The Birmingham age-herald., 1910-04-30
RECOVERY IS MADE IN STOCK MARKET
Gall Loan Rates Decline and
 Stocks Advance
BETTER TONE IS FELT
One Good Effect Upon the stock Mar ket Is the Steady situation in Cot ton Which Prompts More
 BuIIish Feeling

New York April 29.-The stock. market today felt the benefit of the corrective measures which have been applied to the weak. points in the situation. The effect of these measures was especially notable in the money market. where the call loan rate ran off to the lowest of the week contrasted with the per cent rate of yesterday, the highest since the first of the year. As todays loans on the stock exchange carry over until Monday this rate represents the end of the month condition, the conflict with the May set clement not being sufficient to keep the rate up An important factor was the cotton market settlement, the heavy mo- tices on May contracts being taken care of by the bull leaders in that market. The amounts recalled from the stock mar ket for this purpose are believed to have been very large, and to account for much of the furry yesterday. The settlement demonstrated the strength of the bull position in cotton and emphasized the pre- carious position Of the shorts in May cot ton, a position which does not leave the stock market free from some apprehen- sion of reflected disturbances.
 Estimates of the weeks currency move ment showed a substantial inflow of cash from other points and a corresponding rslief from the drain of the weeks gold exports and sub-treasury operations. The sum total of these withdrawals reached the imposing figure of s17,25S,0OO, but this figure promises to be reduced to the neighborhood of s1000o.00 by the week. s inflow from other points. The publication of these estimates had its part in the early tone which developed in the money market There was a material decline also in foreign exchange rates. Conf dence is growing that with the actual adoption of the British budget, which was accomplished today the-London market will find itself amply prepared to meet the special requirements involved. The thorough recuperation effected by the Bank of England points to such prepared ness. During the day the sale was an- nounced of block of railroad bonds which are to be placed partly in France and partly in Germany. Another factor in the exchange situation is found in the falling off of custom receipts for April, in. dicatng decline in the import move. ment which would relieve the debit bal
 
 Wheat exports4this week also rose 77O, ,O00 bushels over those of last week.
 A strong influence was felt from tn report that the western railroads had n : tified the interstate commerce comn1s- sion they will file schedules of increased freight rates next Monday. March re- ports for some of the largest western sys- toms, including the Union Pacific, pub 1ished today show so heavy an expan- sion in operating cost as overbalance the gains in gross earnings from March of last year. The spreading movement for advance of wages emphasizes this ten dency of railroad finances and the inter- est of stockholders in an increase Tn com pensation for transportation. This factor was notably effective in the case of St Paul, although the whole railroad list re- sponded. Aside from the news offered nothing developed to change the business outlook materially.
 Iron sales continue light. Concessions were made again in the prices for cop per The grain markets were in receipt of complaints of too. dry weather. Rail- road equipment companies, it was said noted decline in demand which in the case of freight cars amounted to only 50 per cent. In April of the orders re- ceived in March, this was especially true.
 Bonds were irregular. Total sales, par value, $2,912000. United States As regis tered, declined 1s per cent in the bid price on call.