The Birmingham age-herald., 1910-11-12
tSTOCK MARKET IS
 AGAIN UNCERTAIN
Fluctuations Are Uneven in the
 Nervous Trading
DEMAND IS NOT URGENT
Lost Under Selling and the Close Shows Very Small General tr Declines

New York, November 1.-The spotty and uneven fluctuations of prices in to- days stock market were traced to the unsettled and uncertain opinions held over the speculative outlook. These doubts were the effects of the violent re- versal of the decline which occurred late yesterday and which gave warning of the over-extenslon of the short interest. The caution thus engendered in the bear party protected the market from the raidng tactics which had begun to make rapid inroads on prices before they were checked. At the same time the rapid cov- ering of short contracts, which went on in the course of yesterdays late rally, left that interest so much reduced as to de- prive the market of potential support on the necessity of the shorts. The de- nand outside that element was not ur- gent or widespread. The advances which were general at one time were converted into small declines at the last.
 In favor of the recovery was the de- clded easing in the tone of the money market. both in call and time. The pre- .lininary estimates of the weeks curren- cy movement showed relaxation in the
 
 promised relief from the drain on that &C., count.
 Apparently the exchange movement with the interior has been in favor of New York on balance and as the sub treasury operations took only an insig- nifcant sum from the banks, moderate gain in cash is promised. A more effec- tive influence on the easing of the money market is the liquidation of stocks which has occurred since election day The eff feet of this development on speculative sentiment was not wholly reassuring, owing to the differences drawn regarding the market opinions of wealthy capital fists from the fact of their being free lenders of money, and presumably hold CTS of reduced amounts of stocks. Cur rent rumors of the extent to which one powerful capitalistic group had been liuuidating stocks in the course of many weeks and the extent of its command of liquid capital in consequence, argued an attitude of indifference in supporting prices, which discouraged hopes of CO., operation in an advance.
 The promise of settlement of the ex- press strike in New York was received with satisfaction in the financial district. where especial attention is given to the labor problem. Anxiety on the subject was not entirely allayed, owing to the belief that numerous settlements must be effected in the course of the coming months, from which it Is feared dispute may arise. The news of the express strike was given large credit for the mid session show of strength in stocks. It was helped also by the sharp advances l.1 rAh rr7AT wa, 11f1fr n the southern group of railroads was at tributed to the advantage of permission to increase freight rates in southeastern territory which has been accorded by the interstate commerce. commission.
 On the other hand, the special pressure against New York Central made a bad impression on sentiment and helped force t.prices backward again after the advance. JThe weakness of the senior Vanderbilt efetocl< was the outgrowth of an analysis v of its rate of net earnings compared with increased dividend requirements and the belief that the necessity for new f1nanc- ing confronts 1t to assure the continu- ence of projects of Improvements already under way.
 The october agricultural exports were disappointing, for, while the decline com pared with very large total for October of last year, that total was largely due to the heavy cotton export movement, while the cotton exports this year ex- ceeded even those extraordinary figures Exports of wheat for the past week fell ss7,244 bushels below the preceding week and were 2, ,351 bushels below the figure for the corresponding week or last year. This continued deficiency of export values l is a serious matter in the existing condf- tion of the money market.
 Bonds were irregular. Total sales, par value. q, ,36O000. United States bonds un- changed on call.