The Birmingham age-herald., 1910-11-01
DOWNWARD TREND IN
 PRICES OF STOCKS Some Recovery Is Made After
 a General Decline RISE IN CALL MONEY
Private Discount Rates Decline Again in London Which Affords Relief in the New York Money
 Market

New York, October 31.-The spirit Of the speculation in stocks was inclined 10 drop today. Unsatisfactory street trade advices, the money requirements incident to the November settlements and the credit and investment position generally and the near approach of the elections were factors in the action of the market. A later recovery was prompted by the slight rise in call money and because of shorts. The action of the call loan rate did not show excessive strain on the stock market resources from the require ments of the November settlement, the rate going no higher than per cent.
 Relief Is afforded also by the distinct improvement in the money position in London, which is reflected in lower rates for exchange in New York. The private discount rates declined again in London today. The Bank of England secured the bulk of the weeks supply of South Afri- can gold and opinion in financial London became confident that the necessity for a 6 per cent bank rate in London is def- nitely averted. The likelihood of draw ing gold from New York for London &C., count for shipment to South America is correspondingly lessened.
 The sustained demands upon New York cash reserves added to the importance of this relief. The cotton and grain countries are still making large requisi- tions the bank reserve centers, ac cording to reports from interior money markets The banking week in New York starts with gain by the sub treasury at the expense of the banks of S1, ,47700O, keeping last weeks heavy rate of depletion.
 
 It is in connection with the loan posi- tion of the banks that this movement has its importance and on it's effects on in svestment and capital supplies. The ris- ing figure of the loan excess over deposit of the New York banks is not liked, especially that banks elsewhere, in the country are reported still well loaned up to capacity. The sale of s10,0OO000 yearly Michigan Central notes in Paris, mark ing the reappearance of short time obli gations of the railroads for the lack of ability to place regular bonds, is regarded as symptomatic. The terms of the trans action are not divulged but as long ago as October B President W. c, Brown of the New York Central lines asserted publicly before the interstate commerce commits sion his conviction that it would be necessary for his company to pay 6 per cont on these notes. Moreover the amount then sought was s17, 600 instead of the O00 now secured. MT. Brown stated atatlre same time that the bestzbid which could be secured for the sl7,5O0,000 of 1 per cent 20-year debenture of the Michf- gan Central by which it was first sought to raise this capital was S7 for the entire issue.
 Reports of shutting down of tinplate mills were an additional factor in the depression of United States Steel That stock absorbed third of the total dealings in the market and it's movement was decisive in showing the general course of prices. It touched last weeks low price but developed resistance at ] that level and in it's recovery carried the whole list with it.
 Bonds were steady. Total sales, par value. s1,665.O0O.
 United States bonds were unchanged oh call.