The Montgomery advertiser., 1907-11-09
THE STOCK MARKET

New York Nov. s.-There was . more pronounced stirring of speculative activity in the stock market today than at any pe- set in The fact was associated in the cur rent conjectures over the origin of these op- erations In the neighborhood of the stock exchange with the recent return from vaca- ton trips abroad of some of the large mar ket operators who dropped out of the deal ings completely several months ago. sThe manifest pressure to convert into ready re- sources some large holdings of the United States Steel sinking fund bonds and the fact that the transfer of control of Tennes- see Coal and Iron Company to the United States Steel Corporation had made large holdings of these bonds available to the most prominent of the former speculative operators gave plausibility to the supposi- tion as to the density of the personal buy ing.
 The market was found responsive to the dealing and reflected the same condition of scarcity of offerings which has been. the negative evidence of returning confidence for the several days past. The banks con tinue their attitude of disfayor towards large speculative operations, but the mani fest signs of a resumption of operations on margin of & considerable scale indicated that this obstacle had beeh overcome in some manner.
 The conspicuous buying was concentrated on limited number of stocks but the upward movement was fairly comprehensive, although uneven. The great trunk line railroad stocks both east and west were the favorites. especially Union Pacific. Pennsyl-
 
 trial stocks including the United States Steel stocks, Amalgamated Copper and American Smelting.
 tThe call money market was in fact ap- preciably easier and there were conspicuous additions to the lendersson call at the stock exchange including banking and trust com their abstention from this form Of lending for many days past Estimates or the weeks cash changes as usually made upon the bank statement were exceedingly con fused and necessarily so in view of the fact that some of the banks withheld the usual information on which these estimates are based
 The movement to the interior has con tinued heavy. was to be expected. but the downward tendency of prices was practicai. ly uninterrupted up to the closing, but stiil left many substantial net gains on the day.
 The advance in the official discount rate of the Imperial Bank of Germany was prac- ticaliy ignored. It has been clearly fore seen and the continued trading engagements of gold for import deracted from the total.
 AS was to be expected. but the amount shipped by express and through the sup- treasury on balance appears to be some what less than last week. Allowance must be made, however, for the short week caus- ed by the election holiday this week in Judg- ing of the bearing of this fact. Todays gold arrivals of over 100000 do not figure m the estimates which include only Tnursoay operations but they will figure Tor one uay 2 average in the bank statement and Will that far affect the apparent decrease Tn bank cash of about s12.000. ooo.
 Arrivals or gotu nave pPet oeeu " ~ = loans which were contracted to engage the gold and should operate to reduce that Item in the bank statement.
 The prospect, 1t will thus be seen, does not hold out a promise of very suostan. tial reduction of the last weeks S3s,ooo,O0o bank deficit It was this consideration that caused the material reaction in prices dur ing the late period of the stock market:
 Total sales bonds par value $4,66s.0OO. United States bonds were unchanged on call.
 CLOSING STOCK LIST.