Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-11-05
FINANCE AND COMMERCE

New York, Nov. 4-The stock mar
ket had a brief attack of nervousness
today, but It passed almost as quickly
as a shudder through the human
frame. The momentary shocks caused
sonic deep inroads on the prices but
the recovered level of prices repre-
sonted not only full repairs for the
losses but some substantial gains. Be
fore the day was over revised con-
struction had been placed on some Of
the very occurrences which caused the
opening break In prices, 50 that they
were made to aid very materially in
the owe To start with signih-
canoe was attached to the prolonged
conferences which had been going on
over Sunday between many prominent
bankers and capitalists Of high stand
ing and what had been sought TO at
tribute to a renewed crisis In the New
York Trust company situation. The
latter view Of these incidents was
what has resulted in solidifying and
aeritifying the trust company situation
and incidentally, in paving the way
for further consolidation OF the iron
anN steel industry Of the country. The
view also found credence that protec-
tive measures for the stock market n
self had been perfected by agreement
among the hnanciers in New York.
The fact that first prices Of stocks
WIT AtAt MtNA anu - hN ANAN#
support was in force to work prompt
check 20 the decline aud early recov-
cry added TO the strength OF the BELIEF
In Tho reports of measures Of protec-
ton adopted. The decrease In nomi-
nal proportions Of the offerings OF
stock in the market left an uncovered
short interest in a nervous state Of
mind and the buying from this source
was an important factor IN the latter
stages of the recovery. The feeling OF
uneasiness was increased b. the seri-
Gus view taken OF the Saturday bank
statement and the demand for gold
for New York. The advance to s per
cent in the Bank Of England's official
rate of discount without waiting for
the regular meeting Of the board 81
governors on Thursday was regarded
as indicating an opinion OF the gray
~ in the situation. There was a resi-
due OF apprehension holding over
from the publication at the close Of
Says stock market Of the bank state
incnf. But the banking situation
steadily improved. the longer the fea-
lures Of the bank statement were con-
sIdered each item Of apparent weak
ness ia the statement being open 70
Interpretation Of e. proportionate'
strengthening Of the general banking
position at points most required. The
New York clegriug house banks were
thus seen to have been admirably full
filling their function as the central re-
serve depository OF the banks o. the
whole country. and 10 have met the
heavy demand upon them with feaui-
site while stiil in a condition
~ strength. leaving no cause for
alarm. The engagements OF gold for
import continued on a large scale. IN
spite Of the means Of obstruction Ia
foreign markets. The realization be-
came general late - the daK. ~ much
s8 that before operations were re-
sumed im the stock market after the
holiday tomorrtrg the first
instailment Of nearly sS.000.0 e0 81 the
incoming tide of gold would be safely
lodged IN our own hank vaults. to be
quickly followed a. frequent intervals
by other streams Of supply. The re-
port o. the absorption ~ the Tenues-
Coal and Iron company hy thr
United States Steel corporation. while
not aufheritatiyely confirmed. gained