Los Angeles herald., 1907-11-27
LITTLE DOING
IN WALL ST.
F',W STOCKS OFFERED FOR SALE
IN NEW YORK
Call Money Market Is Much Easier,
Due to Small Demand for Q
Loans at the Ex-
change
BY Associated Press.

BY Associated Press.
NEW YORK, Nov. o6.-There were none Of
the signs of selling of collateral In loans In
today's market, ouch as has been the express
sion of influences at intervals for some time
past. Free from this influence, the scarcity Oh
the market supply OF stocks again became
manifest ard prices advanced on small de-
mand. The advance in prices did not Dring
out increased offerings, but the scanty demand
became even lighter leaving the market In a
condition Of extreme dullncss In some OF the
later stages
A feature of the day was the growing ease
Of the call money market due largely to the
small demand for loans at the stock exchange
The approach of the end of the month leaves
open a probability Of a temporary hardening
of money rates to meet the large requirements
of that period
These include an nstallment of subscriptions
toithe new st. Paul stock, originally liked at
20 per cent but reduced to 10 per cent since
the financial stringency. and calling FOR ap-
proxlmately slO000000 at that figure. Great
Northern stocks subscriptions also are payable
In an instalment calling for S3oOOoOo. Ihe
interest and dividend payments for December
still show an aggregate far in excess OF preVi--
Gus years. arguing the continued hlgh rate Oh
distribution of profits.
The ease of the call loan market did not bring
corresponding increase in the demand Tor
commercial paper, for which there is yet prac-
tically no market This condition is greatly
hampering the conduct of commercial opera
tions, which is one of the phases of the situa-
tion calling most presslngly for relief.
Some of the largest dealers in commercial
paper in New York<are calling the attention OF
small inner banks to the Importance of setting
in motion credi. operations of this class, argu-
ing that abstination from granting facilities
TO merchants will throw back the mills ana
first producers.
The statement of the national bank exam
iners, Pittsburg district, published today. was
cited in corroboration Of the state of things
charged in which he asserted sixteen country
banks in that district to have from 10 to 10
per cent above the legal requirement in cash
holdings. such items of information serve to
confirm the growing confidence that the re-
sumption of cash payments by the banks is at
hand.
consultations TO thir end continue between
bankers representing large territories. The
days most important development in connec-
tion with these consultations was the taVoraple
light thrown on the affairs of western bank
ing Institution which has been subject OF sus
pcion in the past but which is now under
stood to be insured by the pledged support OF
the bankers of the great money centers' M
GLIDING New York. One obstacle to the. re-
sumption of normal banking conditions was
thus definitely removed.
Time money brokers represented some slight
increase in the supply of funds in that De,
partment, although the market there was stiii
largely nominal.
Total sales of currency were of only few
thousand dollars, mostly in bills of the small
est denominations, supposed to be FOR payroll
purposes The rate paid for foreign exchange
We're lower. Todays engagements OF gold
abroad were light
The private rate of discount declined IN Lon
dom which was taken to reflect belief that
our demands for gold are coming to n limit.
Some heavy transfers through the subtreasury
to Chicago. made late in the day. are con-
nected with the forwarding of gold imports,
and efficient aids toward the active preparation
there for resumption of cash payments by the
banks Stocks retained the full days gains to
the close
s954SOOo United States bonds were unchanged
on call.