The Montgomery advertiser., 1907-10-24
THE STOCK MARKET

New York. Oct. 2s--vioient perturbation m today.s stock market was taken for the days news from the trust companies and the industrial field.
 The sensitfveness of the market as ba- sibIe the even more violent disorders in view of the seriousness of the news As a matter of fact there was considerable curities which was but slightly affected by the actue depression in other stocks and by the severe stringency of money. The re-. have been due to protective measures by money resources adequate to effect this end, Their comparative stability suggest tude of waiting for the working out of measures to fortify the situation.
 The eager attention of the whole of the financial community converged on the pro- gress of these measures on what Is being done by the financial and banking powers who had the matter fin hand. It was felt that on the decision of these conferences might hinge the restriction of the field of troubles which have thrown confusion into
 The failure of the Knickerbocker Trust Company to reopen its doors today and the new run precipitated on the trust compa- ancs from other institutions, offered the sur face evidence of the trouble.
 Then came the announcement of the clos the reported embarrassment of industriai companies cause. tsk
 The direction of this latter factor on the stock market was . testimony to the im- portance of Pittsburx in speculative activi- ty.
 Sales of various stocks for Pittsburg ac- made a prime influence in the weakness of the day. Westinghouse Electric for which the market is narrow at any time was slaughtered in the HQuidation. The rapid financial embarrassment of the company was sufficient explanation. General Electric was in close sympathy owing to the analo- Qotfo huS Hln1A n( fk. txrrn ,f,rs.r.x ,.to The effect of the Westinghouse incident was particularly severe on the industrial securities generally and many of these dis closed the artificial character of the quota tions which have been established for them and the narrow market existing for any eart off the isS seemed ont of ths ouestIons m sms Pools which find themselves Involved in these unmarketable stocks are forced to liquidate other securities to pay off loans
 1t was the borrowing of an urgency such as this that forced the high call loan rates at the stock exchange. A rate of 90 per ly the fears of the effects from contrac- ton of credits applied mora to enterprises of an industrial nature than to transporta- made in a large number of inactive stocks sf all descriptions.
 In spite of the shasty fortifying of re- serves which was going on, many powerful banks renewed standing call loans at the rate of ger cent and at other rates mate rially below the 70 per cent which was
  funds in this way was part ofshs far reach ing policy in force to keep down panic and to save the situation. The sub-treasury statement showed again by the banks from that institution of s4ssI1,000 on yesterdays operations, and 1t was known that the pres- ence at the government institution of the Secretary of the treasury insured addition al relief measures by the government to safeguard the position. It was creditably reported that g10,o00, 900 of government funds were deposited with the New York banks during the day. The knowledge of this fact. the continuance throughout the day of payments to depositors by the Trust Company of America and the fact that nothing like a run developed on any other institution dispersed to some extent the gloomy clouds which overhung mems minds.
 The substantial rally in stocks the latter part of the day was the reflection of this. That sentiment has become settled into anything like Q placid frame cannot be as~ sumed. Closing fluctuations in prices indi- cated the contrary clearly. The further course of events in the trust company situa- tion is regarded yet as the crucial test of
 Bonds were very weak. The WestinRhouse convertible bonds shared tn the demoraii- zation of the stock ana other convertible ana speculative Issues made wide decIines Total sales. par value s4,i2s,000. United states bonds were unchanged on call.
 CLOSING STOCK LIST.