The Birmingham age-herald., 1908-10-24
GROSS CURRENTS
 AFFECT STOCKS Tone Is Unsettled With Prices
 Very irregular CLOSING PRICES LOWER Some Strength Shown by Copper, h. dustraIs and Other Mining Stocks, But Other Stocks Fail To
 Make Advance.
CLOSING PRICES LOWER

New York, October 23.-There were many cross currents in, the movement of stock quotations today, but none of them was very wide. The tone was un- settled and confused in consequences The dominant influence in determining the attitude of the professional to- ward the market was the action of the handful of prominent stocks which have been the leaders of the market throughout the summer. In this con nection it was rather obvious that the prime movement was restrained by en- countering orders opposed to the move ment before it had run far. An ad- vance in the price attracted selling pressure, while any recession brought in buying orders sufficient to check the decline. The selling developed each time at about the price where dealings yesterday left off. Such a movement suggests a feeling out of stocks to take profits, with careful support as- serted when the selling makes an i'm pression on the price.
 It was particularly noticeable in the two Hartman Pacifcs, St. Paul, the two Hill railroads and Reading. It was the cause of the final decline and weak closing. At the same time there was a positive strength shown at other points which served as sustain ing force, against the current of the profit taking. The copper industrials were prominent instance. This group, including the mining and smelting stocks, was helped by the news from the copper metal market. Prices were advanced again at the New York metal exchanges and it was reported that something like excitement was begin ming to be sh own in the buying by consumers of copper. In American sugar also, there was the effect of trade developments, grades of refined sugar having risen in the quotation.
 United States Steel, while moving moderately, touched the high price of the year at AS E.. On September the day before the last quarterly dividend was deducted, the stock touched the same quotation. The quarterly report of the corporation is to be published next Tuesday and the speculation is in- clined to assume a favorable showing as to earnings and unified orders on hand. Reports of intended purchases of equipment by railroad companies are in favor of the steel stocks also and advance in traction shares was attributed to the result of the election in Cleveland against the Scent fare franchise as an indication of the drift of public sentiment on the question of restrictions on public utilities corpor- ations.
 The general news events of the day had little reflection in the stock mar ket. Foreign markets showed some revived uneasiness over the reported hitch in the negotiations for a settle ment between Turkey and Bulgaria. London sold some stocks in this mar ket, and there was an early upward movement in the exchange rate. The promise of a small gain in cash by the banks as a result of the week S current movement was a eorroboration of last weeks evidence that the present interior requirements for currency had been appeased.
 There was a slight discount on New York exchange at Chicago today, how ever, which is the first time this week. The money market remains in tran quil state. Announcement that hear ings will be begun next month in the government suit to annul the merger of the railroads under Hartman con- trol served as a reminder of such a suit, which loomed large at one time in the speculative view, but which has long been lost sight of The week S exports showed a heavy movement of grain; wheat, with flour, Is 6,127, 1925 bushels, against 4,458,027 last week, while there was a jump in corn eX- ports to 2S4,417 bushels from 62,6S3 last week.
 Bonds were firm. Total sales, par value, $3,074,000. United States 2s reg istered declined B per cent on call.