The Montgomery advertiser., 1907-11-19
THE STOCK MARKET

New York, Nov. ls.-rne first effect on the stock market of the united e.ates Gov prices up from s1 so T points ssps over saturdsys closing level throughout the day. The prices proved to Dc the highest of the day languid and indifferent demand which ai- lowed prices to slip back This action was as to the ~ actual sfsset s % of sSs e propossd of. fer of $100, GOO. 900 of the governments one year notes bearing three per cent interest and partly to the somewhat formidable ev- idence of the extent to which general hasi- ness activity had already been curtailed ciai authorities in New York were by no means agreed as to the probable demand for the governments notes upon which the success of that portion of the plan of relief would manifestiy hinge. but the facts that these notes would circulate as currency was there % was % an I undo1bteS o n Rrowth 'i of soIici tude over whst may the secondary effects of the large Addition that is being made to cy requirements, for which cumbersome methods for retirement yet exist.
 the i breaking of the deadloes due due to tN hoard ing and the reflux of supplies into the cur rency. a condition of redundancy will be de- yeloped which It Is feared may force an ex- cessiye outgo of goid.s The question was canvassed also how far the offer was an at traction for investment as it was intended to be might prove rival to a reviving fn- vestment demand to securities now offered in the market On the other hand 1t was
 
 full sioo, ooo.o0e authorized would be found necessary to supply the demand. although the moral effect of the available supply in breaking the currency famine might prove a decisive factor in that respect There was no division of sentiment as to the availa- bility of the Panama canal bonds issue for increasing the basis for note circulation, while providing against the withdrawal of the amounts subscribed from thef banks: The premium on currency feiaxed decid- tedly today and would have done so to greater extent had it not been for the ex- ecution of orders holding over from last been paid for foreign exchange with the ad- vantage of the currency premium also gave way in a violent decline in that market
 Foreign money markets plainly reflected the assHmption that the success of the gov ernment relief plan would lead to a cessa- tion of pressure on those centers for more gold. The engagement for additional amounts of gold in London today did not there were reports from railroad traffic of fieiais of a decisive effect on the movement of merchandise from the money crisis. Much attention also was given to reports from New England mill centers of the general prevalence of attempts to cancel contracts, which are being vigorously opposed by off, fers of extension and of accommodation for eral way the policy determined on the iron and steel trade under similar circumstances.
 The interior effect of these developments on general business and on railroad earn ings gave occasion for some serious eonsid- eration. These were the principal causes of the uncertain tone of the later stock market which persisted for the rest of the day.
 value $3,29S,000. United States bonds. 2s and ss declined per cent. on call.
 CLOSING STOCK LIST.