The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-09-24
Downward TREND
IN STOCK MARKET
Professionals Control Course
of the Trading
LATE PRICES ARE BEST
Early Decline Is Precipitate Following
the Remarks of Commissioner
/, Lane In the Rate Hearing
of Thursday
LATE PRICES ARE BEST

New York, September -23.-The stock
market resolved itself again today into
a series of testing operations by the pro-
fessional element. AS the news of events
comes to hand the traders put out COM
mitments in accordance with their APP
praisement of it's significance. hoping for
success in anticipating the action which
will be prompted by the more substan-
tial interests in the properties when they
have digested the news If no such ac-
tion follows the professional trader re-
traces his steps and cancels his ven
ture That is what is happening from
day to day and almost from hour to
hour In the present market. Profound
Indifference is maintained by the general
public and the capital interests more
Immediately concerned with the affairs
of corporations. Such q movement as
that which developed late today in Read
ing seems to represent ebuation of inn
patience on the part of the traders in
despair of any movement of real signifi-
canoe and driven to resort to a con-
certed movement in matching of agility
among themselves. Only fractional price
changes again proved to be the outcome
at the end of the day.
The first movement of the market to-
wards lower level was precipitate, and
was the response to the remarks by
Commissioner Lane yesterday at the COM
merce commission hearing into railroad
rates at Chicago. His assertion that I'VE
must work out this problem on other
lines than by the proposed method of
raising the tariffs" was seized upon as
definitely outlining the decision of the
commission on the petitions now before
1t for specific advances in rates
a oh H.
movement showed that there was no
widespread agreement with this view.
The commissioners assertion was re-
garded as an academic protest against
the argument of the railroad companies
that the growth of traffic on the rail-
roads involved a constant increase in
the cost per unit of service, an argu-
ment, said Mr.. Lane, which would mean
that there was no time when we could
say that the maximum had been reached.
The effect of the early Interpretation
of the statement was heightened be-
cause of the report of the steps taken
by Minnesota officials to contest the
decision of the master in chancery
against the railroad law of that state,
which had sent stocks upwards when
first announced.
The particular weakness In Amalga-
mated Copper was due to the reports
that Calumet and Hecla had lowered its
asking price for lake copper by NC to
12%c. The nervousness of the specua-
ton over the copper situation permeates
the whole speculative fabric and any
signs of a break In the copper market
are feared for the widespread conse-
quences which might ensue.
Many old rumors were revived in con-
nection with the speculative outburst in
Reading, including capital reimbursement
distribution of concealed assets" and so
on. The annual report of the Central
Railroad of New Jersey showed a large
gain in "other income" of that subsidiary
property of the Reading in consequence
( of sale of Lehigh Valley stock holdings
and of dividend disbursements by It's coal
company. This was made to further the
movement in Reading. There was Joined
to this another upturn in PETERBOROUGH
metropolitan issues, with stress laid on
the supposed new entry of important
banking interests into that property.
There was some reselling of stocks
bought yesterday on account of reports
4 of the foreign bankers action on cotton
bills of lading that were not borne out
4 by authoritative advices The banks re-
port a heavy outgo of currency for the
week southern points making particu-
larly heavy demand, evidently to prepare
for any possible outcome of the cotton
bill dispute.
Bonds were steady Total sales, par
value, s3,2s6,oOo.
I, United States bonds were unchanged
In the bid price on call.