The Birmingham age-herald., 1910-11-22
,TRAD|NG IN STOCKS
 IS VERY RESTRICTED
Relaxation in Money Rates Is
 Feature of Market
PRICES CHANGE LITTLE
of Saturday Causes Lenders to Loosen Up With Funds But
 This Aids Prices Little

New ork, November 91.-Relaxation in money rates was the feature of { the days financial markets Prices of ' securities failed to benefit from this development. There was decided shrinkage in the volume of transac- tions and the tone of the speculation / was heavy and saggng with the dis position to realize profits on previous purchases was partly responsible for this contradictory response to fla vorable development. The demand aroused in outside quarters was in significant and afforded no adequate medium for the profit-taking sales fight as those were. Financial com mentators are inclined to criticise the manner of operating the speculative forces most largely responsible for the present market movement. The tone of these criticisms seemd to have some deterrent effect on the operations, thus reducing the volume of the market or of the dealings in United States Steer, . Union Pacific and Reading. in which stocks those operations center almost entirely. Weakness became more pos ftive in proportion as the pressure to sell United States Steel increased.
 The extremely favorable bank state ment published here on Saturday after the stock market closed had the eff feet of tendency on the part of lend CTS to put out funds. The departments of the money market which got most advantage from these offerings how ever, were those in which least demand existed. The demand for mercantile paper continues to lag. Great interest is felt in the compilation of the re- ports of condition of national banks now in the hands of the controller 3 Apparently the credit position in the country as whole must be known Before bankers will be inclined to de- part wholly from the present attitude of cautious reserve. Comparisons of the reports of November 10 from the banks of some of the large reserve centerS with the preceding report of September 1 promise an exhibit for the whole country that will reveal a fur ther heavy call on credit facilities at the same time with the drawing down of cash reserves While the current t movement indicates the cessation of the cash drain on account of crop movements the process of loan liqui- dation to follow will be studied for
 
 tions.
 Bond issues by the large railroad t corporations will form a necessary pre- . l]iminary 1t Is believed to any effective , revival either of speculation or in dustry.
 The discount rates receded in Lon don, Paris and Berlin in common with the easy money market in New York. Foreigners sfooffsd sfocffss to peyerth ysT sless jdtAneelf back this selling was s~ an 1qTa 3n. Ipbortant fadtSll yn carryine r-s--- .-y1--. sEommercial bills ire in lessened sup tFply in the foieign exchange market, < disclosing a subsidence in the export bmovement of commodities The sus- Ntained figure or the current customs / receipts of the United States treasury meantime indicate that the value of imports Is kept up.
 The resumption of the inter-state te commerce commission hearings on pro- posed rate increases was of interest for the new argument outlined by the shippers for the possibility of railroad economics to obviate the necessity Nor the higher rates. Sentiment over the steel trade outlook was depressed and 1t was believed that the period for the revip> 1 would have to be set forward into ,xt year.
 Bond1 heavy; total sales, par value, sa.116,00o.
 United States bonds unchanged on call