The Birmingham age-herald., 1910-11-15
NARROW MOVEMENT
 IN STOCK MARKET
Prices Are Stronger Under
 Professional Trading
MONEY MARKET EASIER
United States Steel and Union Pacific Lead in Activity and All Stocks Arc FavorabIy Affected By
 the Upturn

New York, November 14-The stock market narrowed into a professional groove again today. An organized party in the speculation took up the movement on an advance in prices where it left off on the eve of the elections. Apparently the conviction that proft-taking sales prompted by the election were cleared up by last weeks operations offered the prin- cipal basis for the revived movement The scanty offerings of stocks at any level of prices today went to justify this assumption and gave facility to the at tempt to lift prices. The advances, in fact, were accomplished on light trans actions in the absence or obstacles to be encountered in the form of heavy selling orders United States Steel, Union Pa cific and Reading still absorbed an over whelming proportion of the total deal ings. Union Pacific moved into second place at the top of Reading and in the first hours business actually out numbered United States Steel in the num- Der of shares which changed hands. In the later stages the trading became lan- guid, but most of the gains were held.
 The prominence of Union Pacific in the dealings was accomplished by the crcu- lation of rumors that it was to be ad- mitted to the Paris bourse. A similar rumor regarding United States Steel ap- peared from time to time at all stages of the violent speculation that stock last year. The failure of the movement to secure the Paris listing of steel was re- ported to have grown out of the compli- cation of the subject with governmental policies. the French authorities seeming to hold that they could influence the United States government to grand tariff concessions to French imports in return Tor the privilege of admission of Amer ican securities to the Paris bourse.
 The evident hopelessness of any such reciprocal concession makes its require ment bar to effective action. Hints that the recent change in the French ministry might change the conditions went with today's stock market move ments Interests with French banking connections were credited at the same time with large share in the days deal ings. No authentic information could be had on the alleged Paris listing prospects.
 A sustaining influence for stocks was the good showing made by the banks in the weekly return on Saturday, The substantial gain, especially the reduction In the excess of loans over deposits made an impression of growing health in the banking position. The call loan market was easier in consequence There was & decline in the private discount rate in London as~well. The Monday offerings of South African gold went to the Bank Of England. marking the successful pro- gress of the recuperation of that institu- ton. The disturbing effect of British politics In the London stock market had no effect here, in view of the exemption of the London money market from the disturbing influence. Buying for London account. in fact, played a considerable part in the strength of the days stock market. Some shifting of speculative holdings of stocks from the New York to the London market might have played part in these dealings.
 The Issue of the controllers call and the New York banking departments call for reports on an even date will give op- portunity for accurate knowledge of the actual banking position with due allow ance for relations between states and na- tional institutions The return to work of the striking express drivers in New York relieved stocks from one factor of depres- sion.
 Bonds were irregular. Total sales, par value, s1 ,629,000. United States 2s regis- tered advanced # per cent on call.