The Birmingham age-herald., 1907-10-31
RECOVERY MADE IN STOCK MARKET After Early Liquidation Ends
 Prices Are Buoyant BANKING OUTLOOK BETTER Report of United States Steel Corpora ton Has Beneficent Effect Upon
 the General Feeling In
 the Market.
BANKING OUTLOOK BETTER

New York, October 30-After going through some further painful liquidation Z the stock market became quite buoyant Tn tone at a recovery and there was a notable accession of confidence that the worst of the trouble was safely passed. Not that eyes were shut to the fact that consequences remain to be met from the deep upheaval that has occurred in the countrys financial fabric. While facing this fact the conviction is gaining force that the measure of the present trouble can now be definitely discerned.
 There is less apprehension of the extent to which depression will go in the general business of the country. The report of the United States Steel corporation for the quarter ending September 1 had its share in building up this opinion. The s4300o,O0O quarterly earnings of the cor poratlon reflects the prodigious volume at which the steel industry has been maintained. The falling off in orders on hand as an index of decline in the activ- ity and the fact that even that measure of contraction cannot be supposed to measure the after effects of the financial situation did not rob the report of it's imposing effect as an exhibit of the high vantage ground from which this great basis industry enters the period of trial.
 The outlook in the banking situation is considered to be distinctly improved. Con- ditions in New York itself have made wide recovery toward the normal, and increasing hopes are felt of reducing tho period in which the use of extraordinary measures must be prolonged. One event on which this condition must wait Is the arrival of the gold which has been en- gagged for import and which is not avail able for banking reserves while in transit at sea. Many devices are coming into suggestion for relieving the embarass- ments of the money scarcity and for con- triving substitute methods for effecting the machinery of exchange of the great volume of commodities pressing for a market The tide of tSjs movement con- tinues in general force, making exchange rapidly against which may be drawn re- sources to relieve the country The re- adjustment of the loan accounts of the banks proceeds, and this was the factor that caused the severe depression of the . early part of the day in the stock mar zet. It was the supposition that the ac- counts which were being closed out were responding to admonition from the banks, i which are strengthening their position in kurany uses where tolerance was shown an carrying accounts through a0eifof'- aiized time in uue stock market It IS the estimation of the banks that some of the borrowing of this class has come to rely unduly on a paternallStlc attitude on the part of the banks. How far the notable relaxation in the call money mar lxet which ensued after this liquidation had been completed was due to the relief afforded by the liquidation itself, and how far the banks had acted to hold up the early varying views.
 A factor of relief in the money market was the paying ont at J. P. Morgan K Co.'S office in anticipation of November 1 coupon and dividend securities estimated to run as high as s11o00,00O. Importance was attached to the report from Paris or a plan for aid to the London money mar ket by the Bank of France by the pur- chase of long time bills from the London market. This was the method of relief af- forded by Paris to London last year, and fts importance to New York at this time is its release of London resources to sup ply New Yorks demands The strong advance of the sterling exchange rate at Paris today indicated some such opera tions going on.
 Another feature of the days news was the continued rise in the price of copper at the New York metal exchange in spite of n sharp reaction in the London price of the metal. The prcpriation of speculation for apportlonment of Union Pacific holdings of securities in other companies to stockholders made that