The Birmingham age-herald., 1910-11-08
STAGNATION RULES
 THE STOCK MARKET
Nearness of Election Has Bad
 Effect Upon Trading
STEEL TAKES THE LEAD
With United States Steel, Union Pacific and Reading Chang
 ing Hands Freely

New York, November 7.-The stock mar ket came to the eve of the elections in a state Of semi-stagnation. How far that action was due to solicitude over the political outcome and how far to a re- newed consideration of possible further unfavorable developments in other direc- tions did not clearly appear. The shrink ing volume of transactions made it clear, however, that the time was considered inopportune for large extension of specu- lative commitments. Union Pacific came forward into greater relative prominence, supplanting Reading in the position sec ond to United States Steel The propor- ton of the United States Steel to the total dealings was maintained at near one-thlrd and the combined dealings in Union Pacific and Reading exceeded slightly the transactions in United States Steel. The reason for the increased at tention given to Union Pacific was not forthcoming beyond the assertion that the buyers who were influential in last weeks movement In United States Steel had diverted a large share of activity into the railroads stock The market closed irregular. but with renewed upbuilding of Union Pacific for sustained purposes.
 The statistics of the Copper Producers association for October were a distinct disappointment of the more sanguine of the expectations which have been fos- tered by stock market tips fer some time past The publication. also, was made in advance of the usual period for its ap- pearance, with the result of suggesting purpose to hasten the disclosure of it's contents. The early publication concided with active circulation of rumors con cerning the copper trade and a supposed intention to advance the prices of the copper industrials. Copper stocks were reduced to the extent of e.531, 800 pounds during October. but this compares with decrease of 2O,2S7, 531 In September. Pro- duction in October was almost 7,000,0o0 pounds greater than In September and daily averages as we'll as the total ex- banding. Deliveries for the same period fell off, especially those for export, which were e.9oo,oOO pounds below those for Sep tember Thus the result of the promised curtailment of production are still fur ther postponed. The effect of this show ing on the copper industrials was partly neutralized by the revived rumors of har- monization of the principal American cop per interests.
 Railroads in the southern group showed some special strength owing to the de- cision of the interstate commerce com mission in favor of rate advances asked for
 The money position remained uncertain. Time loans were strong and call money again touched 4s4 per cent last weeks maximum. The private discount rates ad- vanced in London. The foreign exchange markets here continued to recede, the Paris exchange rate especially yielding sharply This was corroborative of the assertion that Paris bankers advanc- ing funds to New York borrowers on finance bills. The large part played by American cotton imports in the increase in Great Britains foreign trade for Oc- tober foreshadows another extremely fa- vorable trade balance for this country in the forthcoming October report
 An unfavorable impression was made by the unsettled express drivers strike in New York city, the threatened tariff dispute with Germany over the potash trade regulation reflected in weakness in the fertilizer stocks, the unfavorable showing of thrilled orders on hand to be made by the United States Steel cor poration in the statement for next Thurs day and the reported postponement of the opening of the Chicago, Milwaukee and Puget Sound railroad to through pas senger traffic until next spring.
 Bonds were irregular. Total sales par value, S,s27, 900.
 United States bonds were unchanged on call.