The Birmingham age-herald., 1910-11-23
QUE TNESS RULES
 IN STOCK MARKET Bankers Are Satisfied to See
 Limited Business WAITING FOR FUTURE
rinanciers Are Content to Drift Along Quietly and Lay Up Resources Against Possible Fur
 ther Decline

New York, November 22.-The market sank into deeper neglect today and the price fluctuations narrowed correspond ipgly. This quietness is considered sea- sonable and desirable by the banking element. who rely upon moderate de- mands on banking facilities from the speculative element to carry through the requirements to the end of the year The present easing tendency of the money market and the strength of the New York banking position have been brought about with that end in view and to pro- vide resources for present active spec ulation.
 The particular need for fostering care of the money market this year was the outgrowth of the course of the govern ment finances, the current deficit of the revenues offering no opportunities for in- tervention in the money market by the treasury department with the protective measures which was a feature of the autumn money periods of few years ago. In addition there had to be con- sidered the abnormal foreign trade posi- ton, which had provided an excess value of imports over exports of merchandise for several of the earlier months of the year. At a time, therefore, when inn ports of gold to the New York money market are often going on, foreign money markets are opposing obstacles to any withdrawal of gold and were engaged in securing their own urgent needs.
 In the opinion of bankers and finan- ciers of authority the primary requisite np ho rIr ,Iyat tc tr, find means for taking up bond issues which are in contemplation by the great est railroad corporations. An active stodz market speculation which should take up banking resources as fast as they are released from the task of moving the crops would interfere with coming bond hotations.
 The criticism of the attempts of spec ulative pools and organized parties of operators to stir up speculation is pro- noted largely to this consideration Its growing influence was seen in the sub siding volume of transactions in todays market.
 The London stock market was in some such state also, in the presence of the political contest which confronts Great Britain.
 In the home field the unsettled outlook in the steel trade Is a paramount factor in the speculative situation. Reports to- day of cut in prices of structural steel by the Carnegie company were current.
 An interview with Chairman Hill of tho Great Northern was not calculated to stimulate speculative enthusiasm and its assertion that we must expect to reap the whirlwind was discussed at the stock exchange.
 The annual report presented by the ex- ecutive committee to the Railway Busi- ness association also was circulated in the financial districts and the industrial prospect which it painted was not of cheering effect on sentiment, although allowance was made for the effect intend ed in strengthening the railroads con- ton for higher freight rates.
 Money conditions were not materially changed. The easing of the tone remains without effect on the stock market for the reasons explained. Some demand for stocks from uncovered shorts resulted from the free selling of yesterday. Out side of that there was little to sustain prices and they drifted to lower level towards the end of the day.
 Bonds were steady. Total sales, par value, s1,714.000.
 United States bonds were unchanged on call.