The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-12-01

Nov. 30.

- ..
SATURDAY. Nov. 30.
The recovering movement In stocks
went on to-day at a pace only a little less
lively than that which has been maintained
during tho three preceding Stock Exchange
sessions, although perhaps to-day the
buying was concentrated to a greater ex-
tent than IL reosntly has been in the Lead
ers Of the market. the Union Pacific and
Reading shares. The days final prices
were with one or two exceptions at tho
highest Witnessed since the rebound began.
and We're such ~ 10 place the average quo
tatiOn Of tho standard railway stocks at
Alevel nsKriy- s51s points higher than that
mRde NJ Tie Close OF the market on Mon
day. This advance has geen accomplished
without any Intervening reoessions what
ever and the suggestion Is OF course natu-
raj THAT IL may be that the rise has been
n little too vigorously conducted. In tho
case OF the Union Pacific and Reading
shares an advance considerably greater
than this average rise has been recorded.
Union Pacific at the close of the market
to-day had rallied Mn points and Reading
ten points without n reaction OF a single
point, and there In very little doubt that the
particular ~movenients in these two stocks
has been due to o beating in OF the short
interest ia the stocks, which was. as 10 usual
under such circumstances. discovered to
be larger thau WAS commonly estimated.
ltwa thu CONSENSUS after the close OF the
Stock Exchange to-day that the entire
movement OF the market during the week
has heep such as TO INDICATE that it was
in the nature Of that quick reoov-
cry In prices hat almost invariably
intervenes with striking suddenness after
the elimination Of "A long downward move
ment; and that. moreover. this was the
first time in the present season that such
an observation could DO made. There
have been sharp upward spurts in security
quotations on many occasions during the
last few months but they have in zach
instance petered out before the rise assumed
saIch proportions SIS il has this week.. The
word Of canton regarding the matter that
i%nstinctively occurs il that experience
proves that such movements are apt TO
partake of a IN eifervescent character. that
Is. that after spectators for the decline
have retired the whole or a considerable
portion of their commitments the market
may again develop a sagging tendency.
One strong sign, however. that the market
has permanently changed for the better
lies in the current action. Of tho bond mar
kst, particularly in certain junior ISSUES
that nave been so extraordinarily depressed.
Transactions in bonds yesterday we're the
largest of the year and dealings in this
class of securities to-day were relatively
in even larger volume. It Is TO be remem-
bered also that the decline in the stock
market has beer carried to altogether
abnormal and unreasonable lengths and
that a buying movement of the kind de-
scribed may run before it il checked for
a considerably greater period thar in its
incipiency may be popularity thought likely.
'Phe stock whose backwardness in the
market to-day excited especial comment
was Atohison Ommon but the hesitation
shown here was, undoubtedly due 20 the
Publication during the day Of the Atchison's
statement or earnings fOr'OCtober showing
asgrOss increase in revenue for the month
81 SIS. 600 IN a net decrease of 81, 200, 900.
The Missouri Pacihc's September state
nlent exhibited "a gross increase of $3.50. 900
and "A net decrease of $751; 900.
Aside from the publication of these state
plents the only other news OF the day OF
SHANGHAI Importance was that contained
a. The weekly bank return, whose figures
became known too late to affect the mar
ket. They showed for tho first time in
several weeks a reduction, even IL slight,
in the existing deficit in the bank surplus
The deficit was decreased 81 .IIl,-
It's, and as the loans OF the Clearing House
institutions increased IN round numbers
$40, OCO, 900 and cash holdings 81, UOO. 900 the
percentage of the bank reserve rose from
it's last weeks figure of ~ to 2O.l per cent.
daily or weekly estimates Of the con-
dition of the banks are now 40 complicated
by constantly changing Government trans
actions, dealings with trust companies
aud other varying factors that their showing
III any one instance may give ground to
erroneous ideas of the actual bank position. |
There il not the slightest doubt. however,
tllnt ttrss position has begun TO show i'm
pIovemept. Just As it IL plainly and I'M
nistakably evident that d decidedly more
encouraged feeling is spreading through
out the business community here and else
where. It. is felt. and with good reason.
that the storm q ma stress OF recent disturb
ances has passed and that a period of con-
valescence in the security market has begun.
Presumably the contraction in business
that really only made it's appearance in
a decided way at the first Of last month
will continue for some time to come. Bank
clearings for the week as compiled by Dun
and Bradstreet and other competent au-
thorities show that this process is by no
means abating.
New Work. StOck Exchange sales, Nov. 70.
cIosISG PRICES or USrrHD STATES BONDS.
pa. Asked. 50. Asrsd.
Ts%sc.ISss 5SS sEssn.iIZ g