The Birmingham age-herald., 1907-09-08
THE STOCK MARKET RECOVERS LOSSES Conservative Bull Party Seems
 to Be Satisfied MONEY MARKET IMPROVING Bear Campaign In the ndustrials Is Said to Be Forming-SteeI Pre-
 ferred May Be the
 Leader.
BY w. G. NICHOLAS,

New York. September 7.-The stock to have satisfied the conservative bull party for the time being, and the wisest among the leaders on that side are well content to rest on their oars. Some in judiclous and impatient traders and op- orators see no use in stopping yet and are struggling to further bull their speei- alties The banks and the interests denti- fled with them were very willing to see prices move up as long as the market action was not accompanied by a notable increase in speculative business. The de- mand upon the banking resources did not increase materially in consequence of the market improvement and the great mass of stocks and bonds up as collateral lool, better the higher their selling value The rise in prices has strengthened the bank ing position considerably, and has done no harm in any quarter except possibly. to encourage a speculative faction to get in at the top of an initial rally.
 The improvement which has taken place was timely and merited. It was the good fortune of the writer of these letters to give the signal for a change at the very bottom of the decline. Emphatic note was made of the fact that conditions were changing, and that 1t was the weight of opinion that the worst that could happen had been discounted in the tremendous shrinkage. It does not follow from thls, however, that prices are i'm mediately going back to where they started from on the long decline. A mod crate recovery was all that could be ex- pected. and that has materialized Any attempt to enlist the public in general speculation or general investment at this time savors of rank imprudence.
 Despite the efforts of charletans. fakers and speculators having selfish ends to serve the public is not going into the market to any extent. Least of all are savings bank depositors withdrawing their funds and putting them into stocks as urged in the display of advertisements of notoriety seeking near" leaders of frenzied finance. The thrifty classes who have their savings put away in the banks and trust companies, or In life insurance are a prety hard headed lot as a rule, ana not 10 De Stampeued into converting real money into securities which pay or per cent more than they are getting on deposts-at least. not while real money can be loaned on good security for as much or more than they could get in dividends on what they might buy
 Money will continue to be the key to the speculative and business situation for the next six months That appears to be admitted on all hands. As near as can be fiugred out a majority of bankers and financial sharps are reaching the conclu- sion that the money outlook for the au- tmn and winter months will be improved over recent expectations to the extent that while there may be no reduction in the interest rates it will be possible to get money at quoted prices. The an ticipation down to a very recent period was that there would be no money avail able except to favored borrowers no mat ter what the rate The difference between the two sets of expectations is that whereas in the one case there would be no money at 6, or per cent 1t will now be possible under the second set of conditions to secure what may be abso- lutely needed to carry on the business