The Birmingham age-herald., 1910-11-02
NJ INCENTIVE ID
 DEALING IN STOCKS
Movement for an Advance Is
 Abruptly Dropped
THE TONE IS IRREGULAR
United States steel Is Neglected and Few Other Stocks Arc Active Brokers Are Waiting for
 Election Time

New York. November 1.-The stock market today reflected an almost total aba ndonment of the operations which have kept up an appearance of anima- tion for some time and which have been attributed commonly to powerful private banking interests. There was striking ! shrinkage in the total volume of the transactions, but what was most re- narkable was the. heavy decline In the ]. proportion of the dealings in United States Steel to even more diminished volume. Compared with a share equal 5 to one-third of the total yesterday and for several days last week, United States Steel accounted for barely one-sixth of the dealings today. The attitude toward , the market on the part of it's packers seemed to be confined to protection against bear attacks. Supporting orders were encountered on the morning decline and a rally ensued. Fractional gains were retained at the close but the tone was irregular.
 A factor in the intense dullness and neglect of the dealings was the holiday in foreign markets. the London and Paris stock exchanges being both closed on account of All Saints Day, according to custom. The determination to await the outcome of elections before further mar ket commitments also played part in the restraint on the speculation.
 Cleveland, Cincinnati. Chicago and St. Louis stock was made the object of an unpleasant demonstration of the thinness Of the market and of the indifference 11.. to a single hundred share lot of this stock found the market bare of bids above 61, although sales were made yesterday at If and the bid at the close last night was G. The 100 shares were sold, there fore, at 61 Within half an hour an other 100 shares were bought at 69 and there were sales late at 7O The incl dent was regarded as regrettable as inl- plying unreliable market conditions and a position vulnerable to artificial influ- ences. Carelessness in the execution of an order was claimed for the cratic course of the stock rather than any de- velopment bearing on value. The Sep tember earnings published later in the day showed reduction in operating in- come through the expansion of operat- ing cost in somewhat larger ratio than X the average of other railroads report ing There was a disposition to hold
 
 sponsible. New York Central also was heavy during the morning. Official as- surances were issued that the roads car movement is now running at the largest figures in it's history.
 A rise in the price of copper In Lon- don, an increase in October exports of the metal. 8 decrease in the visible sup ply in the two weeks to November l were instrumental in raising the price of the copper industrials. Published statements by officials of copper com Tpanies alleging favorable trade condi- tons also had some influence. There was a rise In the call money to 41a per cent, the highest for the fall season.
 The progress of the November money settlements was held responsible. The sub-treasury withdrew cash from the banks again. Foreign exchange rates declined Rates for time loans were very firm, influenced by scanty offerings rath- Ter than by any active demand. The az gressive advance in Canadian Pacific to a record price of 2021a was a sustaining Influence on the general list.
 Bonds were steady Total sales, par value, $1.994.000.
 United States bonds were unchanged on call.