The Birmingham age-herald., 1910-11-10
GENERAL DECLINE
 OCCURS IN STOCKS Results of Election Fail To
 Garry Prices Up LOOKING TO FUTURE Brokers Turn To Other Developments in Finances Rather Than Political
 CheclSerboard and Become Bearish

New 1ork, November 9-1ne seocn market today turned back on the results of the elections with characteristic pref erence for future over past influences as field in which to search for motives of action. The demand which it was hoped would be stimulated by the passing of the elections failed to materialize and selling to take profits had to be done on de- scending scale of prices in consequences The amount of proft-takng sales was large and the effect on prices acute and of growing effect as the day progressed. Final declines reached from to S1s points for leading stocks.
 Turning from the elections and look ing ahead there were found several matters of disquietude which had their part in pushing the selling movement. The passing of the dividend on Sloss- Sheffield Steel had been looked forward to for some time past, and the officials of the company had as part explanation an accident to apparatus which had em- barrassed operation. The minor point In the existing depression in the iron mar ket and the accumulation of production allowed in the explanation did not rre- vent due consideration of that subject in the stock market. It's point was sharp ened by the belief that tomorrow will see a report from the United States Steel cor poration of the tonnage of unified orders on hand November 1 which will carry a lower figure than any statement ever before issued by the corporation.
 The effect was to obscure the confidence 4x, fs, ho Ia xvb has been diligently fostered in connection with the speculation for the rise in stocks. A doubt took shape whether the demand for material from the railroads would take on larger proportion while the question of higher freight rates is still open.
 The problem of enlisting capital for such expenditures even after allowing the i rate increase took on more im- portance with survey with a heavy requirement upon the world mar kets. Suggestions of possible relief for the local money market by gold imports from Paris received little countenancs from international bankers. One of the most prominent of them. newly arrived from visit abroad, expressed his con- yiction that the price of capital Is to re- main higher and that corporations need ing it will have to recognize the condi- tion by selling securities. even those run ming for long time, at reasonably low figures.
 The taking of a strike vote by the loco- motive engineers of western railroads di- rected renewed attention to another source of embarrassment confronting the railroads.
 The local strike of express wagon driv- CTS gave the subject of the labor troubles more vivid force In shaping stock mar ket sentiment.
 The German potash law was a specific cause for the weakness of the fertilizer stocks.
 Call money went no higher than AS per cent and yielded to below 4 per cent, but time rates were firmly held. The foreign exchange market was firmer at higher rates.
 Bonds irregular Total sales, par value s2,137,0O0.
 United States bonds were unchanged on call.