Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-11-30
FINANCE AND COMMERCE

New. York. Nov. 29.-The human
motives which always lie pack Of the
action Of the stock market were rath-
er more easily discerned today than
usual. The halting. irregular move
ment of the early market was quite
plainly the reflection Of the sdread
that the e~xigencies Of the December
money settlements would bring out
some forced liquidation of the kind
which has come on the market from
time to time since the financial con+
dftion began to mend. There was, in
fact. evidence of such LIQUIDATION at
one or two points, notably i'm the
Gould group. with effect in Missouri
Pacific and Western Union. The
buoyant tone which developed later
was evidently due to the conviction
that the December settlements were
not to entail serious burdens on the
market.
Holders Of stocks are clearly deter
mined not to sell them at the present
improbable level except as they may
be Obliged to do so by the maturing
of money obligations on which eX-
tensions are refused. With the lift
ing of that kind Of pressure today it
was found easy to bid up prices rap
idly with the absorption Of compare
lively light supplies of stocks on the
way up. The same process is going
on In the bond market. In that de-
partment even more h in stock low
quotations have been mad on the
forced marketing of small blocks Of
bonds i'm some cases, thus offering no
adequate representation OF value
placed on the security by the bulk Of
its holders. The recovery in such
cases represents a price readjustment
rather than a response to a demand
as would he required TO remove from
an ordinary level. The movement to
day did reflect some degree Of the
special demand from the preparation
Tor the December settlements, but this
so moderate that Il was accepted
as a favorable development. As the
dav progressed call loans touched IA
per cent. The time money market
also. while stilI very narrow, indicated
no such deadlock as has been the rule
since the crisis. The day was prac-
ticalIv the last day Of the month A.
the stock exchange. as p loans on
Friday carry over until Monday. 50
that the greatest strain of the prepa-
ration would be counted upon being
met today.
The developments over the Thanks
holiday were given q favorable
INTERPRETATION The decision 10 discon-
iinue the offer Of the United States
f~oayw~v fhrco per cent certificates
accepted as testimony that tho
for his emergency measure was
~~orsfdercd on the decline. and Is cX-
pacted to disupuesr ae soon as the end
~ the p,huth pay roll needs are met.
was an accumulation OF tcsti-
from bankers throughout the
country 81 the readiness To- resume
cash payments. The local banking sit
was known ia he improvinr
fat. although the surface showing of
lomorrow's weekly hank statement
be thrown ont % the reckoning
the TREASURY certificate transact
Tho ~re-1cuo-lf Of the - rer
Of the subscriptions with the
~ uhioh shc secretary 81 the
treasury agreed 10. did not work
smoothly ar first. and the transaction
..frf rt-n -rra~s ESQ fnaw itrw Tic
rain 81 ~S3.o75.ooo by the banks on
sub-treasury operations for the
90 % gel 60 -a added several T
millions Of United states gold coin
imported and not figuring in the sub
.reasury operations show that the
force af the tide 81 imported gold has
fhat 80 The fo~rWsrdingS 20
interior banks The CuunfrNiS de-
nande Tor currency are shown infal-
.Iblv by this test 10 be satiated. The