The Birmingham age-herald., 1907-11-27
CLEAR SAILING IN
 STOCK MARKET Call Money Is Easier and Prices
 Make An Advance BANKERS MORE CONFIDENT Conditions Are Now Considered Ripe for Resumption of Cash Pay
 ments, as Reports From All
 Points Are Favorable.
BANKERS MORE CONFIDENT

New York, November 26.-There was none of the signs of selling out of col lateral on loans in today's stock market, such as has been the depressing influence for intervals for some time past.
 The scarcity of the market supply or stocks again became manifest, and prices advanced easily on small demand The advance in prices did not bring out offers, but the scanty demand became even lighter leaving the market in a condition of dullness in some of the latter stages A feature of the day was the growing easiness of the call money market, largely due to the loans at the stock exchange.
 The approach of the end of the month leaves open a probability of temporary hardening of money rates to meet the large requirement. of that procedure. These include an installment of subscrip- tions to new St. Paul stock, originally fixed at 20 per cent, but reduced to 10 per cent since the financial stringency deyel- oped and calling for approximately s,OOO.- 900 at that figure Great Northern stock subscriptions also are payable in an ln- stallment calling for $3,OOOOO0. The inter- est and dividend payments for December still show an aggregate far in excess of previous years, arguing the continuing high rate of the distribution of profits. The ease of the call loan market did not bring a corresponding increase in the de- mand for call money, for which there is yet practically no market. This condi- tion is greatly hampering the conduct of commercial operations, and is one of the phases of the situation calling most press ingly for relief. The refusal to take con- mercial paper by the small interior banks Is charged by the New York dealers to be an accompaniment of a piling up of cash holdings to the point of surfeit.
 The statement of the national bank ex- amner of the Pittsburg district. published today, was cited in corroboration of the state of things charged, in which he as- serted IS country banks in that district to have from Is to 20 per cent above the legal requirement In cash holdings. Such items of information serve to confirm the growing confidence that the resumption of cash payments by the banks Is. at hand. Consultations to this end continue between bankers representing large terri tory. The days most important develop ment in connection with these consulta- tions was the favorable light thrown on the affairs of western banking institu- tion which has been subject of suspicion in the recent past, but which is now understood to be insured combined pro- lection by pledged support of the banks of several of the great money centers, including New York. One obstacle to the resumption of normal conditions was thus definitely removed.
 Sales of currency were of only a few thousand dollars, mostly in bills of the smallest denominations supposed to be for pay rolls. The rates paid for foreign exchange were lower and the days en- gagements of gold abroad were llgnt. The private rate of discount declined Tn London, which was taken to reflect be- lief that our demands for gold are com ing to a limit Stocks retained the full days gains to the closing. Bonds were irregular.
 Total Sales par value, $2, ,54S, 900.
 United States bonds were unchanged on call.
 Money on Gall.