The Birmingham age-herald., 1910-11-03
Pk.uto IF STOCKS
 VARY VERY LITTLE Powerful Financial Interest Let the. Market Alone TRADING IS STAGNANT Erratic Fluctuations of One Issue Causes Distrust Bpt This Does
 Not Have An Effect
 Upon the Market
TRADING IS sTAGNANT

New York;. November 1.-The stock market remained dull to the point of stagnation today, feflectings the suspen- sion of operations on large scale by the powerful financial interests which have fostered the upward movement through the month of October With ! the advent of dullness and neglectsseser have emerged into view various fetT iurSs of the market position which rouse dis trust and tend to caution in the conduct of operations. The days price changes in the usually most active stocks were trifing
 An example of the occasion for dis trust is found in the incident of the cratic fluctuations in Cleveland, Cin- oinnati, Chicago and St. Louis stock. The sale yesterday of single 100 share lot of this stock at 01 following sales the previous day at Il, and an mme- diate rebound to 70, gave rise to wide spread comment and criticism This re- suited in a request to the stock exchange authorities to record the bid and asked quotations for the stock from time to time at less than 6SE. Previous to this week the stock had not sold under TO during the past year. that price having been touched in the decline in July.
 The snlalness of the transactions which caused the wide fluctuations gave the impression that the stock was being used to convey an object lesson rather than being subjected to important liquidating pressure or refiecting developments re- garding the property. The effect on sen- timent was to suggest record for arti- [, ficial valuations in some of the current :, quotations. The violent effect on prices Of the 10O-share transactions in this case carried an unpleasant implication of the possible effect of pressure to sell other stocks carried as collateral in loans in the event of calls for funds in other directions. asse fat nam
 The days developments in the market pointed to relaxation in the immediate future with the passing of the effect of the November settlements. A decline in foreign exchange rates here and a rise fin the New York exchange in Chicago both pointed to frightened pressure on New York money supplies from outside sources. Influx of $4,670,00O gold to the Bank of England eased the situation there and was conveyed outward to other money markets The sub-treasury, how ever, increased US fequlSlllOnS TOT cdSn on the New York banks.
 The expanded loan position and the insistent demands of western and south ern banks for credit keeps alive solci- tllde over the working out of the fall money requirements. The relative ease Of the call loan market in New York is regarded under the circumstances as perfectly illusory. The rate rose today to 41k per cent. the highest of the fall season. The gathering of New York taxes was the immediate factor in the effect. Rates for time loans were again marked up but very little business was done in that department.
 Some strength was shown by the cop per industrials. which were moved by the positive predictions of early improve ment in the trade rather than by actual developments.
 The price of copper metal rose in Lon don again The statement made by Chair man Gary of the United States Steel corporation that early orders from the railroads were looked for had little ef- feet on that stock. which was less prom inent in the dealings than of late.
 Bonds were irregular. Total sales, par value. s1,677,000.
 United States bonds were unchanged on call.