Los Angeles herald., 1907-10-26

CASH COUNTS
ON WALL ST.
sPEcULAToRs MUST DEAL WITH
REAL MONEY
STOCK MARKET is DEPRESSED,
SALES FEW
Only Buyers Are Bears Who Had
Shorts to cover-Upward
Spurt comeo Late
in the Day
BY Associated Press.

BY Associated Press.
NEW YORK, Oct 25.-The stock market re-
Elected an early curb to the exuberance which
marked the revulsion late yesterday from the
depths of despair into which It was slipping.
After the check had been applied conditions
settled down into a dull waiting attitude with
a late upward spurt. Activity was on a small
scale.
Prices generally were pretty we'll sustained
but weak spots constantly developed which
the feversh condition of, the market and the
occasional necessity of frequent liquidation.
1t was said that only buyers in Che market
were bears who had shorts to cover ope-
rators who had no cash in hand that freed
them from the requirement of borrowing for
marginal operations.
For most of the day funds offerings on call
simply not existent. The borrowers WHO
secured portions of the 900 loaned late
yesterday by the bankers jool found them
selves in comfortable circumstances today and
were allowed renewals at the rate of 20 per
cent Bankers were said to be advising stock
brokers against undertaking any business ex-
cept for cash. the effect being to relieve SO
far the money stringency.
The amount of business done on this basis
was surprisingly large and the amount OF
cash which changed hands in brokers offices
during the day might afford clue to the
destination of some of the funds that were be-
ing withdrawn from deposits with banking in
sttutions The considerable number of addi-
tions to banking and trust company institu-
tions which closed their doors most of them TO
check runs had little effect on market senti-
ment
The belief that the situation clearing
in the financial center here in New York was
the paramount influence ON sentiment.
The dwnding of the of the Trust Com
pany of America and its Colonial branch was
accepted as the substance of the greatest
DANGER Further deposits of government funds
do tpif
financial minds in the country continued to oe
diligently employed to devise means for i'm
proving and relieving the situation
The constant evidence of this activity had
soothing effect on apprehension. From the
strictly stock market view, when funds ap-
peared in the loan crowd late in the day sup
piled by a bankers pool to the extent of sl5,-
600 900 and was loaned call at the stock ex-
change IL meant that The stock market needs
were supplied until Monday.
The prices rapidly in the latter part OF
the day and closed strong at the best prices
There was present the hope that by Monday
next when the loans must be renewed, the
situation viii be so far cleared up that the
r52pfy stringency will be sensipiy reiaxea ana
1rrYfsf conditions established
MSPnorrows bank statement will be a snow
I LHf the effect of very complicated factors.
Ekr as known the movement of money
V,xgh the usual channels for the week fig-
kl IL Is evident that there have been neavy
Elements on balance to the INTERIOR excess OF
.-dNprstnts over receipts being estmated at SS,-
b7e 500 " on subtreasury operations, however,
the heavy deposits made with the New York
banks of government funds are rehected IN
gajn hv the banks on subtreasuryf operations
OF s22 7o5 ooO Nothing can be known of how
withdrawals by the trust companies from the
banks may affect the cash items. In the loan
itar, thcre is every confidence that there has
been a confidence effected There was a con-
tinud evidenc of painful liquidation In $50
latd stocks today and the same was true IN
even greater degree In the market. Some SEN
sational declines on small transactions were
thus occasioned
Bonds were weak. Total sales, par value
81. $4,000 Government As declined Is ana the
. 4s registered " per cen on call