The Birmingham age-herald., 1910-11-04

New York, November 3.-The specula- tive element advocating higher prices for stocks rallied their forces today and lifted quotations. The professed grounds for the movement were the steel and copper trade advices. The dealings were called 's-''-- -->f--~ir~er --h tle efforts to ee Yrids helped by the
 "a. sae sga. inssfet,s which has l atrHHrff 1f the reaction TH a ates Steel ex- #aassf Nnr in the neigh fl5aaoG f a rice stop loss e#sj4es fei T f. 5aefs. rts seemed to
 .....,Sa zLa ah selling of the stock and profit taking became large again at further fractional advance, making the waging of a speculative con test between forces nearly balanced. At Soss, a new high level for the. move nent, little business was done and the whole market closed very dull on the advance.
 The principal news from the steel trade consisted in the statement of the Iron Age that buying of steel rails by the rail roads for 1911 had besn begun. The transactions specified we're not large but
 
 policy of abstention from buying ma
 '- --'ach has been closely followed by ss ,ads during the progress of the ate ing was being abandoned. The re1t~s were concentrated in their 'eiFss when the movement was re- fse by consideration of the effect to
 ted from the publication on the
 he month of the tonnage of un- nled orders on the books on November tl.1 &l.I. a ( first of the proceeding month and the knowledge that production on old orders has been running well ahead of the re- ceipt of new orders, it is believed that the coming statement will show a new low record for unified orders.
 On the side of the copper trade there were reports of some of the principal pro- ducers holding for higher prices and of sales to foreign buyers of large amounts for delivery in December and January. Such reports were unofficial and uncon- firmed, according to the custom in the trade. Their influence was enhanced by inspired intimations of better conditions and higher pyices to be looked for in the futura. tMe imputation being that the policy Ackrtailment of output was to be relied on for the result. London re- ported a decline In the price of copper metal today and this had the effect of
 
 ties.
 The call money market did not show the expected relaxation, the rate holding at { per cent or above, for the first time in the fall season. The weekly statement of the Bank of England disclosed a large reduction of other securities, refecting payments by the money market to the hank by reason of the easing of the out side money market. The bullion item also showed tlie benefit of the weeks inflow A further easing of the private discount rate today showed the loss of control of the money market by the bank. Co., incidently. there was a rise in the official discount rate of the great Indian banks in conformity with the active demand in these fields, from which is expected to result demands for gold on the London supply.
 The reported revival of demand for steel products and for copper spread it's infu- ence to other industrial securities by the assumption that improvement in these trades must be followed by general in- crease of activity.
 Bonds were irregular. Total sales, par value, $2.142,000.
 United States bonds were unchanged on call.