The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-19
GENERAL REACTION
IN STOCK MARKET
Prices Turn Downward After
Recent Advance
INJURED BY POLITICS
Brokers Are Affected In Their Deal
ings BY the Friction In the Re-
publfcan Party Which be-
comes Serious

New York, August 1s.-For the first
time this week the stock market today
evinced a. reactionary tendency with a
lower level of prices. In no instance were
the declines serious nor was there any
evidence of enforced liquidation, but
rather of realizing for profits with some
attendant bear selling. The days budget
of news was not especially illuminating,
although the general belief Is that the
political clouds are looming large over
the horizon and that events of the next
few DAYS are bound to leave their i'm
preston on the securities market. Wall
street at the moment is devoting es-
pecial attention to the conflict within the
ranks of the republican party.
Following London's lead, where, despite
the good showing of the Bank of Eng
land prices for Americans We're gen.
orally lower, the local market opened with
recessions of a point or more in many
of the active issues and soon went lower
on unfounded rumors dealing with the
alleged serious illness of the best known
member of the Standard Oil party Par
tial recovery was made from these set
backs but the list displayed more or less
hesitation for the remainder of the day
and closed at or near the lowest prices
Advices from the middle west banking
sources were mostly to the effect that
last months liquidation had clarified the
atmosphere in that section. The tone Of
these dispatches confirmed reports gath
cred in local financial circles, all of which
indicate a process of monetary readjust-
to, tictn nf 10
movement.
Further light was thrown on the coun-
try's foreign trade situation by the pub
location of an official statement from
Washington concerning imports and GUS
toms receipts Tor the first year under the
new tariff. 1t puts total imports dur
ing the Il months ending July 81, last, at
s1,562, 621, ISL, of which slightly less than
50 per cent entered free of duty. Impor-
tations during the year were larger than
In any corresponding period In the his
tory of the import trade and the volume
of those entering free OF duty the larg-
est ever shown in any corresponding
period. Customs receipts for the year
were 1927, S7S672, a larger total than in
any other year except 1907 when the
total was about sS,oooGoo larger.
London was again a seller in this mar
ket to the extent of about $4,000 shares
The Bank of England increased its pro-
portion of reserves to liabilities to a
point well above that of last week and
its total reserves also were larger. The
Bank of France reported trfing loss
in gold and a larger gain in treasury
deposits.
Among the annual railroad returns is
sued were those of the Louisville and
Nashville and Illinois Central railroads.
The former reported a substantial gain in
net revenue In the face of an enormous
increase in operating expenses, but IL
linois Central returned a deficit of $685.
900 in net revenues, being apparently I'M
BILE to overcome an increase of $4,000, 900
in cost of operations.
Bonds reflected the tone o the stock
market by their irregularity. Total sales,
par value, S1S70,000.