The Montgomery advertiser., 1907-10-29
THE STOCK MARKET

New York oct. 7s--The stock market was in condition resembling Suspended an- % imation at times today ewing to the re- credits. The higher range of prices prevaii- Ing In spite of the scanty volume Of tram sactions, was the expression of the confi-. dence generally felt that the financial cri- sis is now under controI.
 This influence derived from the general situation was modified to some extent by chanse necessitated by the dissolution of the bankers pool which supplied $30 oo0, coo to sss.ooo.ooo to be loaned on the stock ex- change last week Borrowers of the stock sxohante resorted directly to banks which were membere of the pool to secure ac- commodation.
 The result was some dislocation in the existing arrangements which produced an effect on prices of stocks late in the day. The dislocation of the bankefs pool was decided upon because the plan to Issue clear Ing house certificates was considered to have done away with the requirement. for It. This matter was a matter the i'm localized in the stock market and 1t did not modify the feeling of relief over tho Tneasures taken for meeting the crisis in its
 The widespread addition of the example set by the New York clearing house in other cities by the issue of clearing house certificates was regarded as bringing the situation under definite control by throwing an unsurmountahie obstacia in ths way of the abstraction of cash from the banking EtStENtS pt ftffatfoH8f ueFoSltOTS- L3aL WeSk the dread hung over the position that such a course would proceed to length that would not only leave insufficient currency @ for the cash exchanges of business but i would we'll.
 sr,h evidence of dislocation from the plan adopted as come to hand today were considered inevitable from It's working out and did not alter the conviction that the path of greatest assurance of safety had where sn eupreney is n sstive circustion n now in the movement of crops the greatest dis turbance occurred, the break in the wheat
 one feature of the recent situation shas been the large withholding of cotton from the market by growers in the belief that higher prices would be c,tained.
 The withdrawal of banking credits will throw large amounts of this on the market and stimulate the export movement of cot ton with mPoftans sirset sn ine aersisH Which sn came into increased prominence today is She heavy foreign purchases Of copper
 hlss have Sssn going on and op nie antinv ed decline in that metal.
 Prices of copper were marked up &c to tc per pound bote in the bid and aalsed prices prices and there was . violent rebound in the Hendon copper market The foreign demand for copper Is reported to continue on the trades today an alleged substaptial reduc- ton in domestic supply as consequence: This Is accepted as an important indek or basis having been reported for new bus mess ia the copper industry and the addi- tionaI supply of exchange 1t promises gives encouragement for the confidence that the gold import movement now inauguratec will amount to large additional sums over those already epgaged. which have reached $Is,75D, GOO.
 London and continental discounts rose in response to our taking of goid and conti- mental exchanges turned strongly in favor of London The Bank of England did not officially advance its discount rate. but was reported to be making no discounts un- der per cent. The stock exchange closed irregular.
 Bonds were irregular. Total sales par val ue 13.soO.oo0. U. s. Bonds were unchanged | on call.
 CLOSING STOCK LIST,