The Birmingham age-herald., 1910-10-04
MUCH BETTER TONE
 IN STOCK MARKET
Prices Close Weak in Spite of
 Revived Trading
DEALINGS SCATTERED
to Few Trading Stocks and When They Become Quiet
 Prices Drop

New York, October 3.-The stock mar
 ket today gave further evidence of pass
 ing out of the hands of the narrow ele-
 ment of the board room traders, which
 has engrossed the dealings for many
 weeks. There were signs of a re-entry
 of operators of larger resources and of a broader scope in methods. The re- appearance on the tape of blocks of 750O
 to 10000 shares of United States Steel was regarded as suggestive in this di-
 rection. The effect was to renew the
 congestion of the dealings of a handful of speculative favorites and to throw the market out of balance again. The concentration in United States Steel,
 Reading and Union Pacific became pro-
 nounced. Prices were not well sustained
 in the latter part of the day and the
 closing was rather weak.
 The board. room traders expressed their solicitude over the Saturday bank
 statement by selling stocks after the opening. These offerings were so aggres- siTey absorbed that the traders were driven to retreat and they helped the advance by rebuying stocks. The first quotation for call loans was at PA per cent, and the fixing of the renewal rate
 at that figure queted any apprehension that was caused by the s5,000000 figure 1 to- which the actual surplus had sunk in 1 the Saturday bank statement. It was evident that the heavy decline in cash holdings last week was attributed to l temporary causes and that confidence was felt in. an early return of part of that cash. The New York money mar l~~@ c1n tha I passing of periodical settlement than for aei9n markets. The discount rate hard Tened in London today, but the Bank of England secured the available gold in | the London market without competi- l ti3n. The weekly statement of the Inn
 peria Bank of Germany made strik- !, ing showing of the severe strain of the l October settlement at that center as well | as it's quick passing. With an increase ] iii loans and discounts of 900 and
 an expansion of note issues of $125,592, GOO. the cash holdings of the Reichs bank
 were drawn down at the same time over { $40 GOO as the result of the weeks
 operations Yet the private discount rate in Berlin receded A to per cent today 1 sThe London stock market was strength ened by the assumption that the labor ltroubles with the Manchester spinners | were settled The refusal of the terms I was reported later and acted as check [ on the rising tendency here. The early news from Manchester stimulated an ictive demand for cotton in New York sand the government report of condition iof the crop sharpened the demand still further.
 This was factor in the easier tone lof the foreign market. The disappoint- ling showing of the government report ldid not preclude stocks of railroads in lthe southern region from sharing fully lin the upward movement of the day. The indicated restriction of the years tcotton yield, considered in connection with -.the small supplies carried over from the last crop, present problem lthat cannot but have bearing on the general industrial outlook. Wet weather 1in the corn belt caused an uplifting in ithe price of that cereal.
 1 Bonds were firm. Total sales, par lvalue, $1,9S0.000.
 United States bonds unchanged on call.