The Birmingham age-herald., 1907-10-31
Financial Situation
 Is Restored to Normal
Calls For Money in New York Are Not Considered Urgent Enough To Cause Uneasiness-Biggest Demand Is From New Orleans to Move the Cotton Crop and Committee
 Is Asking Secretary Cortelyou To Assist This
 Movement With Treasury Funds

New York October 30.-The financial sit uation today was so nearly normal that there were few new features of impor- tance. 1t was stated by bankers that the calls for money from the neighborhoed of New York and the entire east ap- peared to be practically satisfied, as such calls for currency of an urgent character as were being received came from points west of the Mississippi. These calls are being met as fast as conditions permit. MT. Williams, the new state superintend- ent of banking, gathered up most of the cash in the suspended banks today and deposited 1t with going institutions, there by adding several million dollars to the funds available in the market. The debit balances against banks at the clearing house were smaller than is usual under normal conditions, such balances aggre- gating only little more than s9,0oo,ooo on clearings of s266,0o0,O0O
 Money To Move Cotton.
 One of tho points at which the most serious pressure for money is expected is New Orleans, in order to finance the movement of the cotton crop. The pres sure there is always heavy at this season of the year and promises to be even more intense this year than usual unless spe- cial preparations are made. The New Orleans bankers appear to be fully alive to the situation, and were endeayoring to- day to arrange for transfers of money from Europe in payment for cotton through the fiscal agents of the United States in Europe, and it's direct transmits sion by cable to New Orleans. A com mittee of New Orleans bankers is in Washington and hopes to secure a prom ise from Secretary Cortelyou of the de- posit of substantial sums of public money in New Orleans and other south ern institutions.
 Secretary Cortelyou appears to recognize that the fact that benefits conferred by this policy will not be limited to New Orleans and the south, but will aid in the movement for the prompt delivery of Americas products in Europe and the creation of a credit balance which will cover the imports of gold. Cotton bills are being closely scrutinized in New York and cannot always be negotiated quite so promptly as in normal times, but where their character is unimpeachablc they are recognized as forming one of the best means of covering the gold import movement. One of the most interesting deyelopments of the situation is the large amount of the purchases of securities ih small lots for investment. Most of the large private banking houses which sell stocks and bonds have been keeping the clerical force at work over time execut- ing such orders and attending to the transfer of titles to the securities on the books of the corporation by which they are issued.
 General Buying.
 This is one of the decisive marks of investment buying. It is estimated by good judges that there are 100000 more names of stockholders on the books of the railways and industrial corporations than was the case year ago. A single large firm reports sales between $50O000 and s7500OO per day Another firm states tha it's wires to outlying places are crowded with small orders directing the transfer of the securities to the names of new owners. while still another firm declares that there has not been a movement of this kind Of such volume for % years. While 1t requires a good many sales in small lots to reduce the congested securi- ties the StOCk market, the tIleCl ol every withdrawal from the quantity of speculative stocks is beneficial to the mar l<et This is regarded good augury by the bond dealers. whose market has been very fiat for many months, but which be- lieve that they will be able to dispose of many good securities soon as the pres ent furry is over.
 Cables Satisfactory.
 The cables from Europe were not dis uuieting to those familiar with the sit- uation there The fact that the Bank of England has allowed the question of rais- ing the discount rate 10 go over until the regular meeting of the governors on tomorrow. is regarded as an indication that the demand for gold is not causing unusual anxiety there. It is generally expected that the rate of the Bank of England will be advanced tomorrow, but this will be too late to affect foreign en- agreements of gold already made for the United States. The disposition in Paris to aid the London market by loans on ster- ling bills is regarded as an indicat tion that the French bank is well fortified and Is willing to pursue under Governor Pallan the generous policy which has usually characterized it's action in emergencies.
 The absence of any failures, either financial or mercantile. in New York of any importance, except that of Kessler & Co.,, a private banking firm. and the offer Of call money at lower rates than during most of the time yesterday, were the other favorable symptoms of the situa- tion.