The Birmingham age-herald., 1911-10-19
THE STOCK MARKET REMAINS UNSETTLED
Manifest Nervousness Over Political Conditions Af-
 feet Market

s- New York, October 1S.-Unremitting ' pressure against United States Steel was z the conspicuous feature of today's stock = market. Tho stock was sold at every op- z portunty in such volume as to indicate .. that liquidation had been renewed, anu = the constant pressure carried 1t doWh . nearly points to 5s. Selling of this stock = apparently was due to some extent to the 11eport which reached Wall street that ; the United States Steel corporation prob -Rbly would abfogate it's lease of the Hill -ss ore lands. Such a move, it was pointed Icut, would greatly improve the status of %the corporation under the sherman law, -as it would make it apparent that no fur sther charges of monopolizing of ore land -rrould be made. The effect of the reve- snues of the corporation on the other hand s4would aoe probleniatieab but it was said sethe United States Steel made bad bar 5gan when it signed the lease. Additional -5yiews pointed out that active competition was steadily crowding prices of finished s,eteel products closer to the cost line. The rsaffeot of the sustained volume of busi-
 ness is thus offset by diminishing profits. A significant feature of one summary Of trade conditions was the statement
 that western steel manufacturers are ap- plying to railroads which haul their raw ! material for the readjustment of freight
 rates to bring them more in line with ex- lsting prices for finished materials.
 The market in general betrayed a de-
 eidedly downward tendency, but fluctia- lions were narrow until near the close, except in the, case of a few stocks, sub- .frx1 tt,a, Nn n1n relation is apparent between the trend E, of recent developments which on the whole has been to give the general situ-
 ation' a bright aspect, and the days ] movements of securities today, which 7 seem now dominated by the influence of sprofessional manipulation.
 The market remains in an unsettled sstate owing largely to the manifest ner- vousness over political conditions, and
 shows no inclination to respond to eyt- licences of improvement elsewhere.
 < Great Northern ore certificates were at <ectedr by thetreport of probable cancella- {. ticn of the UfAted States Steel lease. and .fell points on as many transactions. - The Fertilizer shares were acutely sweak, American cotton oil falling more sthan points. The weakness of the latter sshare was ascribed to the belief that it was not earning it's dividends.
 The eoalefs and Canadian securities
 were almost the only issues to develop
 any degree of strength, and most of'these
 gains were lost toward the close when
 the heaviest selling of the session sent
 prices generally to lower points,
 Many of the standard shares closed with
 net loss of a point or more.
 The September report of exports of do
 riestic products was in line with recent
 favorable showings. Exports of every prriCIIlfllral prOdlct large and the
 total value is much laBger than in any
 previous September. The total for the nIe months of the present year exceeds that of the corresponding period of 1910 by S116. .500000.
 NRonds were irregular. American To-
 Iacco Issues showed the effect of further liquidation of speculative holdings and Jest ground. Wabash 4s also were heavy. s5eaboard Air Line adjustment 5s and some other southern issues advanced sharply,
 "ctal sales. par value, $2.35OO00. Gov ernment bonds were unchanged on call.