The Birmingham age-herald., 1907-11-21
MUCH WATERING
 IN STOCK MARKET. Course of Prices Is Irregular With Downward Trend FOREIGN DISCOUNTS RISE Liquidation of the Day Is Not Viewed With Alarm, But Conservatism Is
 Urged Upon Investors In
 View of Bond Issue.
FOREIGN DISCOUNTS RISE

New York, November 20.-There was not the consistent weakness in the stock market today that was so conspicuous yesterday, but. the course of prices was uncertain and fuctuating all day. Liqui- dation of the special kind that was in evidence yesterday was suspended for a time today The perception of this fact prompted some covering of shorts during the decline. Hence the midday rally in the market. Supposition as to the source of yesterdays liquidation has crystalized into rather definite information pointing to personal needs of an individual capi- talist which divorced the operations from any unfavorable corporation develop ments. The episode was taken to heart, however, as an evidence of possible incl dents to occur from time to titme with the maturity of loans to influential capl- talists, who no longer command the un- limited tolerance ofNbanks and who may be, in consequence, forced to similar ex- pedients to meet their obligations. There was, in fact, some recurrence of such liquidation late in the day.
 The distinctly easier tone of the call money market in the last day or two does not serve as assurance against such exi gencies on the occasion of the maturity of time loans. The whole problem of ma turities of outstanding loan obligations offers somewhat formidable possibilities for speculative conjecture, especially Tn view of the conviction that nearly every possible indulgence has been shown dur inp 70 of 1vcf nP credit from which business has suffered. The ultimate outcome when the business body begins to feel the currents of life circulate again and when in consequence liquidation must be renewed, is the sub ject of solicitude.
 It has been suggested that some of the occasional liquidation of securities has come from savings banks, which have placed the allowed period on the with drawal of deposits, but to which notice of intended withdrawals will expire from time to time. The New York savings banks report, however, that a large pro- portion of such notices already have been revoked and that new deposits are coming in to a large amount.
 The development of the day which was least liked WAS the renewed rise in the premium on currency and the resulting signs of disorder in the foreign exchange
 
 premium again seemed to be quite gen eral, coming from widely different points and not due to any special need. Dis counts rose in the London markets and the continued withdrawals of gold from that market. seemed to-.be viewed with some disquietude. The impression grew that obstacles must be found to the plac- ing of United States treasury one-year 3 per cent certificates from which so much was hoped in the breaking of the dead lock.
 The extent to which bids were coming in for the certificates and the reports of the many questions raised by bankers concerning the terms and the privileges of the issue for the impression of lack of smoothness in placing it. The postpone ment of dividend action on the Atlantic Coast Line stock caused some special weakness in the southern group. The calling of loans by the banks, which ran the call loan rate up to 15 per cent was attributed in some quarters to prepara- tons by the banks for subscription to tine United States treasury certificates. The effect was to weaken the whole market again.
 Bonds were irregular. Total sales par value, $3,722,0OO. United States Ss declined s4 and the As per cent.