The Montgomery advertiser., 1907-11-30
THE SHOCK MARKET.

New York. Nov. as-The human mo- lives which are always back of the action of the stock market were rather more easily discerned today than us- ual; The halting movement of the fiection of the dread that exigencies of the December l money settlement would bring out some forced liquida- ton of the kind which has come upon the marker from time to time since the financial condition began to mend.
 There was in fact evidence of such liquidation at one or two points, not ably in the Gould group with effect in Missouri Pacific and Western Union. ter was evidently due to the convict ion that the December settlements were not to entail serious burdens on the market.
 The scarcity of stocks, except when some special supply was forced out Of loan, has been conspicuous feature of the market for some time. The pro- fessionai operator has been keenly alert to this state of affairs, but eau tious against a premature attempt to mark up prices in the face of fur ther liquidation that must be accom- plished.
 Holders of stocks are clearly determ- fned not to sell them at the present un- profitable level except as they may be obliged to do so by the maturing of money obligations on which extensions are refused.
 With the lifting of that kind of pres, sure today, 1t was found easy to Did up prices rapidly with the absorption of comparatively light supplies of stock on the way up. The same process IS going on in the bond market in that department even more than in stocks. low quotations have been made on the forced marketing of small blocks VI bonds in some cases. thus offering no adequate representation of value plac- ed on the security by the bulk of its cases today did reflect some degree of the special demand from the preparation for the December settlements, but this was so favorable development as the day progressed call loans touched fourteen per cent. The time money market also while still very narrow indicate no since the financial crisis. Today was practically theNlast day of the month at the stock exchanges for the loans made on Friday carry over until Mon day; so that the greatest strain of the preparation would be counted upon be- ing met today. The developments over Thanksgiving holiday were given favorable interpretation. The decision to discontinue the offer of the United States treasury three per cent certtfi- cates was accepted as testimony that the need for the emergency measures was considered to be passed. The premium on the currency also con- tinued to decline and is exDected to disappear as soon as the end of the month pay roll needs are met. There was an accumulation of testimony from bankers throughout the country of the readiness to resume cash payments. The local banking situation was known to be improving fast although the sur face showing of .tomorrow's weekly bank statement may be thrown out of the reckoning by the treasury certifi- cate transactions. The re-deposit of the seventy-fiye per cent of the sub scriptions with the banks which the Secretary of the Treasury agreed to did not work smoothly at first. and the transaction will also affect the loan item. The gain of $3.075,000 by the banks on the sub-trueasry opera tions for the week to which is to be added several million of United States gold coin imported and not figuring in the sub-treasury operations show that the force of the tide of imported gold has &overtaken that of the forwardings to the interior banks The country's demand for currency is shown infallfb- ly by this test to be satiated. The rise In prices became rather impetuous in the late dealings but this was attribut- able in part to the retreat of an un- covered short interest. Bonds were very strong. Total sales par value, $5, 460, ,000. United States bonds were unchanged on call.
 rJ0sTNG sT0cH HIST