Los Angeles herald., 1907-10-01

OPERA TORS
ARE ACTIVE
STOCK MARKET srEcuLAToRs
BUSY
LITTLE ENCOURAGEMENT IS
GIVEN
Prices Are Not Materially Affected.
Money In Strong Demand, as
Is Usual at Months
End
Rv Associated Press.

6y ASSOClateu FFeSs
NEW YORK, Sept S0.-The movement in
prices in the stock market today was re-
garded as due rather to the adjustment or
speculative contracts among professional ope-
rators more than any view of the conditions
The professionals were heavy sellers on the
short side last week and they took advantage
of outside selling, extensive short lines being
held over until today Last weeks sharp de-
cline was most pronounced today on London 3
account. From the lower level OF prices az
the start there was a brisk recovery ana a
show of vigorous strength for time. but with
a reduction of the short interest and the
satisfaction of demand from that source the
market sank back into a mood of uncertainty
and of irregular fluctuations.
The money market reflected the preparations
for the October settlements as is usually tne
case on the last day of the month, but the
strain so far short of stringency tnat
the effect was rather to increase the disposi-
ton of the shorts to cover. Call money was
not above per cent. The later duilness OF
the stock market was due in part to the post
ponement beyond the expected hour OF the
delivery of the presidential speech at Canton,
making it probable that its publication would
be delayed until after the days session of the
stock market was over. There was some re-
vision of last weeks estimates of what the
substance of this address would be. but this
was accompanied by suggestions that the ut
terances from which disturbance of financial
sentiment dreaded might be looked for in later
addresses. Underlying the present financial
situation is the general conviction that a
is essential to a safe working out of the needs
to be met. The torpid demand for securities
which is one consequence of this abstention
opens the way for bear attack.
Hopeful views reported among the ranks
of the bankers and in other ranks Of capital
nevertheless. The October dividend and in
terest payments. according to the estimate of
the Journal of Commerce, will amount to $780,
900, which is the largest ever made for
this period of the year Notwithstanding reduc-
lions in dividends OF some companies, notably
the Copper and REIMBURSEMENT of dividend pro-
ceeds by some of the larger companies which
would also affect the comparison.
To meet these large disbursements there are
large accommodations of cash which involve
temporary Withdrawals from the active uses
OF the money market, but re-depost OF these
funds will bring them back to the money
market. The availability of this large sum
has had little reflection in the money demand
in New York securities, but 1t means the re-
punishment OF gains over losses. This fund
finds greater attraction yet in the money
market and in more direct forms OF lending.
Assertions from railroad officials of the sus-
tanned volume of their traffic and especially
of the great grain movement were features OF
the weekly interviews from that source. Cop
per weakened in London but no change was
announced here The punishment administered
10 the reports in Canadian Pacific was Illus.
trated in 10 point rise In that stock and
the disposition of bears to cover elsewhere
was emphasized.
Bonds were irregular Total sales, par value
s1,366000. Government bonds were unchanged
on call.