Los Angeles herald., 1907-11-12
STOCK PRICES
STRONGER
BUSINESS ON WALL STREET
IMPROVING
Apparent Activity Noted-Brokers Say
Orders Are Coming in from
Sources Long Quies-
cent
BY Associated Press.

BY Associated Press.
NEW YORK, Nov. 11.-There was apparent
activity in the buying of stocks in the early
part of the day and commission houses re-
ported that orders come to them from sources
Nthat had been quiescent for several weeks
I was supposed that there were some ven
Tres on margin, such have been precludeo
FER since the financial conditions first became
Icute
1t obvious also that closing up OF un-
pvered short contracts played a part In tne
1ward movement of prices. observations
an the board room were confined to the im-
preston formed last week that the actual sup
ply of stocks in the market was scarce In
one or two high grade stocks the impression
received practical confirmation in attempts
to secure small blocks by successive ad-
vances by many points without bringing out
any offerings. Low prices in the period or
the crisis of course, repeated sacrince py
borrowers of money who had to nave means
TO repay loans on any terms.
Now that urgent necessities of that character
have been provided for II becomes manifest
that the large bulk of holders OF securities
feel no disposition to sell them at present
prices The buying did not follow up the ad-
vances with any animation and the market
sank into almost stasnant condition after the
tuying had spent its force. Conditions IN
wall street are working out to the satisfac-
tion Of banking and financial authorities in
which most interest centers is receding more
and more remotely from the immediate fnah-
cial centers All eyes scan the horizon for
signs to tell how far the reaction may nave
- 60
Signs of reaction thus far manifest are by
no means a surprise after the portentou2
warning given by the earthquake shock in
New York and confidence is not reliquished
Al! the ulterior results may yet be held with
in moderate limits. The duration of wide
spread distrust which has drawn down bank
ing reserves and has proved short in pre-
Vlous experiences has been followed almost in
variaby by a refux into bank reserves of
such violence to lead to something like ru-
dundancy in the money market shortly after
ward.
How soon such result may command pres
ent occasion is not yet clear but that 1t
will ultimately come is held to mark the early
reflection in the bank statement of gold ar
rivals both in building up the cash showing
and in releasing credits incurred for the en-
gegements of the gold, will mark early be-
ginning of the recuperation of the banking
position.
Much significance was attached to the an
nouncement today that some of the earlier en-
gsgements Of gold In London today afforded
supplies which were taken up for New York
accounts but there were no Withdrawals from
the Bank of England for that account and
the private rate of discount in London re-
ceded less satisfactory development was
the continued urgency OF the demand for cur
rency in New York. which maintained the
premium for some large sums above per
cent. Railroad traffic officials were inclined
to admit a slowing down in the rate of traffic
en- their lines. especially in the west.
leaders, however, in the days advance in
prices. The reaction In profit in the final
hour and the rally at the close gave the mar
ket a professional appearance than II
has offered for month.
Bonds were firm. Total sales par value,
SO. .196, 900. Government 3s declined 4 and the
Is 1 per cent, while the As advanced / per
cent on call.