The Birmingham age-herald., 1910-10-29
PRICE CHANGES IN
 STOCKS ARE SMALL Transactions Are Limited to a
 Few Leading Issues STEEL IS THE LEADER
United States Steel Corporation Shares Are Advanced to High Points But Reaction Comes Be-
 fore the Close

New York, October 2S.--A shrinkage today in the volume of the total trans actions in the stock market coupled with a marked rise in the proportion of the dealings in United States Steel had some connection with the feeling of suspension engendered toward the market operations on that stock.
 The price was lifted at one time to S0A, which is higher than it has been since April last. The individual trans actions at that level pointed at an almost exclusive participation by op- orators of large caliber. The burden of realizing sales at that point also aroused doubts of the proper progress Of the movement for the rise
 The general list moved closely in sympa thy with United States Steel. The days transactions in that stock reached 1s9,900 shares out of a total for all stocks of 539,100 shares TkD dealings In Union Pacific and Reading combined were less than those in Steel and the rest of the market was minor frac- ton.
 The sharp relapse when Steel fell , back was followed by slow recovery, HIldl pTlCeS DelnS Dltle CldHBeQ on ln6 day. Besides the doubts aroused by the weight of the realizing sales in United States Steel money outlook had its share In restraining speculative enthusiasm. The days sub -treasry statement showed a total of s6,442, 900 cash withdrawals from the banks for the week. There was another $1.OO0.000 In gold engaged for export to Cam ada. The express movement of cur rency with the interior seems to have yielded @ small balance in favor of New York, the sub-treasury opera tions having been on account of pay ments of drafts from interior banks on New York balances in payment of. obligations to the government and rep resenting to that extent an indirect relief of interior requirements A de- crease in cash reserves of the banks for week of upward of s6,0000 is thus indicated. While not sufficient to exhaust the actual surplus as it stood last Saturday, above $1O.000.0OO, such a rate of depletion is sufficient to call for some loan contraction to safe guard the surplus. A rise in the rate of exchange on New York at Chicago to premium today was indicative of a turn in the currency movement from that point in favor of New York
 The decided relaxation in the for eign exchange market also indicated an easing off of the pressure from foreign money markets. It was re- ported from London that the Egyptian demand for gold showed signs of sat isfaction and the tone of the London discount market was somewhat easier ln consequence. Money on call in New York was held down to BIZ per cent, or below, in spite of the near approach of the November requirements
 Supplies of funds for time loans are diminished and rates tend upward, while the demand for commercial pa per is inadequate to take care of of ferings.
 A sharp break in American Smelt- ing was an 'unsettling influence on the general list Criticism of financial plan reported to be In contemplation for the adjustment of relations with the subsidiary of the Shelters Securities company had depressing effect on the stock.
 There was much discussion of pros- poets for railroad rate advances Post ponements of additional changes which were proposed for November were made the occasion for lessened confi- dence in the predictions of success for the railroad contentious.
 Bonds were irregular. Total sales, par value, $1,45A000.
 United States bonds unchanged on call.