The Birmingham age-herald., 1910-11-11
MORE BULL|sH TONE
 IN STOCK MARKET
Profit Taking By Shorts Causes
 an Upturn in Prices
CHANGES ARE VIOLENT
Iy Shorts Begin to Sell for Profit and Offerings Are Quick
 Iy Absorbed
New York. November 1o-rhe violent

r7s rsHi- aes stocks in the w sAsa assflg1 suggests a 5s ssigIaa s= a stock market st rasts I 8azaz results, al- fss @ esszs in line with fe espsets seas aif4e prices were 4t4ss4es5e aasszsH# ta .ns election. In
 as os5as = tr Il overturn,
 eveE 8 aaa via ntly has ex- eeedae che sz7s Esae the financial rerIn4l1##y z i5e be counted ea ssof .efa afa s ricted than were looked for. and open up a per spective that is disquieting by reason of t,e difficulty of estimating 1t.
 Uncertainty and changing conditions of fer prospects of unsettlement that are distasteful to financial markets For the most part. however, the after election action of the market is accepted simply as a demonstration of the futility and unwisdom of the market operations which preceded the event. These consisted in extensive accumulation and bidding up of stocks on the assumption that the pass ing of the election would release an ac- tive demand, which was held in suspense pending the settlement. So extensive had been the process of accumulation that effective reduction of the holdings seemed necessity. The condition was sum marized in the expressed determination of professional traders in stocks to bull the market whatever the result of the elections.
 The congestion of profit taking sales found nothing of the expected demand to absorb 1t. The professionals offered prices down boldly when the vulnerable position was discovered. Tho require ments when they attempted to cover were responsible for the vigorous rally which brought the market to a strong closing and with large part of the de- clines wiped out.
 Various unfavorable factors, ignored while prices were on the upgrade, came in for more serious consideration with the decline in force. The amount of the de- crease in orders on hand of the United States Steel corporation during October has been foreseen with great definiteness almost from the time of the previous months report. The publication today was accompanied by an explanation of a change in the basis of computation, which improved the comparison with the for rner low record showing. The fact that on its face the report showed the low record tonnage of unified orders on hand was seized upon, nevertheless, in the de- rressed mood of the speculation as evil dence that the present price of the stock Nas far out of line with former lean periods of business in the industry. The enormous transactions in United States Steel on the down grade overwhelmed the whole list.
 The spread of the express drivers strike in New York had a very disquieting in- fluence on sentiment. Its influence went far beyond the issues immediately in- volved in the dispute and looked abroad to the whole question of unadjusted agreements which must come up with the expiration of their terms in the course Of the next few months. The attitude of the locomotive engineers of western railroads in terminating negotiations and submitting 8 strike vote to the member ship was an example of the way the matter is expected to develop.
 The call loan market grew easier, af- fected in part no doubt, by the liquida- ton in progress in the stock market The time loan division also reported an easier tone.
 The banks in England and France made strong weekly returns. the former reflect ing large payments by the money mar ket and also some borrowing from the money market by the banks to keep it's official discount effective. The note con. traction of the Bank of France for the week reached $41,0O0,G00 and the reduc- ton in bills discounted $82,170,000 without any effect on the stability of the private discount rate at 27s per cent
 Bonds were irregular. Total saleS, par value, s2,272,000 United States bonds were unchanged on call.