The Montgomery advertiser., 1907-10-22
F. Johnstone & Co. Cotton Merchants and Exporters
 Cotton Bought in Alabama and Missssippi Branch Ofices Troy and Dothan Ala and Jackson Miss
THE STOCK MARKET

New York. Oct 2i.--The diiigent labors of the clearing house authorities during the sunday bore bore fruit ns'i today in ~ a prompt and decisive accWsion of confidence.
 The stock market risiited itself like a ship all through the list started upwards and ,n some instances retrieved many points of last weeks deelines The field of troub- generally understood this week. but the force of the depression which this exerted was caused by the fears that the troubles uation.
 conviction was lacking of tho power of The measures adopted over sunday showed so clearly the resort to the strong hand ie root out the conditions which were eaus-- ing apprehension that much of tho fears were dissolved The trouble was recogniz- cd to be one principally of personal meth & oas ana anea. with the slinination Of the per were believed to be effectively done away with The authoritativ procurement of banks under criticism had been solvent af- ter examination and that assistance would be rendered them to meet their obligations removed the principal fears of immediate The lack of conservative banking meth ods and the rapid extension of banking con- curbed has been a subject of disquiet for long time past By a process equivalent to what stock operators call '.pyramidinge eral for securing control of an threatening which would involve wide con. n. United Copper episode last week involving clumsy attempts at market manipulation and employment Of banking resources in fu- tile speculative mancuvres. proved q danger signal. The necessity of appeal for assist ance to the clearing house which grew out ef the distrust aroused by that episode. house to dictate the terms.
 The outcome is regarded with a satisfac- ts t,on wnieh was was unmistakabiy rsgissersd m bound in prices of securities In the stock market. The opinion of the financial world was o9 peril averted and of wisdom and authority asserted for the bettsrmeat sf abuses.
 The rebound in prices of stocks was att of an uncovered short interest which opa- rated boldly in the last week on assumption that events were running to a catastrophe. Demand beyond this was Under some re- serve There was the recognition that the course marked out for the correction of the banking situation here, salutary though t ther cutting out process. which will make for further pressure on the market. In the stiffness with call loan rate was dis earnibie the effects of the further purging process in the recall of the credits placed the leaders dissatisfaction.
 There was attention given to reports of reduction of working forces In maapfactur- ing concerns and the subject of business recession was given consideration. There was offered for discussion also the unexpect- ed engagement on Saturday after stock exchange hours of $l,50O,00D in gold for shipment to Germany Although described as . special transaction, the fact that this gold was Bofng out was an indication that call money rates in New York at the pres ent time are as much a question of tbS character Of the borrowers and collateral as of scarcity of money.
 Foreign buyers were active in this stock market today and this was factor fla the, sharp decline fin foreign exchange rates. The slim reaction in prices of stocks late in the day was due to profit taking, and was not regarded as reflecting any impairment of the restored confidence.
 The closing tone was strong Bonds were irregular. Total sales par value S2,Sss.0oO. United States bonds were unchanged on call.
 
 CLOSING STOCK HIST.