The Birmingham age-herald., 1907-11-12
SUPPLY OF STOCKS
 RATHER SCARCE Buyers Cause Prices To Make Some Advance NO DISPOSITION TO SELL Call Money Is Easier and the General Tone of the Market Induces Finan- l ciers To Believe That Higher
 Prices Will Prevail.
NO DISPOSITION TO SELL

l New York, November 11-There was ap- parently some increase in the buying Of stocks in the early part of today, and commission houses reported that orders had come to them from sources that had been quieseent for several weeks. It was supposed there were some ventures on margin such as have been precluded ever since the financial condition first became acute. It was obvious also that closing up of uncovered short contracts played q part in the upward movement of prices. Observers in the board room were con frmed in the impression formed last week that the actual supply of stocks in the market were scarce. In one or two high grade stocks the impression received practical confirmation in attempts to se- cure small blocks by successive advances in the bid by many points without bring ing out any offerings.
 Low prices in the period of crisis of course reported the sacrifices by borrow CTS of money who had to have means to repay loans on any terms. Now that ur- gent necessities of that character have been provided for it becomes manifest that the large bulk of holders of securi- ties feel no disposition to sell them at present prices. The buying did not follow up the advances with any animation, and the market sank into almost stagnant conditions after the buying had spent it's force.
 Conditions in Wall street are working out to the satisfaction of banking and financial authorities, and the field upon which most interest centers is receding more and more remotely from the immed- fate financial centers. All eyes scan the horizon for signs to tell how far the re- action may have to go The signs of re- action thus far manifest are by no means surprise after the portentous warning given by the earthquake shock in New York, and confidence is not relinquished that the ulterior results may yet be held within moderate limits. The duration of periods of widespread and irrational dis trust, such as that which has drawn down banking reserves now, has proven short in previous experiences. and has been followed almost Invariably by re- fluH into bank reserves of such violence  as to lead to something like redundancy in the money market shortly afterwards. How soon such result may come in the present occasion is not yet clear, but that it will ultimately come is held to be eer- tain ts- ve- . sc
 ,. Last Saturdays bank statement is be- ]ieved to mark the extreme measure of the effect of the shock in New York, and the early reflection in the bank statment Of gold arrivals, oboth in building up the cash showing and in releasing credits in- cured for the engagement of the gold, will work an early beginning of the re- cuperation of the banking position. Much significance was attached to the an- nouncement today that some of the earlier engagements of gold from London were cancelled. Arrivals of South African gold m London today afforded supplies which were taken up for New York ac- count, but there were no withdrawals from the Bank of Englnad for that &C., count, and the private rate of discount in London receded
 A less satisfactory development was the continued urgency of the demand for cur rency in New York which maintained the premium for some large sums at about 3 per cent. Railway traffic officials were inclined to admit a slowing down in the