The Birmingham age-herald., 1910-10-25
WAITING ATTITUDE IN STOCK MARKET Prices Show Little Change in
 the Days Trading RATE QUESTION IS UP Many Vague Rumors Account for the Hesitnting Mood of the Market
 and Freight Rate Matter Is
 One of Them
RATE QUESTION IS UP

< New York, October 24-Speculation in stocks showed disposition to adopt a waiting attitude, with increasing weak ness during the day, pending the work ing out of developments in the money market abroad and the confirmation of reports on which the recent advance in stocks was based. The most influential of the reports have centered about steel trade matters. Some of them have gained fin definiteness since they first began to be heard and have lost something of Predibility and of influence as a result. For instance, the statement took explicit form today that steel trade authorities have received advices that an under standing has been reached with regard to the matter of higher freight rates, whereby the interstate-commerce com mission will permit the various roads to advance tariffs to the extent of one-half of the rates specified in the application, although the decision of the commission in detail will not be announced until February.
 The fact that the hearings in the rate case have not been completed and the matter on which final decisions are to be made Is incomplete made this assertion of a conclusion already arrived at seem Y. picion lin the speculation, where confl- dence had been shown toward the vague surmises of the probabilities of favorable Germs for the railroads in the decision on rate advances, based on the knowledge that the advances named in the applica- tion were greater than were expected to be granted.
 In the same way assertions that the railroads were actually specifying to the steel companies the amounts of future purchases did not carry the same argu- ment as the surmise that such purchases cannot be much longer delayed, owing to the urgent needs of the situation. The effect on speculative sentiment was to create the suspicion that alleged infor- nation on these points was less author itative than has been claimed by those protesting knowledge. Like doubts were aroused over the recently heard claims that the government authorities were to report favorably on the status of the United States Steel corporation in re- ply to resolution of Congress. V
 Some apprehension was felt over the effect in Congress of facts said to have been secured by the bureau of corpora tions of the albtment of steel rail pro- duction by an international pool of steel rail manufacturers. The course of money and exchange rates did not offer very strlklng developments but the belief that higher money rates were probable held stock market operations in check India shared with the Bank of England In securing the Monday supply of south Africa gold. London sold stocks freely in New York, as often happens when London is under pressure to supply gold
 Importance was attached to reports that the Bank of France had discounted y2.OOOOoO efsthe1 Bank of England three months bills against gold. This was supplemented by report that the French bank had shipped s1000,000 in gold to Egypt, relieving by that much the de- mand from that quarter on the Bank of England. An early advance occurred in foreign exchange rates here The ma turity on November 1 of s13O00,OOO of New York city notes due in London is a fac tor in the exchange market for which provisions has been made. according to statement of bankers concerned in the transaction. Sub-treasury operations have withdrawn s1,s00,000 from the New York banks for the new banking week. A renewed demand from the south and west for cash was reported by some of the banks today.
 The price of copper was lower in Lon don. The sustained production for Sep tember annonnced today by the Utah Copper company affected conditions in the reported agreement for curtailment amongst the principal producers.
 Bonds were steady. Total sales, par value. $2.O29,O00
 United States bonds were unchanged on call.