Los Angeles herald., 1907-11-01
MARKET rs
RECOVERING
MONEY RATE ON STREET BE-
COMES EASIER
END OF MONTH REQUIREMENTS
CHECK
Total Interest and Dividend Dlsburse-
ments Are $22,ooo,ooo in Excess
of Those for November
1905
BY Associated Press.

BY Associated Press.
NEW YORK, Oct s1-The halt to the ad-
vance in prices OF the early part of the day
was regarded normal note OF caution
The rapid re-establishment of ordinary trading
conditions in the stock market would be con-
sidered endangering the progress Of recuper-
alton in the general situation, and especially
as hazarding the solidarity of recuperation in
the stock market itself.
The signs tthat liquidation of collateral out
Of loans was not wholly completed came as
note of warning after the easing money rate
had so far stimulated courage that some COM
mission houses had commenced to accept Or
ders for buying on margins, the margins pc
ing, of COURSE extremely wide and jealous
scrutiny being exercised over collateral.
The easing money rate at the stock excnange
cannot yet be accepted as indicative OF an en-
tirey free open market rate, brokers being
restricted to their own bankers for security
accommodation and subject to the requirements
therein. The forced liquidation which was pur-
sued of certain loans left no resource appar-
emily to the borrowers in the way Of resort to
the open money market. The narrow porpor-
tions of the securities market is forced INTO
view in face of these liquidatng episodes, and
prices are severely affected, as in the case OF
selling of Pennsylvania
The check to the upward movement woulu pc
assgnable, in a normal period, to the end-o
the e-month requirements, which are unusually
heavy this year. Total interest and dividend
disbursements for November are estimated by
I the Journal OF Commerce to amount TO up
wards of $40, 600 00e compared with $oS OOO In
November of last year. Large amounts OF
these payments have been disbursed in the last
few days on an advance of the date OF the
obligation in the course OF the measures taken
by bankers and capitalists Of furnish resources
to the money market.
Probably some preparation was in progress.
however. for the larger payments Que tomor-
row, which 1t is expected will be promptly re-
deposited with banks Additional engagements
Of gold made during the day proved that the
advance of 1 per cent to 5h per cent In the
official discount rate of the Bank of England
had not shut of the inward movement of gold
to New York. The readiness of the Bank OF
France to fecoup the London market for sup
plies transferred to New York fortihes the
situation although the heavy decline in bullion
holdings of the Bank of England and the large
vedit expansion both by the English institu-
tons and the Bank of France were evidences
of the widening sphere of the influence OF the
New York position Satisfaction was felt with
the reports of the quick response among the
national banks &c the offer or increased iacill-
tics for taking out bank notes afforded by the
comptroller of the currency agreeing to ac-
ceN other bonds for government bonds as Sc
curity for government deposits, provided use
Is made of the withdrawn bonds for securing
new circulation.
. The movement Of all kinds Of traffic con-
tnues very large, and any obstacles to its
continuance would retard the relief OF the sit
uation through the marketing Of these COM
lnodties abroad. Outright buying of securi-
ties for investment In small lots is actively
pursued, but this movement also Is hampered
by the tieing up Of facilities.
Thus the would-be buyers of stocks at in
terror points complaining that they cannot
procure exchange on New York. II is believed
also that the restrictions of Withdrawals of
savings banks deposits withholds a considerable
demand from the market for securities.
Bonds showed the effect of forced hquida-
ton at some points well as stocks. There
was a sprinkling of advances among them.
Total sales, par value, S3,OO4,O0O.