The Birmingham age-herald., 1910-09-20
STOCK MARKET IS
 IN WAITING MOOD Prices Change Little Either
 Way for the Day SELLERS ARE SCARCE
Immediate Events Have Little Effect Upon the Market Which Is Mark ing Time Until Elections
 Occur

NeW 1ofk, September 19.-The stock market today showed nothing so closely as insistent determination to mark time and to await events. An opening decline In prices disclosed some buying demand at the lower level, which was dversely attributed to supporting orders by those Interested in the proper ties and to an uncovered short interest. The latter sup position was given color by the increased borrowing demand in the loan department at the stock exchange, where money is necessary accompaniment of short selling, but it is possible to stimulate short interest by sellers of long stock borrowing for delivery and retaining their own shares. The borrowing de- mand was most noticeable in the few stocks which have constituted the bulk of the dealings for a long time Relief from selling pressure in those was suf- fcient to affect the tone of the whole market. The net changes at the end of the day proved inconsequential.
 Immediate events had little effect on the market In view of the importance attached to the outcome of affairs in the more distant future to which more
 
 elections and the supreme court deci- sions In the trust cases. There was a drop of 2 points in the shares of the American Sugar Refining company, which was ascribed to the new suit in- tended for it's dissolution. Reports of a conference at New Haven between the president and ex-President Roosevelt was read with interest in Wall street, but with no very clear conception oe the bearings of the event on political purposes.
 The reopening of the railroad rate hear ing at Chicago is looked upon as start ing an important stage in that proceed ing which may define more clearly the scope of the task confronting the inter- state commerce commission in shaping method for fixing freight charges It is expected that a weight will remain on speculative activity in railroad se- curities until more light is obtained on the outcome of the rate inquiry.
 The Sunday weather news was con-, sidered favorable for the corn crop, on which principal interest now converges
 The prediction for cooler weather again brought to mind the frost hazard and deprived that factor of influence in stocks.
 rise in the price of copper in London was an incident of the day. Steel trade advices were not altered in tone, the expectation persisting that lower prices for finished products will be soon an- nounced. The analogy of the after ef- fleets of former cuts in prices in stimu- lating demand and in marketing a turn in stock market movements left specu- lative ideas halting and undetermined over the prospect. Railroad traffic off, ficials were reported as speaking cheer fully of business and of prospects. The small competition manifest for the weeks arrival in gold in the London market had a quietlng effect on money markets. Last weeks loan expansion of the New York banks is said to have been for account of southern financial centers and obviously represents prep arations for possible contingencies in the cotton bill controversy with foreign bankers. The decision of this dispute will be welcome relief for the financial community from troublesome element
 Bonds were irregular.
 Total sales par value s1,479,000.
 United States 2s declined k per cent in the bid price on call.