The Birmingham age-herald., 1904-11-06
STOCK TRADING
 IS RATHER DULL
 - Steel Stocks Decide Tone Of
 the Market T.G.L PED. MAKES AOVANCS Weeks Movement In Prices Has Been Irregular and Mixed, the List at No Tlme Moving In
 Unison.
T.G.l. PED. REPRESENTATIVES,

New York. November 6.-Today's rather dull trading in stocks was largely in the hands of room traders and their uncertain mood left small impression on the market. The tone of the market was decided by the United States steel stocks. These were affected by realizing, and the traders sold in consequence. There was rally late in the morning on covering of shorts. but prices eased off again in sympathy with the late decline of a point in United States steel preferred. The decline of 1Hs in Amalgamated copper was an addition al influence in affecting market which was still largely given over to the indus- trial specialties. The advances In Tennes- see Coal, Republic Steel preferred, and 8 few other less important industrtals proved a poor substitute for United States steel as sustaining factor in the mar ket. The disinclination to proceed with speculative ventures until after the cleo tion. left little sustaining power.
 The bank statement agreed closely with the indication from the weeks currency movement, the loss by gold exports being fully reflected in the cash decrease, but with today's $2.OOo,0oo shipment to Cuba still to be accounted. Missouri Pacific's decline in gross earnings for the fourth week of October hurt that stock, and New York CentraIs small increase for October was disappointing. The market closed easy.
 Total sales of bonds, par value, 8, 475, 900.
 There has been a halt in the speculative activity of the stock market this week, and a reactIonary tendency. The weeks movement of prices, however, has been irregular and mixed. the list at no time moving In unison, and varied by occasion- al reactions both ways. Opinions as to the grounds of the reaction are rather diversified. The recrudescence of the war scare caused by the war-lilxe prepara- tion at Gibraltar on Tuesday, the weeks heavy outgo of gold and the approach of the election are assigned as causes and probably all have played part
 There has been undoubtedly some re- duction of speculative commitments in stocks prompted by the conservatism with which the outcome of a. presi- dential election always effects Wall Street which is invariably puzzled to judge what the effect on business. and industry may be. The same spirit Is shown by the reports from the business of the G have reported lull in the movement of general merchandise and in the orders for goods, which Is attributed to this cause. The consequence has been some realizing of accounts of prospects on prospective holdings of stocks, which fur thered the decline in prices.
 Rumors of great railroad deals have not lost all their influence on stocks and supposed settlement of the Montana copper controversy added to this class of Influences. The excited demand for cop per has given strength to copper secur- ities in all markets and has supplement- ed the effect of the improving prospects in the iron industry. The demand for iron is reported to be extending to fin ished products and several large rail- road orders for steel rails are included Revised estimates of the corn and cot ton crops pointing to extraordinary yields have brought tLese factors into renewed consideration. Incoming returns of SesS~ tember net earnings or railroads show the satisfactory result of retrenchment of operating expenses in some cases, and of enlarged gross earnings in others
 Bonds have moved irregularly in sym pathy with stocks. United States 2s and 3's and the new 4s have declined A and the old As A per cent on call during the week.