The Birmingham age-herald., 1908-06-01
MONEY MARKET
 MORE SETTLED Disturbing Tactics Shake Stocks
 for Ten Days BUSINESS OUTLOOK BETTER Iron and Steel Trade Show Evidences of Solid Improvement and While Weather Has Affected Crops
 Damage Is Not Serious.

New York May 91-The speculative out look became somewhat unsettled last week by reason of tlie confused factors Ill the sharp reaction which set In in the se- curitles market. It was clear that this was due in large part to selling to take profits by holders who had bought in an. ticipation of more favorable conditions in affairs, and who saw evidence of i'm provement which they considered made a favorable opportunity for realizing on their holdings The opportunity proved less favorable than was hoped for, the improvement in business having failed to inspire so active demand for securities as the previous speculative buyers had expected. Some of the weeks events were untoward also and helped to hamper the efforts to realize.
 The definite reactionary tendency of the market stimulated the exertions of the bear party, and their attacks on values were important factor in forcing prices downward, while their occasional purchases to cover shorts and take prof. its served as checks to the fall from time to time. The declining tendency of prices of securities had the effect, as it unfailingly does, of tincturing the views in the financial district over the pros- pect of affairs and gave rise to some surmises of fresh coming reaction beyond the precincts of Wall street itself in spite of evidence of present betterment and revival.
 Iron Business Better.
 The iron market was a conspicuous in- stance of the show of revival of active demand and the large tonnage booked in that industry was accepted as most im- | portant evidence of returning confidence in pushing industrial operations. The or gans of trade showed caution in the in- depreciation of this movement, pointing out its probable speculative element, and in the absence of actual consumptive re. quirements at present whicl, this buying might be designed to Rl,s Demand for finished products in that trade was not correspondingly expanded. The supplies of iron thus taken off the market was ef- fective in restoring prices, and the inn proved health of the market on this &C., count was a concrete accomplishment. The significance of this demand was a demonstration of returning confidence Reports from mercantile sources as well reflected some improvement in demand, although advices in this field show con ditions mixed. There was an appre- ciable movement of textile goods as a result of the price reductions which have been enforced
 The influence from the side of the crops was unfavorable. Technical conditions in the cereal markets aided in this result, the operation of a corner in both corn and wheat magnifying the price movement in these commodities and giving more force to reports early in the week forged the foundation for some of these reports and the government weather reports confirmed the apprehension of some ground for anx iety. Authorities In the grain trades. however, allowed this force to these ap- prehensions and seemed to be reflected in the grain speculation itself and maintained their confidence in the crop prospect.
 Mixed Conditions.
 In the financial situation proper there came into view again the mixed condi- tions due to the cheapening of money supplies and the improved facilities foc borrowers and the obstacles of impaired credit to the desire of some of the bor- rowers The announcement that the Chi CdSo, ana tlulncy directors nau authorized new bond issue of the un- precedented volume of $500, 900 900 and that $16,0O0000 of these bonds had been sold on favorable terms came in one day with out any previous intimations of such transaction. The inference was strong of ar abundance of capital forthcoming for a high grade, well secured investment On the other hand terms of sale of some of the note issues of enterprises of lower credit and the comparative lghtness of the demand for such issues indicated a line of limitation for the relief which the abundant money supplies might afford. The causes of the continued inflow of money into banking reserves and the i'm paired credit of inchoate Sorporation en- terprises find their same source in the contraction and depression which were the after effects of the financial crisis The indications of the latter part of the week, that there remained some wreck age to be cleared away from the financial fabric in the adjustment of these balanc- ing forces to make way for it's free re- sumption of healthfu functions was not rellshed in the financial district.
 The action of the stock market at the close of the week, however, seemed to demonstrate that the shock of the Wabash Pittsburg embarrassment had been absorbed
 FOG IN THE CHANNEL.