The Birmingham age-herald., 1907-11-30
CAUTION NEEDED IN
 STOCK MARKET Improvement Continues But
 Weak Points Exist MUCH PRESSURE IS LIFTED Call Money Goes Higher as the Decem- Der Settlements Approach-Pre-
 mIum on Currency Is Also
 Rapidly Disappearing.
MUCH PRESSURE IS LIFTED

New York, November 29.-The human motives which lie back of the action of the stock market were rather more easi- ly discerned today than usual. The halt ing movement of the early market was quite plainly the reflection of the dread that the exigencies of the December 1 money settlements would bring out some forced liquidation of the kind which has come upon the market from time to time since the financial conditions began to mend. There was in fact evidence of such liquidation at one or two points, notably in the Gould group with heaviest effect in Missouri Pacific and Western Union. The buoyant tone which devel- oped later was evidently due to the con yiction that the December settlements would not entail serious burdens on the market.
 The scarcity of stocks, except when some special supply was forced out of q loan has been a feature of the market for some time past The professional operator has been keenly alert to the state of affairs, but cautions against a premier attempt to mark up prices in the face of further liquidation that must be accomplished. Handlers of stocks arc clearly determined not to sell them at the present unprotitable level except as they may be obliged to do so by the maturing of money obligations on which extensions are refused. With the lifting of that kind of pressure today, it was found easy to bid up prices rapidly with the absorption of comparatively light supplies of stocks on the way up. The same process is going on in the bond market. In that department even more than in stocks. low quotations have been made on the forced marketing of small blocks of bonds in some cases, thus of fering no adequate representation of the securities by the bulk of the holdings. The recovery in such cases today did reflect some degree of the special de- mand for the preparation for the De- cember settlements, but this was so mod crate that it was accepted as a favor able development.
 As the day progressed call loans touch ed II per cent. The money market, also, while still very narrow, indicated no such deadlock as has been the rule since the financial crisis began. Today was prac- tically the last day of the month for the stock exchanges for the loans made on Friday carry over until Monday; so that the greatest strain of the prepara- tion would be counted upon being met today. The developments over Thanks giving holiday were given favorable interpretation.
 The decision to discontinue the offer of the United States treasury 8 per cent e atificates was accepted as a testimony that the emergency was considered to be passed. The premium on the cur rency also continued to decline, and is expected to disappear as soon as the end of the month pay roll needs are met. Accumulation of testimonials from bank CTS throughout the country show the readiness to resume cash payments. The local banking situation was known to be improving fast although the surface showing of tonorrow's weekly bank state ment may bel thrown out of the reckon ing by the treasury certificate transac- ton.
 The deposits of subscriptions with the banks which the Secretary of the Treas ury agreed to have work smoothly at first will also affect the loan item. The gain of S3075,000 by the banks on the sub-treasury operations for the week. to which is to be added several millions of Jrited States gold coin imported and not figuring in the sub-treasury oper- ations, show that the force of the tide of imported gold has overtaken that of the forwardings to the interior banks The country's demand for currency is shown infallibly by this test to be satia- ted The rise in prices became rather im- petuous in the late dealings, but this was attributable in part to the retreat of an uncovered short interest. Bonds