The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-11-10

SATURDAY. Nov. q

oAFDNpAAs NOV =.
In all probability the stock market would
have beeD dull enough anyway to-day
because OF the operation Of purely general
Influences. but the decision OF the mana
gers Of the Clearing House Association. an
nOunced yesterday, 90 postpone hereafter
The publication OF the weekly bank state
unent until after the close Of the Stock
Exchange on Saturday afternoon reduced
Ao-day's market to a point Of nearly abso-
lute s~tagnation. Transactions in stocks
were less than iOO. 900 shares and changes
In prices OF the active stocks were utterly
tViiiing. There appeared 20 be- a little
pressure 20 cell iu certain quarters. such
NJ in tho Canadian Pacific and Mexican
Central shares. but the amount ~ stock
thus sold was small. Tho European mar
kets were for the most part again depressed
under the influence Of matters on this side
Of the Atlantic, these having relation
chiefly 10 a continuation % the demands
OF our bankers for gold. Three million
dollars more was withdrawn to-day from
the Bank of England for shipment to this
side, although the BANK managed to par
italy recoup itself hy the purchase OF
s2.OOO. 900 OF gold IN the open market. Aside
from guesses about the character Of the
bank statement and a commonly expressed
opinion that a Door return would be made,
the only topic of gossip during busines
hours was the threatened strike of the EN-
ployees ofsthe Calumet and Hecia Mining
. Company because of the reduction in their
wages that has beer ordered. II may be
doubted whether newspaper dispatches
to-day on this point were accurate. There
are no labor union organizations among
the Calumet and Hecla's men and these
employees have long been the most favored
individuals vt the kind in the entire country.
They have almost invariably received a
wage somewhat higher than the prevailing
market rate. while other beneficences
showere upon them by the company
have been of an almost eXtTavagant char
acter. The men in the past have shown
themselves 70 oe fully aware ~ their good
fortune and IL viii prove very surprising
n they object to he Curtailnlent Of their
nav based upon such 6bvioits grounds Of
juetace as exist ia the present case.
Vt could be distinctly said OF the bank
statement when appeared that although II
showed = further reduction in the surplus
reserve IL yet testified to improving CON
ditions. As explained in this column
Yesterday. u vas compiled on rising aver
ages under the Clearing House standard
Of computation and hence represents the
bank position - being worse than it really
ia. Yet even with this understanding
Wall Street was agreeahly surprised to-day
over the exhibit shat was made. Owing
to further advances to the trust companies,
loans 70 ont of town institutions and TO
temporary borrowings necessitated by
the gold lmportations, bank loans increased
sss.S62. 800. but the loss IN cash sustained
by the banks WIS only $1,000 500, so that
the ratio Of surplus reserve TO deposits
still stands ala high as 2O.2. h decrease
in cash VAS less than half what was ooked
for. owing doubtless 70 tho return of
boarded money 10 the banks Estimates
have been current that a bank surplus
Of only ~ or IS Per cent. would be shown,
and considering the fact that a very de-
cided Improvement in the return will almost
certainly be shown next week it is mani
fest that the banks have maintained them
selves during the week in splendid shape.
Presumably from now on the heavy ship
ments Of cash to the interior Of the country
which have been during recent weeks a
source Of drain from local institutions
fully a. exigent as hat OF the boarding
OF money will grow less and less, so that
the STATE OF INC bdhhN Will Jelu 70 DeCONle
better and better. With the practical dis
appearance from the scene as financial
factors of the affairs Of the trust companies
that have been under fire and of the I'M
certain status Of the pool holdings of Ten
nessee Coal and Iron stock. attention in
Wall Street now converges upon the situa-
ton abroad, and upon the rapid contraction
of industrial and commercial business
tina is going on in our own land. On both
Of these points a more hopeful view is
coming TO prevail. As money rates here
decline, as they are bound TO do now within
n very short time. our bankers will prob
ably ship back 10 the European banks some
Of the gold that was perhaps unnecessarily
withdrawn from them. and the higher
money rates that have prevailed in Europe
as the result Of the depletion of bank re-
serves there will accomplish the same
beneficial result abroad rs they have here
in enforcing n needed slackening of business
activity. Regarding our own and the
feeling in Wall Street at the end OF the week
was that the business letting down was
likely to be sharper and shorter than has
hitherto been Thought likely.