The Birmingham age-herald., 1910-11-27
SMALL DECLINE IN
 THE STOCK MARKET Brokers Pay More Attention to
 Cotton Than Stocks EASY MONEY MARKETS
Transactions on the Exchange at Press enf Are Only a Small Fraction of the Dealings of
 Year Ago
BY RALPH EMERSON

New York, November 2b.-(Speclai.)- Prices declined fractionally today on the exchange.
 Only a few stocks had opened up to Il :30 o'clock, although number more appeared subsequently, for the purpose of making a record. Among the houses in which there is a cotton department in- terest In cotton far exceeded that In stocks; in fact, the cotton market was followed closely, while no attention was paid to the drift of securities. For once the weekly bank statement of today was entirely comprehensive. In the actual weekend showing cash holdings increased s3,000,0O0, yet surplus reserves were reduced $2, ,0O0,C GOO. This, which might seem on it's face paradoxical, resulted from a s170oO,00O loan expansion
 Excess of loans over deposits Is cut down again. It was S25,oooooo by todays actual statement, as against S2l000,0o0 last week and $e9, ,20O,G50 three weeks ago. Tn this week of 1909 the loan excess was SEQ, 100000.
 The foreign exchange market opened fairly steady today. Demand sterling declined points under this pressure and closed at s4 S6a4 .05. Progress along the lines of easier money was one of the most notable developments of the week In the business world Call loans have fallen to 2Is per cent and under. while yester- dav money to the end of this year loaned at 3% per cent and for periods well Into 1911 the rate is now per cent. Last year call mofey was 4&q5 per cent, While 60 and 90-day loans ruled at and bA per cent and longer maturities 41a O IA per
 1tt.fr at 17215 Union Pacific at 20S, Southern Pacific at 130 Northern Pacific, l441s, New York Central at 129, Great Northern 143A, Baltimore and Ohio at 1161s, United States Steel common at S9& and Amalsa- mated Copper at 91A.
 In the week of 1909 corresponding to the present one the daily transactions on the exchange ranged from 75O.ooo shares to 1350,000 shares and prices were in close proximity to the figures noted above This week the daily transactions have fallen from 440000 to 179,00O shares
 The deduction to be drawn from the existing state of affairs Is that there IS nor likely to be any repetition of the high rates for money that were made near the close of last year.
 One great advantage to legitimate trade that has already occurred from the in- creased ease in money has been the large absorption of commercial paper at lower rates. However, merchants have not yet reaped all the advantage that Is ilkely to accrue to them from the great fail In collateral loan rates as even now there are indications that commercial pa ,ar will soon settle below the current f,eures of 5G51a per cent for high grade names.
 There is another possible advantage to business that may yet arrive out of marked ease in money. IT the 1aii in money should eventually lead up to an improved bond market then the railways would place orders more rec ly than heretofore and this would, or course become a matter of importance to the steel industry and car equip ments Interests, which now and have been for some time past in want TOT such impetus to make nearer ap- proach to normal conditions.
 Somewhat unexpectedly. European discounts. at the end of the week, reflected conditions similar to those prevailing in the New York money market The reason why this change was unexpected was found In the tact that only very short time since po- lifical affairs in Great Britain and the forthcoming Turkish loan at Berlin sAyere expected to produce hardening tendency and did really exert such an influence for spell The position or the Bank of England and the Bank of Germany Is strong one for this req son. and although the close fthe year always brings with 1t more or less demand for money, causes an easier state of affairs
 There are some who anticipate that Europe may again take American bonds in volume although recently only small amounts have been placed on the other side.