The Birmingham age-herald., 1911-11-21
UULL Al TERNOON : ON STOCK MARKET
Trading Falls Off Abruptly on Exchange-Heavy
 Selling U s. Steel

New York. November 20--Trading fell off abruptly today on the stock exchange The afternoon session was the dullest of several weeks and the total of trans actions was considerably below the re- cent average. The market seemed to be waiting irresolutely for some new inn pulse to determine It's course. after it's delay of more than half of the losses sustained during the long summer decline. Quotations rose and fell within a narrow range until shortly before the end of the day, when the market became weak and some of the principal stocks. includ- ing United States Steel, Union Pacific, Northern Pacific and Great Northern pre- ferred lost point or more.
 General recession of American stocks in London exercised depressing effect, which was heightened by heavy selling of United States Steel in the early trad ing and further break in the Wabash stocks and bonds. Bear operators con- centrated their attack on United States Steel, because of the meeting of the Stanley committee for resumption of the steel investigation. The whole list weak ened.but losses were small and the bears were not permitted to have the advan- |tage for longs Stocks were absorbed |so readily that the list held steady after |the first break. Pressure diminished and the market began to gather strength. IA few stocks, including Reading, some |of the copper issues and several south Tern roads. rose from 1 to points above IS3tJIrdaVsq In main were surrendered when the market |5old off late In the day.
 The demand for Amalgamated Copper land Utah copper, which made them con spicuously strong during the morning, was based largely upon continued re- ports of trade conditions. Some selling 'day quoted the metal at 13 cents.
 On curb American Tobacco rose 15 points to 465. It's highest price since the lecre of the United States supreme court vas rendered against the company.
 The export movement of gold continued oday, s.3OO,000 being engaged for ship nent to Canada and s1.O0O,0OO for South America. The total thus far engaged for ranada was brought up to s705O,OOO and or South America s1,S5o0Oo In addition Q these amounts s2.0o0,OOO was shipped to 'an Francisco today. making total oss of gold of about s1,oOO,00 in the last ew days. Despite the extent of this movement here was no tightening of money rates nd bankers were of the opinion that In lew of the shipment in financial and olitical affairs abroad and the condi-
 ons at home, the market might remain Easy for some time. In reference to ship
 ent Of gold to South America it was ointed out that regularly at this period
 the year Argentina calls in gold
 om foreign countries for payment of pr wheat cattle and other exports, le movement in this instance being 1anced in New York because of the
 W rates for money here as compared
 ith those prevailing abroad and the pre- piling rates of exchange.
 Several large orders for equipment
 gre placed by the railroads and it was
 ported that some ofSthe equipment
 mpanies were running their plants at
 Parer capacity rate than at any pre-
 ous time this year.. s< ~f@sI
 Bonds were irregular, total sales, par
 lue. s2,sOS,0
 United States bonds are unchanged on
 1T