The Birmingham age-herald., 1910-10-26
PRICES OF STOCKS
 MAKE FEW CHANGES
Contrary Forces Keep Fluctu-
 ations in Narrow Limits
A CONFLICT OF VIEWS
Foreign Money Markets Are Closely Watched and United States Steel Is Supported Announce
 ment of Dividend

New York, October 25.-The contrary forces in the stock market today were sufficient to hold the price movement all most suspended. Dealings were highly concentrated, both on the buying and the selling sides. This was true not only of the congestion of operations in three or four stocks, but in the large orders ex- ecuted by single firms. The effect was to suggest a conflict of views between strong speculative operators. The deal fngs fell to low point of activity in the Intervals betwe4n the transactions on a large scale. The rise in the call money rate shifted the wavering sentiment to the side of depression and made the weak closing.
 An attentive eye was fixed on the de- svelopments in foreign money markets in conducting operations in stocks There was considerable pressure of selling or iders for foreign account in the opening sdealings and these were an element in the early weakness displayed by stocks. The London selling was accompanied by fntimations that fears were felt there that the Bank of England would make another advance In its official discount rate at an early day. This view seemed to be modified to some extent by the gain of $2OO,000 gold on balance by the sBank of England on the days operations This sum agreed with that named as .the amount advanced by the Bank of France on three months discount bills from the London money market yester- day The decline in the tone on exchange lrate at Paris today served as additional sconfirmation of the report While the amount is comparatively small, the transaction Is significant as indicating ithe policy of the Bank of France to accord assistance to the English money market and presumably to operate against a further rise In the Bank of England ediscount rate.
 The prospect seemed to relieve anxiety tn New York and was called factor in the firmer tone developed in the stock market. The reported assurance offered by the president of the Imperial Bank of Germany that the tendency of the dis count rate was downward was of like eff feet
 The sub-treasury absorbed another large sum from the New York banks, bringing its total withdrawal of cash for the banking week up to s2S42,O00 The call money rate went to per cent in inc afternoon, the highest since May and counteracted the London money influ- ence.
 The sluggish resistance of the general list to depression was helped by
 
 which was not explained by special news. The price of copper declined in London and there were weak points in the metal group. United States Steel was supported. on the assumption that a favorable construction could be placed on the quarterly statement although that return was not to be published until af- ter the close of the days business The publication on the 10th of each month of unified orders on hand at the end of the preceding months covers what has been one of the most important points in this quarterly return hitherto. It was taken for granted that the net return at cthe lowest estimated figures would afford so wide margin over the dividend requirement. as to suggest security and stability for the dividend rate. The con- fidence in an early revival demand from the railroads is relied on to offset the fact that present production, although on reduced scale, is so far in excess of bookings of new orders as to indi- cate a substantial shrinkage in the amount of unified orders for the next monthly showing.
 There was : a mixture of misgiving over the steel trade position, dislike of the strong advance in the cotton market and uneasiness over the advance call loan involved in the late weakness of stocks.
 Bonds were irregular. Total sales, par value, $2,960,000. United States bonds were unchanged on call.