The Birmingham age-herald., 1910-11-13
SMALL GAINS MADE
 IN STOCK MARKET Trading Is Limited and Fluctu-
 ations Are Marrow LEADING STOCKS IDLE .a..no Ua..- n,-s.rr 4ha NVoaIx
While Foreign Exchange Mar kets Again Show Signs
 of Weakness
BY RALPH EMERSON

New York, November 12.-(Special.) While there Nas no heavy buying on the stock market today, prices rose to higher level than prevailed yester- day. Priees opened fractionally lower than yesterday but soon rallied, re- covering all the losses before the close: The close was firm, but there were com paratively unimportant net changes for the day.
 Even the usually active issues, such as United States Steel. Reading. Union Pacific and Amalgamated Copper. were comparatively neglected at the close. The banks were enabled to reduce their actual loans s15.176.ooo during the week. This was due to liquidation in stock market and the general shift ing of loans to London. This was re- garded as the chief factor in adding S6,s21.o00 to the actual surplus.
 The foreign exchange market showed pronounced weakness again today, ow- ing to the larger offerings of finance bills by the international banking in- terests that have borrowed fully $15,- 100000 or S20,0o0,000 abroad within the last fortnight.
 Time rates were "A @5 per cent for 60 days; 4A per cent for 90 days, and 4H @4% for six months.
 A review in business and financial affairs shows very satisfactory con- dition.
 The, harvests are now practically completed and Washington authorities estimate that the aggregate crops in 1910 will be 71.60 per cent greater than those of 1909, and over per cent great ar than the average annual produc- ton of the proceeding five years
 While prices averaged 5 per cent
 
 year. the increased harvest will more than offset this loss In the price. The great buying power of the agricultural classes that will result from this in crease in production will act as pow erful incentive to the business pros perity of the country.
 i The salient features of the weeks monetary situation was a very per ceptible relaxation In interest rates in the bond market. This is best ex- pressed in call loans which. after mak- ing a gradual decline, day by day, finally closed l per cent under the high point of the week. Time money fol- lowed with a reduction of A @h of 1 per cent.
 There was a small gain in cash by banks from the interior after weeks Of heavy losses. Increased disbursements from the sub-treasury also aided the money market.
 Other domestic centerS nave not experl- enced any such relation as has been wit nested in New York Tn the south, after marketing cotton in a liberal manner during the first two months of the new crop, planters in many instances have adopted the policy of holding for higher prices This has prevented the return flow of currency from the south and has tended to keep money from throughout the cotton belt. The greatest tension at the present time is In the middle west, where money generally is firm at 6 per cent. Throughout the grain regions farm CTS, following the example of the south ern farmer in regard to cotton, are hold ing wheat and corn for higher prices. This causes interior banks to draw down their Chicago balances, and at that city bank loans have been expanding while bank deposits have been declining, thus making not only an unsatisfactory but really an unsafe money position.
 In London, discounts first eased up and then, developed increased firmness during the week. A factor in the weeks de- velopments in the financial markets was the break in sterling exchange here be- low $4.8515 as the result of recent spec ulative borrowing at London and Paris by American interests.