The Birmingham age-herald., 1907-11-01
PRICES OF STOCKS
 ADVANCE SLOWLY Too Rapid Restoration Would
 Be Dangerous MONEY MARKET IMPROVING Interest Disbursements for November Are at Hand and Gold Is Coming
 In Freely, Which Adds
 Strength To Situation.
MONEY MARKET IMPROVING

New York October S1.-The halt to the advance in prices of the early part of the day was regarded as a normal note of caution. Too rapid re-establishment of ordinary trading conditions in the stock market would be considered as en- dangering the progress of recuperation in the general situation and especially as hazarding the solidity of the recupera- ton in the stock market itself. The signs that liquidation of collateral out of loans was not wholly completed, came as 8 note of warning after the easing of money rate had so far stimulated courage that some commission houses had commenced 10 accept orders for buying on margin, the margin being, Of course, extremely wide and jealous scruting being exer- cised over collateral.
 The easing money rate at the stock ex- change cannot yet be accepted as indica- tive of an entirely free and open rate, brokers being restricted to their own bankers for securing accommoda- tion and subject to the requirements there insisted upon The forced liquida- ton which was pursued of certain loans left no resource apparently to the bor- rowers in the way of resort to the open market The narrow proportions of the securities market is forced into view in the face of this liquidating episode and prices are severely affected as in the case of selling of Pennsylvania today. The check to the upward movement would be expected will be promptly deposited with or the month requirements which are unusually heavy this year.
 Total interest disbursements for Mo- vember are estimated by the Journal of Commerce to amount to upwards of s75,- 0O0,000 compared with s53, 900, 900 in Novem- Der of last year. Large amounts of these payments have been disbursed in the last few days in advance of the date of the obligation in the course of the measures taken by bankers and capital 1sts to furnish resources to the money market. Probably some preparation was in progress, however, for the largest payment due tomorrow and which it is off the inward movement of gold to New banks. Additional engagements of gold made during the day proved that the advance of one per cent to five and a half per cent in the official discount rate of the Bank of England had not shut York fortifes the situation although York. The readiness of the Bank of France to recoup the London money market for supplies transferred to New the heavy decline in bullion holdings of credit exponsion both in the English in- the Bank of England and the transfer stiuton and in the Bank of France were tion and in the Bank of France were evidences of the widening sphere of the innfiuecess of the New Yorw position.
 Satisfaction was felt with reports of quick response among the national banks to the offer of increased facilities for taking out bank notes afforded by the comptroller of the currency agreeing to accept other bonds for government bonds as security for government deposits, pro- vided use is made of the withdrawn funds for securing new circulation. The move ment of all kind of traffic continues very large and any obstacles to it's continu- ance would retard the relief of the sit nation through the marketing of these commodities abroad. Outside buying of securities for investment in small lots is actively pursued but this movement also IS hampered by the tying up of facilities.