual method of DELIVERIES
ltI,on the following day. TRANSACTIONS ioi
,ash do not pass through the stock eH
change clearing house, hence the snlaii
sums involved in this morning ssltie
ment there 49,. ,oa M,
+ba savings banks deemed 1t wise 10 re-
sort 10 the sixty-day rule, relating 10 tiie
withdrawal of deposits. brokers' oiiee
would doubtless find themselves sWamped
through the receipt anu "a -
dars for odd lots of stocks. AS II Is now.
many of the cash transactions IN the
stock market represent directly purchases
nv investors who. in turn, deposit cash or
its equivalent with their brokers.
Sterling Exchange Unchanged.
sterling exchange conditions showed lit
tie alteration. but there were further
w!thdra walls of gold from the Bank OF
England for shipment to New York. Much
greater ease in the money market Is ex-
pected next week upon receipt OF the
heavy conssgnments of the metal now In
transit
The London stock market was again de-
pressed today In sympathy. 1t was said,
with the situation at New York. but prob
ably because OF the general belief that to
morrow the Bank of Engiand's rate would
be advanced to 512 or perhaps per cent.
tonsois declined further and all other de-
partments were heavy. with the exception
Of the copper stocks and the American de-
partmeut.
Copper stocks were strong in sympathy
with the continued recovery in the metal.
and in the local stock market dealings
Amalgamated Copper. while participating
10 some extent In the tendencies of the
general market. was exceptionally re-
sUlIenr Little was done here for foreign
account.
Signs of Relaxation.
There was marked contraction In
activity in the dealings upon the stock
exchange. and during the forenoon, even
when signs of relaxation were appearing
In the money market. many further ex-
tensive declines were scored In all quar-
rers OF the market On the downward
movement IL is unne CesSary to say that
a great number of new low records were
established and the average level of the
market carried down to a stage about 56
points below that which prevailed In the
early part of December last
The Liquidation IN progress was plainly
for the account OF 4 number of still un-
duly extended firms and individuals who
are now busily engaged In putting their
houses I'm order. There was, however.
lttle To be adduCed in connection with
The transactions in any indiIidual stocks.
The exceptional strength Of the United
States Steel issues hardly requires com
Inent i'm view of the magnificent showing
made 10y the corporation in its quarterly
report issued yesterday afternoon.
There were many extensive rallies in the