The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-11-06
STOCK MARKET
IS INDIFFERENT
United States Steel Falls Into
Background
MONEY MARKET TRANQUIL
There is Some Shift of Speculative
Preference Back Into the Old Fa-
vortes on Wall Street-Move-
ment Is Irregular.
MONEY MARKET TRANQUIL

New York, November 5.-United States
Steel fell into the background on the
stock speculation today and the volume
of the whole market suffered somewhat
accordingly. There was some shift OF
speculative preference back into the old
favorites, Union Pacific, Southern and
Reading, but the market on the whole
relapsed into one of specalties and was
given over to some erratc and irregular
movements. Yesterdays rumors that the
listing of United States Steel on the
Paris bourse was imminent failed of
confirmation, and were positively dis
credited in cabled accounts from Paris.
The stock was freely supplied at the
same time on any advances and its
leadership of the market consequently
was lost
The Pennsylvania securities, including
the stock and convertible bonds, showed
further depression as an expression of the
unfavorable view taken OF Offering of
new stock at par to stockholders. not
withstanding the apparent attractive
ness of the subscription rights based on
the market price of the stock The price
at which the rights were selling offered
a profit on the purchase of the rights
against sales of stocks, but this oper-
alton, If it was practiced, did not prevent
a sag in the quoted price Of the rights as
we'll as the stock. The semi-annual d.
vidend of 8 per cent came off the price
of Pennsylvania today, increasing the
appearance of depression.
The money market was tranquil but the
money situation was the subject of ac
tive discussion From abroad came re-
newed limitations of the possibility of an
advance to per cent in the nlinimum dis
count rates of both the Bank of England
and the Imperial Bank of Germany owing
to the failure of the recent advances to
bring about the recuperation in the con-
d.tion of those institutions which was de-
sired. Foreign exchange rates yielded in
sympathy with these reports from abroad
but recovered briskly. Forecasts of the
weekly currency movement dictated only
a slight offset to the loss in cash on sub
treasury operations which are themselves
partly due to the transactions on account
of interior banks. The net decline in the
cash holdings of the banks for the week
appears TO be in the neighborhood of So,
600 coo.
A good deal of talk was still heard in
the neighborhood of the stock exchange
of the supposed negotiations for a closer
combination of the leading copper inter-
trnai~7una ta1 Cooper. however. was
freely supplied in spite of assertions of
- soou uuo.4ty the buying of the
stock. The railroad equipment stocks Of
fered an example OF the profit-taking
without any change in the nature of good
trade reports affecting those companies.
In a wide variety of minor industrial
stocks and specialties there were striking
price movements without explanation in
the news. The exports of wheat, includ-
ing flour, for the week reached 5.39I, 455
bushels an increase over last week of
nearly 100000 bushels. The uncertain
tone. of the stock market was exemplif1ed
in the way In which prices crumbied
away in the last few minutes Of the day
in the efforts to push realizing sales. The
close tone was decidedly weak.
Bonds were irregular, with most of the