The Birmingham age-herald., 1907-11-19
BETTER FEELING
 IN STOCK MARKET
 Government Plans Give Life to the Trading
 DECIDED ADVANCE IS MADE
 
 Toward the Close the Market Weak ems a Little on Uncertainty as to the Effect of the Panama Canal Bond Issue.
DECIDED ADVANCE IS MADE

New York, November 1S.-The effect on the stock market of the Uuited States government relief plan was galvanic, sending prices up from 1 to points over Saturdays closing level throughout the day. The prices proved to be the high est of the day and the first rush to buy gave place to langId and indifferent demand which allowed prices to slip back. This action was partly attributable to the confused opinion as to the actual effect of the proposed offer of s10O,00o00O
 of the governments one-year notes, bear | ing per cent interest, and partly to | the somewhat clear evidence of the eX- tent to which general activity had al ready been curtailed by the dislocation |of exchanges and the currency famine. Financial authorities in the New York as to the probable demand for the gov ernments notes upon which the success |of the portion of the plan of relief would |manifestly hinge, but the fact that these notes would not circulate as currency was regarded on the whole with satis faction as there is an undoubted growth of solicitude over what may be the sec- ondary effects of the large addition that | is being made to the bank note currency under the emergency requirements, for which cumbersome methods for retire. ment yet exist. The likely consequence is urged that with the breaking of the deadlock, due to hoarding, and the ref1ux of supplies into currency, condition of redundancy will develop which may force
 an excessive outgo of gold.
 The question canvassed was, how far it would offer attraction for investment, as it was feared it might prove a rival to a |reviving investment demand to securities now offered in the market. On the other hand 1t was considered unlikely that any, thing like the full s100, 100000 authorized would be found necessary to supply the demand, although the moral effect of an available supply in breaking the cur rency famine might prove decisive fac vision of sentiment as to the availability of the canal bond issue for increasing the basis for note circulation, while prevail ling against the withdrawal amounts sub- scribed from the banks. The premium on currency relaxed decidedly today, and would have done so to a greater extent had it not been for the execution of or ders holding over from last week. The |extravagant rates which have been paid
 for foreign exchange with the added cur rency premium also gave way in h vfo- lent decline in that market.
 Foreign money markets plainly reflect ed the assumption that the success of the government relief fund would lead to cessation of pressure on those centers for more gold. The engagement for addi- tional amounts of gold in London today did not affect this view. On the domestic side there were reports from railroad traffic officials of decisive effects on the movements of merchandise from the money centers. Much attention also was given to reports from wholesale mer- |chants in New York and from New Eng | land mill oenters of the general prevail ence of attempts to cancel contracts. which are being vigorously opposed by Accommodation for the fulfillment of con tracts. This is in a general way the pol icy determined on in the iron and steel | trade under similar circumstances The |ulterior effect of these developments on general business and railroads gave occasion for some serious consideration. These were the principal caases of the Uncertain tone of the later stock mar ket, which persisted for the rest of the |day.
 Bonds were irregular. Total sales par |value, $12,2sSO 900. United States bonds, 2s and Ss, declined l per cent on call.