Los Angeles herald., 1907-11-07
ALL QUIET ON
WALL STREET
LITTLE TRADING BEING DONE ON
EXCHANGE
BROKERS SAY CONDITIONS ARE
IMPROVING
Weak Stocks Have Been Closed Out.
Financial Stringency flinders
Contamination of Any
Big Deals
BY Associated Press.

BY Associated Press.
NEW YORK, Nov. 6-The small volume OF
transactions in stocks today was the inoex
Of how far financial conditions still hamper
the conduct of operations in the market put
the strong upward tendency of prices was d
convincing evidence of the returning conn
dence of values of securities.
Brokers on the floor of the stock exchange
summed up the situation by saying that the
stocks scarce, This was shown not oniy
in the diminished pressure to sell, put CON
tinued manifest in the execution OF puyins
orders when prices were bid up. Commission
houses reported the receipt of some buying
orders for stock accumulated ny OFFICES over
the holiday interval, some OF whicn were ioi
execution with specification of price limits
but yto buy at the market. u was on this
class of orders that the marked scarcity Oh
stocks was demonstrated.
The ruthless closing out OF weak accounts
which had been going on through the money
crisis leaves very little of that kihd OF . ciea.
ing up to be done even of the KIND OF accounts
which are carried through an ordinary market
furry with conditions attached implying Iqui-
dation at the first favorable opportunity OIL an
other class of left over accounts there was
some influence felt today, namely stocks taken
on by powerful fnanciers in periods of de-
/ moralization to check 1t and to support Vaiues,
| reseling of this kind discontinued at the
| advance today, according to the OPINION VI
skilled observers in the board room
The impression was. that this selling might
have an admontory attention against sudden
speculative activity in the market with the
b money situation snort Ol peliiS chsihN'y
rected The response of the bond market 70
brighter outlook as decided as that Lor
stocks. The response there was more IN tne
nature of price readjustment on more hoiiii-
nal dealings. Prices at which bonds had peen
forced to sale under pressure or recall Oh
loans by marketing of collateral or oy sales
of bonds to protect unmarketable collateral
are not accepted the measure OF true Vaiue
of the bonds There was a wide read5ustment
of prices all through the bond list on THESE
lines The action of the securities market
was regarded as the natural erect OF the ciear
ing of the financial horizon. The money
market showed the effect of the arrival OF the
first consignment of over S7,0O0.0OO of imported
gold and the scarcity of currency was re-
ported somewhat relieved from the same
cause, The premium on currency was not SO
high as last week. The trust company situa-
ton was quiet definitely disposed OF threat
ening factor with the outcome of the long
conferences extending over election day and
into last night. The assurances of adequate
measures of support to protect the trust conf
pinies accepted and did much TO inspire
the belief that confidence would be re-
stored at an early date and relaxation fol-
lowed from the tic up of resources purely due
to dstrust and not at all to actual lack or
facilities, The passing of control OF the Ten
nessee Fuel and Iron company to the United
States Steel corporation had a strength on the
stocks of that corporation but it was con-
sidered OF even greater Importance in the
opening of method of settlement for trust
company coSvntions by substitution of more
readily marketable collateral for loans In that
field. The condition of the engagements OF
gold for import gave promise of still further
relief for money conditions The violent rise
in prices of sterling exchange represented an
adjustment to the declining premium for cur
rency here and left conditions still open to
the inward movement of gold. The prospect
Of per cent Bank Of England official dis
count rate which came into discussion late in
the day seems not to impair confidence that
the gold import movement will continue.
Anxiety the New York situation being
allayed attention lis turning to the outside
situation. Suspensions of small interior banks
made an impression and failure in the New
England cotton goods trade even more
The latter influence. caused considerable re-
action in process late in the day.
Bonds buoyant in tone. Total sales
par value s2.76s,000. Government IS coupons
advanced 4 per cent CALL