The daily morning journal and courier., 1907-11-26
NO ACTIVE ADVANCE,
General Feeling That Such Condition
 Would Be Prematupe

| New York, Nov. 25.--The stock mar- ket showed no disposition at any time to-day to follow up the advance of Sat urday. The movement seemed to he considered ill-advised on second thought on the ground that a resump
 ton of an active advance in stocks would be premature before the banking operations of the country are normal An early resumption of cash payments | by the banks all over the country is now looked for with growing conf1- l dence but the conditions which this re-
 sumption may disclose are awaited be- fore seeking to enter on speculative commitments. There was renewal also Of some of the urgent liouidation In special stocks which was such an unsettllng factor in the whole market last week. The selling out of loans was the accepted explanation of the weak ness, which was especially pronounced in Missouri Pacific. It was thought that the weakness of this stick might owe something also to the change in personal relationships involved in the working out of contests for control Of related railroad properties. Dividend possibilities also come inevitably into 1 discussion by reason of the wide de- cline in that stock. The whole list of railroad stocks was more or less affect 1 ed by this consideration which was eiv- en fresh force by the contents of the regular weekly reports from railroad traffic officials. These were quite uni- form in the admission that arrears of railroad traffic were worked off orswere being rapidly cleared up and that idle freight cars were accommodating. Pub lished estimates of the extent to which working forces had been cut down in industrial enterprises made a formid, able showing, and coupled with the heavy outward tide of returning for- eigners pointing to the same conclusion
 had a rather depressing effect on sen-
 timent. On the other side of the ac-
 count was strong advance in copper
 both in London and New York. At
 tention was attracted also by reports
 of the large numbers of revocations of previous cancellations of orders in var
 lous lines of wholesale trade. There ] was further distinct easing of the
 premium on currency to-day, and this
 was the most important development of
 the day Saturdays large gold arrivals
 were added to by subsequent arrivals International exchange houses in Syew
 York reported that additional supplies of gold were offered to their agents IT , France to-day, but that the decline ir
 the premium on the currency here wip-
 ed out the margin of profit on closing the transaction, These are all highly l significant occurrences and mark un. } mistakeable the loosening of the ten.
 sion of the currency famine The cal
 money market also was appreciably easier to-day. Funds are still lacking l however, in the time loan market ant l the commercial paper market also i. : practically suspended. The stock mar . ket remained unaffected by the mani. I fest improvement in the banking posit : ion and the condition of the circulation l and prices declined without much in.
 terruption from start to finish
 Bonds were irregular. Total sale! I par value $2,946OO0.
 . D. s. bonds were unchanged on call.