Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1907-09-19
SLUMP HITS
STEEL STOCKS
SALE OF LARGE BLOCKS AFFECTS
MARKET
WALL STREET DISCUSSES OIL
INQUIRY
Hearing Causes Some AIarm-Another
Cut ls Reported in Copper
on New York Ex-
change
BY Associated Press.

By Associated Press.
NEW YORK, Sept. 1s.--A large reduction in
the outstanding short interests in the STOCK
market was assigned as the principal cause or
the Ianguid subsistence in the brisk upward
movement which was In evidence yesterday.
1t was considered significant of this condition
that the return OF some large amounts OK
stocks which had been borrowed for the day.
The elimination OF this requirement from inc
situation left the demand feeble and ineffective
on prices.
The progress of the taking of evidence in the
government suit to dissolve the Standard Oh
company of more influence ON the Market
than yesterday. The progress of new phase
in new New York traction merger and the
coming return of the important witnesses
sharpened the attention to activeness or TINS
kind. The leaders on the floor of the stock
exchange drew unfavorabe differences In the
selling of some very large blocks OF United
States Steel owing to an assumption that the
personality of the sellers reported Affiliations
with important and we'll informed interests In
the steel trade.
The incident was decisive in ending the up
ward movement which developed after the
opening. Actual happenings with Important
bearing on values were few. The maintenance
of the present dividend rate OF New York
Central was of favorable effect although the
previous years OF q cut not being held for
several days past Good differences also were
drawn from the intimation that the number of
stockholders in this comapny had doubled
since the first of January last although this
acceptance assurance that this was
a condition, that would hold true of railroad
companies in general
The immediate feature of the money market
is the large offerings of mercantile paper, the
result being stiff per cent rate even for
the prime grades while names we'll known
are reported to be paying considerable higher
rates.
The call money also still shows the eff
feet of the payment making for the New
York city AZ per cent bonds. Satisfaction was
felt by some interested in the money market
over the showing of the national banks con-
tanned In the controllers compilation Of re-
ports of conditions on August 2.
On that date the proportion of legal reserve
to deposits had risen to 81. per cent COM
pared with 81. % May 20, the date of the
preceding CALL and 207O per cent on Septem-
Der 4. the nearest corresponding date last year.
The comparison with the period shows
an increase in specie and legal tender hold
ings of SIC, 900. 900. and that with the more
remote period an increase OF ST.. 900. Indi-
vidual deposits were s3,844,700 less than In
May and s11,o97o92 more than in the Septem-
Der of last year, while the loan account had
expanded 277 since May. and s379, 652
In the yearly comparison.
In the item OF 'due from bankers and
agents there has been decrease since May
of s5s. $3.50 925 rejecting the decline in the
4 amount Of reserve of the smaller banks on