The Birmingham age-herald., 1907-11-02
STOCK MARKET IS
 QUIET BUT FIRM Growing Confidence is Re- fleCted In Operations LIQUIDATION NOT FORGED Call Loan Rates Have Based Up, But Bankers Discourage Trading On Margins-Rairoad Stocks
 Show Strength.
LIQUIDATION NOT FORGED

New York. November 1.-The stock mar ket was tranquil today with firm un- dertone and sank into a condition of semi-stagnation after variOs.z i1rregu- lar but narrow fluctuations, being stlll under the restrictions of the banking situation. The gradual clearing of this situation reflects a feeling of growing confidence in the stock market, but the facilities for it's expression are still ham pered. Tentative operations on margin, which have cropped up with the easing of the call loan rates, receive no en- couragement from bankers. Houses with interior connections assert that there is a potent demand for stocks from points outside of New York, but that the execu- tion of orders from these sources must await the receipt of actual cash ship ments, owing to the difficulties in the way of exchange operations.
 There was subsistence of the forced liquidation which has been a feature al- most every day for some time past and some disturbing rumors that were in circulation yesterday were not con- fined and their influence waned. One of these, that the Pennsylvania dividend was to be reduced, was refuted by action taken by the directors before the stock exchange had begun it's session. That stock was, in consequence, in consdera- ble demand and it's sthrength had a sustaining effect on the whole list The decline in September net earnings and the announcement of proposed re- trenchment in improvement outlay did not affect this strength. Union Pacific was another point of strength in the market. A contrary influence centered about Amalgamated Copper which was under pressure in spite of further ad- vances in the prices of copper in the London market and at the New York metal exchange.
 The usual compilation of the banks estimates of the weeks currency move ment was read with somewhat languid interest, owing to doubt of the accuracy of the analysis of the cross currents in the weeks movement. The banks show a movement of currency on balance away from New York on the express movement of upwards of $13,000000. but the opera tions of the sub-treasury have yielded to the banks a gain of $16. 103 GOO. Last week S bank statement did not reflect fully the government deposits made with the banks even for last week, and they have been increased this week No estimates are attempted of the loan changes.
 Additional engagements of gold for inn port were made today, but their influence was modified by the violent upturn in foreign exchange rates which occurred How far this was a result of demand for remittance against the gold engaged was not clear. The scarcity of currency sharpens the demand for exchange. The easing of the local call money was given part responsibility for the movement Details of large applications which are being made to take out additional bank note circulation under the comptrollers S offer increasing facilities were read with interest. The observance of the holiday abroad left the market without one of Its sources of business and influences. The conditions became torpid at times and the market seemed to be settling into an attitude of cautious waiting to study developments in the general situation. The easy closing was attributed to some late selling out of collaterals and loans.