The daily morning journal and courier., 1907-10-31
QUITE BUOYANT.
Notable Increase of Confidence Thai
 Worst is Over.

New York, Oct. 3O.-After going through some further painful liquida- ton to-day the stock market became quite buoyant in tone at a recovery, and there was a notable increase of confidence that the worst of the trou- bles was safely passed. Not that eyes were shut to the fact that conse- quences remain to be met from the deep upheaval that has occurred in the countrys financial fabric. While facing this fact the conviction is gain ing force that the measure of the present crisis 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 quar- ter ending September had it's share in building up this opinion. The $4S,- GOO, 900 quarterly earnings of the cor poration, coming in quarter at the outset of which the slowing-down pro- cess was already distinctly recognized, reflects the prodigious volume at which the steel industry has been maintained.
 Banking conditions in New York have made wide recovery towards the normal, and increasing hopes are felt of reducing the 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 engaged for import.
 Many devices are coming into sug- gestion for relieving the embarrass- ments of the money scarcity and for contriving substitute methods for ef- fecting the machinery of exchange of tho great volume of commodities pressing for market. This movement continues to make exchange rapidly against which may be drawn banking resources to relieve the country The lreadjustment of the loan accounts of | the banks caused the severe depres- sion of the early part of the day in | the stock market It was the suppo- sition that the accounts which were being closed out were responding to 1 admonition from the banks, which are strengthening their position in many cases where tolerance was shown in i carrying accounts through the demor- alized time in the stock market. How | far the notable relaxation in the call money market which ensued after this | liquidation had been completed was due to the relief afforded by the liqui- dation itself, and how far the banks had acted to hold up the. early money rate to force out objectionable ac- counts were the subject of varying views.
 A factor of relief was the paying out at J. F. Morgan &s Co.'S office in
 anticipation of Nov. coupon and divi. dend obligations estimated to run as high as $11,0oO,00O, Importance was attached to a report from Paris of a ] plan for aid to the London money mar ket by the Bank of France by the purchase of long time bills from the l London market. Another feature of the days news was the continued rise
 in the price of copper at the New York metal exchange in spite of sharp re- action in the London price of the metal The preparation of plan for apportionment of Union Paclf1c's hold 1 ings of securities in other companies
 to stockholders made that stock a leader in the buoyant rally of the lat ter part of the day, practically all of
 which was held to the strong closing.
 Bonds were weak. Total sales par value $2,98S,O0O
 U. s. bonds were unchanged on call.