The Birmingham age-herald., 1907-12-22
IMPROVEMENT IN STOCK MARKET Good Bank Statement En-
 courages the Dealers OUTLOOK VERY PROMISING While Sales Were Few Owing to the Approach of the Holidays Pros
 poets for the Future Are
 Most Encouraging.
OUTLOOK VERY PROMISING
BY THOMAS c. sHoTWELL.

New York, December -(SpeciaL)-Ex pectaton of good bank statement which proved to be justified, continuing influence of the Consolidated Gas decision, receipts of further gold from abroad and the evening up of short contracts by traders gave the stock market a steady tone to- day and 1t closed at around the best figures. Business was on a fairly liberal scale for a Saturday. The foreign mar kets were soft, because it is expected that banks in Germany will advance their minimum discount rates this week.
 While most professionals are bearish, the careful students of statistics call attention to the fact that while mills and factories have been closed so ex- tensively that the stock of manufactured products in stores is about the smallest on record for this period of the year. It is a remarkable thing that the whole business world seemed 60 realize the situ- ation at once and adjusted it's affairs ac- cordingly. The result is that there is 8 shortage of products in many lines of trade, and with liquidation almost com pleted on the part of business men who have been over extended, revival of business is expected early in the new year.
 Withdrawal of the troops from Gold field is liable to interfere with early re- sumption of the mines, and the governor of Nevada was criticised today in un- measured terms for his discourtesy to President Roosevelt.
 Grain advanced sharply in Chicago, but at the close there was a reaction from profit taking. Cotton closed without ma terial change
 The total number of shares of stocks sold on the New York stock exchange today amounted to 22515O, against 542, 746 the same day last year. The total par value of bonds sold today was $1,664,OOo against s969,O0O the same day year ago.
 The committee which is attempting to end the Westinghouse receivership is still unable to reach an agreement.
 Total dividend disbursements by cor porations in January will reach a total of above $1S5,OOOOOO, which is about $5,00o,O0O more than year ago.
 Further blowing out of blast furnaces is reported from Pittsburg.
 The Baltimore and Ohio shows gross earnings for November of $699S, ,553, an in- crease of $72,59S In spite of this increase, net earnings shown to be $444,54S less than a year ago. Part of this loss is due to an increase in wages amounting to $1560O0 for the month. The new system of bookkeeping charges the operating &C., count with S,000 more for the month than was charged year ago.
 A firmer tone was shown today in the continental markets with both Paris and Berlin making advances. In London the sentiment was cheerful but trading was dull. Consols and home rails advanced, while Americans in London were IT, regular.
 The bank statement was even more favorable than expected and exceeded the most optimistic of forecasts The reduc- tion in the bank deficit was $S,350,175. The cash gain reported amounted to $6,507, 200 There was contraction in loans of s9,- 5S1, 100. Deposits decreased $7,31, 300.
 Bar silver in London today was quoted 5-16d lower at .24A pence per ounce. To- days New York prices were 1kc lower. Mexican dollars were unchanged at 41@ 4Sc.
 United States government bonds re- mained unchanged. The tone of the gen. eral market exhibited a further tendency