The Birmingham age-herald., 1910-10-27
LITTLE STRENGTH
 SHOWN IN STOCKS
Factors For An Advance Are
 Almost All Lacking
SELLING IS GENERAL
Technical Position Of the Money Mar ket Does Not Favor a Rise and Market Closes With
 No Advances

New York, October zo.-lhe waning ii- huence of some of the factors which have been relied upon to lift and hold the prices of @tocks became evident today in the stock market. The growing firm ness of the money market made more positive force on the side of depressions a,he technical position was in favor of the party of reaction as result of the action of the holdings in the course of advance with no other purpose than to resell at a profit. Such selling was heavy at times, but closing prices were above the lowest.
 The net earnings for the quarter re- ported by the United States Steel cor poration was almost exactly in agree ment with estimates current in the stock market for several days preceding. The showing there had lost all mower to stin- ulate activity, except as there were some realizing sales to make demand for the stock. In the effort to support the stock there was a revival of the rumors which have supplied the real basis for the recent strength of the shares.
 The report was reiterated that bankers in Wall street have received assurances from Washington that permission to the railroads to make at least part of the increase in freight rates which have been requested might be relied on. The yu- nors caused suspicion of its reliability owing to the obvious impropriety of the understanding hintel at and the likeli- hood that the report of 1t might cause agitation for an improvement that might hurt rather than help the railroads Much of the recent speculation has hinged on this alleged understanding and the ef- fects to How from 1t in the form of early orders for material from the railroads. The close restriction of new purchases by the railroads up to the present is as- sociated, in the opinion of stock market operators, with a purpose to influence their contention for higher freight rates by offering the example of the harm to general industry by limiting their re- sources.
 Subtreasury operations took another large sum from the banks, bringing the total for the banking week to s4.1so.ooo. A credit balance for the go oyernment in- stitution and the clearing house pointed to another large addition to the weeks withdrawals tomorrow. The interior de- mand for currency was again unexpect- edly increased this week. This meets the necessity for preparation for the Novem- Der 1 settlements. which include the ma turity of large obligations in London and the running out of the period when pen alties begin to accrue on the non-pay- mt of the call money yesterday and today is looked upon therefore as a mere pre- liminary to even higher rates next week. It is suspected that the rise in the dis count rate in London is having the ef- feet of inducing transfer of Canadian bank balances. which are large in New York. to the London market. The pri. vate discount rate in London today rose to within shade of the official bank rate indicating the success of the bank in making It's rate effective. The supposi- ton, therefore, was against an advance in the official rate tomorrow.
 The high rates of interest charged at the London stock market settlement for carrying over Americans was a symp- tom of the money strain. The fall in British consols to 7S% marked so rapid decline In that premier security as to demoralize investment issues. The whole problem of interest rates. investment re- turns and the high prices of commodi- ties is brought sharply into relief again by the episode.
 Bonds steady. Total sales. par value, S2,5740O0. W 5s s r.T
 United States bonds unchanged on call