The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-07-24
THE STOCK MARKET
CONTINUES WEAK
Action of Market Recently Has
Been Puzzling
SUPPORT IS WATERING
National Lead Which Led In Recent
Slump Again Sells Lower and
other Stocks Share in the
4 Depression

new DIX, July Zo.-NCpcCidi.j-
Notwithstanding the favorable bank
statement showing increases of a lit
tie more than $16,000,000 in cash. the
stock market today continued weak
ana irregular with heavy liquidation
In the leading issues. The action of
the market during the past two days,
or since the decrease in the dividend
rate of National Lead, has been puz-
cling in the extreme. even to the most
expert operator. From time to time
support was extended to the market
this being especially noticeable in the
copper issues. But this support was
wavering and at the close practically
the entire list had sold off with de-
clines of from to 2 points. -
Amalgamated Copper. after being al
lowed to drop down III points from
Fridays close, sustained a rally of suf-
ficient proportions to make its net loss
for the day only three-fourths OF
point. Both Anaconda and Utah sus-
tanned fractional losses. Copper secur-
tiles. however, met with the greatest
show of support in the entire list. There
is a suspicion that the larger interests
are committed to a policy of sustaining
copper issues largely for its effect on
the general list
National Lead, upon which rests the
responsibility for the most recent slump
In the market, sold down to II and
closed at AM, making a net loss for
the day of III points. Liquidation in
this stock still continues to be heavy.
- H.
depression, although with no ostensible
cause. Chesapeake and Ohio, Southern
Pacific, Reading and st. Louis and
Southwestern all made new low rec
ords. Reading sold down to 1884, a
net loss of 1 " points. Southern Pa
ciflc closed at 10SA. decline of eas
Chesapeake and Ohio touched 68as, but
rallied to 69A. showing a net change
of three-fourths of a point above the
opening price.
Union Pacific closed at 157A u de-
cline of one point. st. Paul lost 1M 4;
Northern Pacific was down to 116, and
closed with net loss-of Il ".
Canadian Pacific was nearly 2 points
off at the opening and then quickly
lost almost another point when it raj
lied and closed with a net loss of l V.
Brooklyn Rapid Transit was one of
the weakest stocks dealt in during the
short session, showing net decline
of az points. Brooklyn Union Gas fell
off rs. e
United States Steel was the most
active stock of the day and sold down
to S. a new low record for the cur
rent year. 1t closed at 65S, a net
loss for the day of 1%.
Such support as was accorded the
market anne from covering of short
interests and the close was weak and
at the low prices
Number of shares sold today, 372.o32
a year ago, 287,220.
Par value of bonds sold today, SS41,
900; a year ago, $1,069,0O0.
President ]. c. Maben of the Sloss-
Sheffield Steel and Iron company is
out with statement that'-the produc-
ton of iron must be curtailed consid-
erably more before normal conditions
can be brought about again. He esti-
mates curtailment at present at IL per
cent "a mere bagatelle," according to
his way of thinking. So rar Mr.. Ma
ben has not heard of any general
movement In the direction of a radical
decrease in the output of iron, but
says that output will have to be re-
duced unless the market for the pro-
duct shows a substantial increase in
demand In the near future.