The Birmingham age-herald., 1910-10-15
IGT ] OF STOCKS
 onOW BETTER TONE
Another Active Day is Added
 to the Movement
CALL LOANS ARE HIGHER
Dealings in United States Steel Are On Heavy Scale and Led All the Stocks in specula-
 tive Activity

|9 New York, October 14.-Another active day was added to the speculative move ment of the rise in stocks which emerged this week from the creeping upward movement in evidence for some time. Re- vival of speculative activity remained without more specific explanation than the growing encouragement fostered by the imposing promise of the crop yield
 Loans on call made today carry over until Monday and the exemption from any severe strain today built up conf dence in the amplitude of resources. The special requirements in addition to the stock market activity, to be met in the payment of large sums tomorrow for div idends and interest, made the tranquility of the money market the more noticeable and increased the belief that resources would be returned to the money market next week. The preliminary estimates of the weeks currency movement indicated that, outside of the drain on the sub treasury operations. the express ship ments with the interior had yielded some balance of cash in favor of New York. It was computed that the sub-treasury withdrawals of $4,914,000 would be offset to the extent of over $10o0,000 by this means. The higher call loan rate this week is believed to have proved attrac- tive to the trust companies and other in- stitutions outside the clearing house and so relieved the demand on the banks for credits in connection with the stock mar ket activity.
 The selling in the afternoon reaction sobviously was induced by the attractive profits accrued and there was no furry In nsmoney.
 The dealings in United States Steel were on an enormous scale and recalled the days of great market movements of the past. The growing congestion or the dealings in this one stock had the effect of begetting some suspicion of the gen eral movement on the score that desire to distribute a great accumulation of this stock in the hands of powerful pri- vate bankers lay at the back of the present market movement.
 The immediate news from the steel trade showed no explanation of the ap- parent heavy accumulation of this stock. There was heard the contention that events of the last few days have shaped themselves in favor of the demand of the railroads for advances in freight rates. It was asserted that while the full in- crease asked by the companies was not likely to be granted, 1t was probable that compromise settlement would be arrived at which would allow an effectual increase in charges for freight traffic. It was expected that the assurance of increased revenues to the railroads will release large orders for material from that source which have been held in abeyance while the rate question was be- ing argued
 Something was made of the plan an- nounced for the establishment of guar antee company to satisfy the demands of foreign bankers regarding cotton bills of lading.
 Among bankers and among cotton deal- CTS, the plan was treated with some re- serve, leaving open doubt whether definite settlement of the disagreement has been arrived at
 Bonds were firm; total sales, par value, s4,S11 GOO.
 United States bonds unchanged on call.