The Montgomery advertiser., 1907-11-07
THE STOCK MARKET

New York. Nov e.--The small volume of transactions In stocks today was the index of how far financial conditions stiil hamper the conduct of operations in the market but the strong upward tendency of prices was a convincing evidence of the returning
 Brokers on the floor of the stock ex- change summed up the situation by saying that stocks were scarce. This was shown not only in the diminished pressure to sell. but continued manifest on the execution of buying orders under which prices were bid up. Commission houses reported the re- ceipt of some buying orders for stock ac- cumulated in offices over the holiday inter val some of which were for execution with speeiifSs.tioh ot pfice iimits Uul to buy at the market II was on this class of orders that the marked scarcity of stocks was demonstrated. The ruthless closing out of weak accounts which has been going on through the money crisis leaves very little of that kind of clearing up to be done even of the kind of accounts which are carried through an ordinary market, on which con- ditions attacked liquidation at the first fav- left over accounts there was some influence felt today. namely, stocks taken on by pow erful financiers in periods of demoraiization
 Reselling of this kind was discerned at the advance today according to the opinion al shlse r .ss isu have an admonitory inteption against too sudden speculative activity in the market with the money situation still short of being
 The response of the bond market to the brighter outlook was as decided as that for stocks. The response there was more more nominal dealings. Prices at which bonds have been. forced to g sale under pressure of recall of loans by the marketing of collateral or by sales of bonds to protect unmarketable collateral are not accept ed as the measure of true values of the bonds. There was wide readjustment of prices all through the bond list on these lines. The action of the securities market was regarded as the natural effect of the arrival of the first consignment of over S7, ,0Oo, 600 of imported gold and the scarci- sty of currency was reported somewhat re- slieved from the same cause, the premium on currency not being so large as last week.
 The trust company situation was quite definitely disposed ofras threatening fac tor with the outcome of the long conferepee on the subject extending over election day and into last night. The assurance of ade- Guate measures of support to protect the trust companies was accepted and did much to inspire belief that confidence would be restored at an early day and the relaxation resulting from the tying up of resources un- usually due to mistrust and not all to ac- trol ot the Tennessee Coal and Iron Com pany, to the United States Steel Cooperation had strengthening effect on the stocks of that corporation but it was considered of
 even greater importance in opening a method of settlement for trust company conditions by substitution of more easily marketable collateral for loans in that field.
 The continuation of the engagements of gold for import gave promise of still fur ther relief for moneg conditions. The vio- lent release in prices of sterling exchange represented an adjustment to the declining premium for currency here aud left condi- tions still open to the inward movement or gold.
 The prospect of a per cent. Bank of England official discount rate which came into the discussion late in the day seems not to impair confidence that the gold im- port movement will continue. Anxiety over the situation being allayed, attention is turning to the outside situation. Suspension of some small interior, banks made bad impression and failure in the New Eng. land cotton goods trade even more so. Tho latter influence caused considerable reaction in prices late in the day.
 Bonds were buyoant in tone. Total sales par value $2.766.O00. United States coupon advanced per cent. on call.