The Montgomery advertiser., 1907-10-31
THE STOCK MARKET

New York, Oct. se.---After going through some further painful liauidation the stock market became quite buoysnt in tone ct . af confidence that the worst of the troubles was safely passed. Not that eyes were shut to the fact that sonseouences remain has occurred fin the eountrys financial fab Fid While faeiuk this fact fiis conviction is gainins force that the measure of the pres ent trouble can now be definitely discern-
 There is less apprehension of the extent 10 which depression will go in the general United states steel corporation for the quar- ter ending September list had its share in building up this opinion. The s4s,ooo.o ooo quarterly earnings of the corporation, re- fleets the prodieious volume at which the steel industry has been maiutained. The falling off In orders on hand as an index Of decline in the activity and the fact that even that measures of contraction cannot be supposed to measure the after effects of the financial situation did not rob the report of its Imposing effect as an exhibit Of the high vantage ground from which this great basic industry enters the period Of trial.
 considered to be distinctly iInprosed Con ditions in New York ttseif have made wlfe recovery toward the normal and ineifasins hopes are felt Of reducing the period in which the use or extraerdInary measure must De prolonged one event "n which this condition must walt is the arrival of
 
 mediate import and Shi.h is t5I systiAtie ie for banking reserves while in transit VI sea.
 Many devices are coming fnt0 suggestion for relieving the endorsements of the money scarcity and for eontrivipS kubstiy tute methods for effecting the machinery of exchange of tho great volume Of cVfnmodf- ties pressing for market. Tine tide If this movement continues tn general force making exchange rapidly agAinsr which may be drawn banking resources to feliefv VI. t
 The establishment Of the loan accounts of the banks proceeds, anf this was fhe fact early part of tho day in the stock market. It WAS the su3positisn that the accounts which were beinE closed out were respond ing toi admonition from the banks. which are strengthening their position in many cases where tolerance was shown in carry ;fis accounts tAFssSt s=s aes.sEali-se eesA- dition in the stock narket. is the es- timafion of tho banks that some of he borrowing thiu class has come to rely un-. duly on paternaitsiic attitude on the part of thu banks. How far the notable relaxa- ton in the call money market which ensn- ed after this liquidation had been conplet- ed was due to the relief afforded by the liquidation itself and how far tho banks had acted to hold up the carly money rate to force out obJectionabla accounts were the subject of varying views.
 vas the paying out at J. r. Morgan $ Gompany's office in anticipation of Noyeus- Der list coupon and dividend obligations es- ufnAted7 10 run H@ 3AiHn As eAAsvVVsNVV e1At- porsance was Attached to the report from Paris Of q plan for aid to the London man- ey market by the Bunk of France by the purchase Of lonK time bills from the Lon don market
 This was the method of relief afforded by Paris to London last year and it's ina- pcrtance to New York at this time Is It's felease of London resources to supply New Yerk,s demands.
 The strong advance of the sterling ex- change rate at Paris today indicated some such operations going on, Another feature of the days news was the continued rise in the price of copper at the New York metal exchange In spite of sharp .reaction tn tha London price of the metal. The prep- aration Of a plan for apportionment of Ui 5n Pacific holdings of securities in other companies to stockholders made that stock a leader in the buoysnt rally of the latter part of the day, practically all of which was held to the strong closing
 Bonds were weak Total sales par yalle s2,asb 900. U. S. bonds Wsrs attchanged on calfa f
 CHASING STOCK LIST.