Los Angeles herald., 1907-11-26
PRICES DULL
ON WALL ST.
STOCK MARKET RALLY CoNsIp.
Erred ILL ADVISED
Early Resumption Of Cash Payments
by Banks All Over coYytry Is
Looked for with Growing
Confidence
BY Associated prn.a

by Associated Press
,NEW YORK, Nov. 25.-The stock market
snT",e. snTweu no disposition at any time today to
Ioilow up the advance OF Saturday The
IiVVement seemed to be considered i'll advised
on second thought, on the ground that the re.
Su'hpuoh or an active advance in stocks would
no premature before the banking operations
Oh the country have been restored to normal.
An carly resumption of cash payments by
she banks all over the country is now looked
Ior with growing confidence, but the conditions
Mhlch this resumption may disclose will be
ava TED before seeking to enter on speculative
commitments. There was Il renewal also OF
come come OF the urgent liquidation in special stocks
Which was such an unsettling factor in the
whole market last week
me selling out of loans was the accepted
eHPianation of the weakness, which was espe.
c,aily pronounced in Missouri Pacific. 1t was
thought that the weakness of the stock might
owe something also to the change In personal
relationship involved In the working out of
ties.
Dividend possibilities also came inevitably
INTO discussion by reason of the wide decline
~ nr SOCKS. The whole list was more less
hhected by this consideration, which was given
lresh force by the contents of the regular
weekly reports from railroad officials. uniform
~ IA tne admission OF arrears of railroad traffic
NeEe WORKED Off OF were being rapidly cleared
UP. and that idle fears were accumulating
published estimates of the extent to which
WORKING forces had been cut down in indus
uial enterL rises made a formidable showing,
and coupled with the heavy outward tide Of
returning foreigners, pointed to the same con-
oIusons mad rather depressing effect on
'.a solitilnent. On the other side of the account
was strong advance in copper both in London
ana New York. Attention was attracted also
py reports of the large numbers of revocations
0I OF orders in various lines of wholesale trade
rms was regarded. as significant of the extent
10 which tee first force of the reaction might
pe considered as Lverrunning itself, with the
promise of subsequent rebound. There was a
Iuther easing of the premium on currency to-
udN, anu tnlS was the most ilnDOrtant dayaOu-
ment' of the day. Saturdays large gold ar.
rivals We're added to by subsequent arrivals.
All OF the days arrivals OF gold in the Lonr
aon market were taken for New York account
but with so little disturbance in that market
that the gold was allowed to go at a sharp
recession in price. The addition of gold to
the kank of England reserve from other
sources went on, and that institution released
SoVVUVVo Oh gold tc the open market that had
peeh ear marked or held apart for the ac-
count OF the India council. International ex-
change houses in New York reported that ad-
oltiopal supplies of gold were offered TO their
agents in France today, but that the decline
III the premiums on the currency here wiped
out the margin Of profit on closing the trans
actions They are all highly significant oc-
currences, and mark unmstakabIy the loosen
Ing of the tension of the currency famine The
call money marke. was also appreciabIy easier
today. Funds are still lacking. however in
the time loan market. and the commercial
paper market also is practically suspended
Ta!- IN in connection with the favorable show
ing of the Saturday bank statements, however,
the response In tn. various departments of the
money market left doubt <of the positive
Improvement in conditions definitely inaugu-
rated. Cafeful compilations of the gold move
ment indicated rapid approach of the $780,
OoO0OO mark In the aggregate of the engage
ments The discussion of the possibilities of
treasury relief plan fell largely int0 abeyance
as having served much of its intended pur-
pose, SO far as 1t has helped In the restoration
OF confidence, while the course of events had
detracted from the importance of the question
OF its fna. working out The stock market
remained unaffected by the manifest improve
ment in the banking position, and the condi-
ton of the circulation and prices declined with
out much interruption from start to finish
Bonds were irregular. Total sales par value
s.. 94e,0OO. United States bonds We're unchanged
On call