The Birmingham age-herald., 1910-10-12
FRESH ACTIVITY
 IN STOCK MARKET
Advances are Made in Some of
 The Leading Issues
THE TRADING IS sPoTTY
Money Market Shows Narrow Resources To Carry On the Speculation in Low Priced Stocks Which
 Retards Gains

New York, October 11.-Specuation in stocks threw off some of the restraint today which has kept it in check. The fresh activity was most conspicuous in a variety of specialties not usually prom inent in the dealings. and many of these were of the low-priced non-divdend pay ing class. reason for this was found in the narrow resources of the money market and the smaller supply of cred- its requisite for carrying on operations E in the low-priced stocks. In most of these movements specific explanations were lacking and 1t was generally as- summed that newly formed market pools were responsible for most of the demon strations.
 The supposition that powerful private bankers were supplying resources and in fluence to help the advance encouraged a following by the professional element. The spotty character of the market and the unresponsveness of a number of im- portant railroad and industrial stocks to the movement. were significant of the lack of full accord amongst the great banks in furthering the movement.
 The explanation of the reluctance of the banking community a whole to see active speculation is found in the con- tinuance of the decline in cash holdings and the consequent impairment of the tending power of banks. The subtreas- ury is making heavy demands again on the banks, the withdrawals of cash by that institution for the banking week already having reached $S31S,0o0 Ship ments to the interior also are going for ward by express. October 15 finds some large dividend payments to be met for . which special provision Is to be made. sThe call loan rate today touched 31a per cent as an effect of the slightly increased demand incident to the days speculative requirements.
 The foreign exchange market was less affected by the offerings of cotton bills, although the time is short when these can be sent forward for collection be- cause of the objection raised by the for egn bankers to the present method. The September exports of agricultural prod ucts reported from Washington show only a slight increase over those of last year. less than a million dollars on all accounts. the $S, ,715,30 increase in cotton exports being neutralized by the S5,560,s $50 decrease in wheat and flour values and by smaller decreases in all other items. The showing dsappoints the hope that any radical change has occurred in the
  exorts
 Yesterdays government crop report furnished broad general inspiration for the stirring of speculative confidence. The certainty of agricultural crops ex ceeding in value any that have ever been garnered makes insurance for the materials of property, which expect ed to affect the whole industrial and business movement in the future. The special promise of the spring wheat and corn crops as they were affected byyes- terday's report found reflection In the strength of grangers, International liar vester, Corn Products and other stocks. The Northwestern railroad group got the benefit of criticisms leveled at the lum- Der rates fixed by the interstate com- merce commission in a judicial decision by the federal circuit court In St. Paul disallowing the rates.
 belief that an agreement had been reached on the cotton bill of lading con- troversy helped, the late stock market and also caused a fresh decline in the foreign exchange market.
 United States bonds weer unchanged on call.