The Birmingham age-herald., 1910-10-09
SLIGHT CHANGES IN
 PRICES OF STOCKS
Market Shows More Strength
 Near the Close
GOOD UNDERToNE HELD
ing the Nnek But the General Trend Has Been Upward
 in Most Issues
BY RALPH EMERSON

New York. October S.-(special.)-In the stock market today changes in prices were as a rule fractional, and a slight decline at the opening was recovered toward the close.
 E Money went slightly higher at Berlin. The week end figures of the countrys bank clearings showed 15 per cent de-. crease for this week from 1909, and IS per cent decrease for the full month of September September figures also showed per cent increase over last year ! in bank exchanges In the south and per cent increase in the trans Missouri west.
 The weeks sterling market has not Indicated any heavy shifting of loans to Europe. Todays statement of actual week end figures shows that the asso- slated banks have reduced their loans by $15,000,OOO This is accounted for by a loan increase of s11 ,S0O,o0O in the week ly report of the city's trust companies and a $6,SO0,00O increase by banks out side the clearing house. This reduction In loans and liabilities at the clearing house banks overcomes @ S4105,000 decrease Tn cash holdings and adds s2000,000 to the surplus reserve. That surplus is now, however, slightly below the actual sur plus at this date a year ago.
 Last Saturday, when that phenomenon appeared for the first time in the season, the loan excess was s14,200,000. Today 1t is $249OO,0OO This Is within $2,OOO,O00 or $S00O,O00 of the highest figure to which the excess of loans mounted up last win ter or last spring.
 Trade developments of the week were not influential in the stock market The September output of pig iron showed an average daily increase over August, al- though production was on falling mar ket The copper statistics appear to show B better adjustment of production to con- sumption with 0 consequent strengthen ing of the market Stocks, not only cop per but the entire list of securities, have acted as though the market was thor oughly sold out and even oversold The course of prices as interpreted py the speculative community has been bullisn
 The bond market was less active dur ing the past week than was the stock market High prices have been paid for new capital supply with a large amount of new securities impending.
 The railroad and industrial corporations have authorized an aggregate of about ! g, 2,25o,0O0 of new bonds. notes and stocks in the first nine months of the year, ana have issued about $1,250,00000, leaving more than s1,OOO GOO of new capital to be raised out of offerings authorized. This does not take into account bonds and stocks authorized for the present quar- ter Other demands on capital must also be taken into account
 The terms on which new capital is De Ing obtained suggest that the actual money market of the world IS Jar less abundant than the quoted ratesIror tenn porary credits indicate. As yet foreign discounts and home quotations for time loans. either on Wall street collateral ar commercial paper. do not express threatened state of stringency. Foreigh financial ceNers continue to report loan increases and cash decreases among re- serve institutions just as the market mas done here. In Wall street money has ruled easy at and below 6 per cent, and apparently a good deal of credit IS oo- tainable on these terms. Events of the week show that a large shifting of loans was conducted. Lenders are reluctant 10 lock up funds in anything else than the call accommodations, many of those who have large interests in the money market claim.
 Government figures of cotton condition .published at the beginning of the week made the average 65.9 and did not point 10 a crop of any such size as would restore the difference between the worlds Remand and supply which was so severe j iy disturbed in the last 12 months. There Is disposition in Wall street to regard The strength which cotton prices have been displaying as the token of rank speculation for the rise. There may not be enough this season to meet the worlds requirements by 100000 bales.
 The output of corn, wheat and oats Is large enough to gratify. The corn crop will very evidently be the greatest on record, but at going prices a crop In excess of 5000 00o,0 900 bushels will be worth less to the farmer by $200, ,0OO0 900 or more than was last years harvest of the com modity.
 The question as to what effect the economic and financial record of the year, j. the activities of the farmer, the liquida- tfon which occurred in securities and in some lines of industrials and trade, will have on the cost of living and the costs of doing business.
 To date the western pack of hogs is g. o0000O less than in the corresponding period last year, and bacon will hardly be cheaper this winter than it was last. Higher prices and higher wages offer no solution of the problem of raising busi- ness and living costs:
 Treasury Statement
 ' Washington, October S.-The condition Of the treasury at the beginning of bus H-1l