The Birmingham age-herald., 1909-11-01
RELAXED TONE IN
 MONEY MARKET Clears Speculative Atmosphere
 to Some Extent IN EUROPEAN BANKS
EUROPEAN BANKS
Advance In Exchange Discounts Has Potent Influence on Other Money Markets of the World-RaiI-
 road Deal Rumors.

l New York, October S1.-The relaxed | tone of the money market in New Yor, ! last week cleared the speculative at mosphere to some extent and the stock 1 market emerged through a period of un- 1 certainty and irregularity, into substan- l tial recovery. The determination of the | directors of the Imperial Bank of Ger many to leave the minimum discount rate unchanged at per cent was the in- itial factor in imparting renewed eonf- dence over the international money out look
 | A statement made by the authorities of the Bank of France to the Associated | Press was a potent influence in the same direction not only in it's assertion of the willingness of that institution to loan gold to the Bank of England, and on the same terms as in 1907, in case of necessity, but in its expressed opinion that the situation called for no such measures.
 The Bank of England under these cir cumstances contented itself with the 5 per cent official discount rates estab- " led the week before and refrained
 3n further advancing the rate The money market New York was sensibly relaxed notwithstanding an outflow of gold to South America on orders from London and Canada.
 A substantial relief to the New York money market was afforded by the placing in Paris of large blocks of New York city revenue warrants. which ;erved to meet maturities of similar warrarts com ing due on November 1, and held in large amounts by foreign investors Later in the week there came complaints from London of the reappearance of American borrowings there, effected through the induceT1ent of a liberal commission, which amounted to a substantial premium over the interest rate. The increased of ferings of funds which made their ap- pearance in the New York stock mar ket and revived the later speculation was ascribed to these operations
 The revived speculation owed no small part, also, to industrial considerations. The first impression made by the quar- terly report of the United States Steel corporation was one of disappointment. In the maturer consideration, however the thrilled orders of tonnage was pointed to as a favorable condition rather than a cause for disappointment. since 1t in- dicated the extent to which heavy pro- duction had kept pace with new orders, while avoiding the disadvantage of con- tract obligations for future deliveries at the lower prices formerly prevailing. Sup plementary reports of the large volume of orders placed daily since the first of October and at the better prices since established, confirmed this more favor able view of the situation Some special significance was attached to the new strength manifested by copper securities.
 One of the contributory influences in the weeks stock market was the revival of railroad deal rumors,, especially con- corning the supposed future projects of Edwin Hawley. The excited speculation in the cotton market, the high price for that staple and the widespread move ment toward curtailment of output which was followed amongst splnners not only in this country, but in England, was regarded a distinctly adverse factor.