The Birmingham age-herald., 1909-04-27
BACKWARD MARCH
 IN STOCK MARKET Prices Are Affected By General
 Selling for Profit MONEY MARKET UNSTEADY Further Break In Wheat Does Not Aid Stocks and Dstrust of Situ- ation Leads To Sales and
 Lower Prices.
MONEY MARKET UNSTEADY

New York, April 26.-There were symp- toms of languor in the speculation in stocks today and a disposition was man ifest to harvest accrued prohts rather than to undertake renewed commitments. The selling pressure became pronounced when the market developed any show or strength, but it was not pushed at the severe cost of values until the last half hour of the day. This condition of a1- fairs caused a heavy undertone rather than pronounced weakness. Stocks were fed out freely during the first hour to take advantage of whatever new demand had come into the market over the end of the week. This demand was not not able and prices nearly succumbed to the influence of the selling. The money mar let nosition seemed to be responsible for the accession of cutting on the part of the operators for the advance
 A furry in the call money market IS considered amongst the possibilities Tor the present week in connection with the , preparations with the monthly settlement to be financed. The exgencies Of lenders are not expected to be severe and any marked rise in interest rates would be expected to bring prompt endorsements to the money market from interior sources. Money supplies at interior points are said to be redundant still and diiii- cult to find employment for. In spite of this reserve force in the money situa- tion there is a fear that even a slight t hardening of money rates might dislodge ssome vulnerable market holdings of stocks of the less substantial class.
 sg The remarkable price advances in many of these have been patent to all eyes. These were made possible, it is believed only by the willingness of bankers 10 mass without objection collateral in loans which would be objected to in periods "bf a normal money market. Last week slready a closer scrutiny was being eX-
 ised of collateral in loans and bor-
 vers were notified by the banks to
 re the percentage of the more doubt
 TNlass of securities figuring in loans
 VI shifting of loans thus brought about Wh n itself a disturbing process. The
 gehension that it's extension toward e ,te1send of the week might topple over some weak speculative accounts was factor in the restraint on the specula- tion which was discernible today. The same influence was at work in the bond market to reduce the volume of transac- tions in that department and to impart n heavy tone to that class of securities also.
 EThe days narrow speculation centered in a few of the favorite trading stocks notably Reading. Fluctuations in that stock were violent until it became known that the supreme court decision on the commodities clause of the Hepburn law was not to be handed down today. Less attention was paid to the stock after ward London turned seller in this mar ket, prompted, 1t was said, by the ap- proach of the half-monthly settlement of inc London Stock Exchange There were traces of anxiety in some of the foreign markets over the still unsettled state of affairs in Turkey The renewed absorption of gold by Paris was illustrated in the