The Birmingham age-herald., 1907-11-07
STOCK MARKET IS
 MUCH IMPROVED Higher Prices and More Conf dence Are the Rule BAD ACCOUNTSCLOSED OUT Wiser Reads Are Advising the Specu- lative Element To Go Slowly,
 Hence Trading Is Linn
 ited In Quantity.
BAD ACCOUNTS CLOSED OUT

New York, November 6.-The small vol une of transactions in stocks today wsls the index of how far financial conditions still hamper the conduct of operations in the market but the strong upward ten dency of prices was a convincing evidence of the returning values on securities. Brokers on the floor of the stock eX- change summed up the situation by say ing stocks were scarce. This was shown not only in the diminished pressure to sell but continued manifest on the buy ing orders, under which prices were bid up. Commission houses reported the re- ceipt of some buying orders for stocks in office over the holiday interval. some of which were for execution with specified tion of price limits but to buy at the market. It was on this class of orders that the marked scarcity of stocks was demonstrated.
 The ruthless closing out of weak ac- counts which has been going on through the money crisis leaves very little of that kind of clearing up to be done, even of the kind of accounts which are carried on through an ordinary market on which
 
 favorable opportunity. Of another class or leftover accounts there was some in- fuence felt today, namely, stocks taken on by powerful financiers in periods of demoralization, and support values Re- selling of this kind was discerned at an advance today, according to the opinion of skilled observers in the board room. The impression was that this sell ing might have an admonitory intention against too sudden speculative activity in the market with the money situation short of being settled.
 The response of the bond market to the brighter outlook was as decided as that for stocks. The response there was more in the nature of price readjustment on nominal dealings. Prices at which bonds have been forced to sale under pres sure of recall of loans by the market ing of collateral, or by sales of bonds to protect unmarketable collateral, are not accepted as the measure of true value of the bonds. There was a wide readjust- ment of prices all through the bond list on these lines. The action of the securities market was regarded as the natural ef- feet of the clearing financial horizon.
 The money market showed the effect of the arrival of the first consignment of over $7,000,000 of imported gold, and the scarcity of currency was reported some- what relieved from the same cause, the premium on currency not being so high as last week.
 The trust company situation was quite definitely disposed of as a threatening factor with the outcome of the long con- ference on the subject extending over election day and into last night The as- surance of adequate measures of support to protect the trust companies was ac- cepted, and did much to inspire belief that confidence would be restored at an early day, and the relaxation resulting from the tying of resources usually due to mlstrust, and not all to actual lack of facilities
 The passing of control of tine Tennessee Coal and Iron company to the United States Steel corporation had a strengthen ing effect on the stock of the corporation, but it was considered of even more im- portance in passing method of settle ment of the financial conditions by substi-