Evening star., 1907-10-30
BANKS KEEP Gaining
Proceed Steadily to Recovery
From Recent Strain
MANY BUYERS OF STOCKS
Small Sales and Numerous Are the
Rule on Change.
CONDITION ALMOST NORMAL
Encouraging Reports From Western
Centers - Gold Coming From
CONDITION ALMOST NORMAL

NEW YORK October }0.-Bank.nS CON
6itions proceeded steadily today toward
recovery from their recent strain. The
rse Of clearing house certificates both
here and at many outside points had re-
l!eved much of the pressure on the banks.
which are now approaching almost nor
NAL conditions. Although no further gold
engagements were reported early in the
day. it was noted with satisfaction that
the business day in London had passed
without an advance of the bank rate
Gold is coming not only from Europe. but
from South America as some of the re-
cent engagements have been from Argen-
tina's stock of gold.
1t became known definitely here that
the report of financial crisis in Chile
was incorrect.
The stock market showed considerable
weakness and irregularity, with opening
declines on some of the prominent stocks.
4 favorable feature was the tremendous
buying of stocks in small lots for invest
,nent as reported by the big brokerage
houses.
Buying Runs Into Millions.
Purchasers are paying cash and the vol
ume of business during the past week
runs well into the millions. Not in a
score of years has Wall street experienced
such food of buying orders in odd lots
for transfer TO the purchasers. The ma
tority of these orders are for blocks of
five ten. twenty-five and fifty shares.
while sales of one and two shares are be
ing frequently recorded.
W. j. Welman of J. s Bache & Co.
bankers and brokers. said today that the
tween $JG0Nr and sI51,HD a day, and
that the orders are coming in from all
parts of the country.
People are buying stocks for invest
ment in small lots and are paying cash
for them" said Mr.. Wellman today This
is bringing thousands of dollars in cash
into the market and is assisting materially
In relieving the situation Not In years
has there been so much buying for cash
by small investors. who are having the
stocks transferred to them. | think il is
safe to say that there are more than 400
G;1 names of stockholders on the books of
the various railroads and other big cor
porations than there were a year ago"
Beats Record for Buying.
Never in the years of my connection
with the firm of c. l. Hudson & Co."
said representative of that firm to-
day, have ] seen so much buying in
odd lots for cash. We have wires in
twenty-six cities and are making from
$50 to 300 transfers daily"
Another representative of a promi-
nent brokerage house said: The buy
ing for cash is terrific. / never saw
anything like IT since our firm was
established, twenty years ago Money
Is coming in from outside cities to pay
for stock, which is being purchased in
Small lots, in the majority of instances
for investment. There were large num-
bers OF such purchases during the de-
cline Of the market in March last, but
the sales for the past week have great
ly exceeded those made during that
period. Probabl 90 per cent of the
stock purchased in small lots is being
taken out of the market"
y run was started shortly before noon
on the All Nations Bank, small con-
Germ in the south side section of the
City. Depositors of the institution who
are mostly foreigners. became frightened
over report that one of the banks of
hccrs had left the city. This was prompt
~ denied by the president. Up to noon
SlJ.CJJ had been withdrawn and about
thirty foreigners were still in line.
AT l o'clock call money was loaned at
10 per cent