The Montgomery advertiser., 1907-11-15
THE STOCK MARKET

New York. Nov. it--The stock market was decidedly weak et some points to- S,sa day; Renewed liquidation of an urgsn, urgent was . growth of activity on the part of ercaiasion from Daa ssms so ms hs sRs, sf sSmors of an unfavorable character which failed of confirmation tending to confirm this inn
 The mediate factor in the market was the testimony from the iron and steel trade
 s snsrs Tss Tns ssns sss sss by this development naturally converged on the securities of the United states steel sharply affected and in close sympathy. Pensylvanta Railroad system which re- spends most directly to the fluctuations in the Iron and steel trade owing to the large proportion of its tonnage which is made up of materials for all branches of the trade. The supposition was that some large individuai accounts in these stocks were being closed out and the selling orders were believed to have their origin in the
 St. Paul was another distinct center of acute weakness. for causes individual to It. mncb ssasa Ths be found in the approach of the date for payment of a large installment of subscrtp. tions to new St. Paul common and preferred stock. The amount of new stock of both classes in round numbers Is S10o,0OO.o0O and on December 1st subscribers are commit ted to the payment of twenty per cent. instalInent. which calls. therefore. for ap- proximateiy s2o,0o0.0oo It needs no ex- plantation to uhderstanc that conditions are not propitious for meeting such requi-e- mont. Notwithstanding the considerable sympathetic effect of these special centers will show that it was affected comparative k little. The declaration of the regular qua enartsry s,b pacs,c on sane some help in resistance to the depression. Some high premiums were paid on currency again ear, ly in the day. but the tendency was toward relaxation The point of interest in thjs subject has shifted to the interior. from which the urgent demands are most fespon- sbie for present conditions.
 The opinion is heard amongst New York Bankers that conditions may be due to what is in effect forwarding by the interior banks themselves. which have been moved to streng gthen their reserve position as a precautionary measure. put seem 10 nave eoyredone the matter in some instances. The drawing down of balances for interior banks in New York deposits Is prime factor in the dislocation of the domestic ex-
 The consequence is that no form of re- rnittance is obtainabie for payment of debts to New York merchants who are receiving on interior banks for that purpose which arc received subject to collection by New York banks Tsports pub lished prior to the close of the exchange of the nsture of the negotiatiops under way Tor a large sum of gold fori New York for the Bank of France were somewhat vague.
 The very strong statement of the Bank of Engand in spite of the Rr large supDsass na.ss ed as highly encouraging, The accompa- nying decline today in the French banks bullion holdings was evidence that Paris has been helping London to supply the New York demand. The recall of ten per cent. of the government deposits with the New York banks in small daily miscellaneous was not considered of great importance in view of the influx of gold to New York.
 Some of today's liquidation was of ae- count taken over from involved houses 10 save them from disaster during the recent troubled period.
 Bonds were irregular Total sales par val changed on call.
 CLOSING STOCK HIST.