The Birmingham age-herald., 1910-08-04
LITTLE CHANGE IN
 PRICES OF STOCKS Market Declines Early Under Selling Pressure GOOD RECOVERY MADE ] elling Is Not Heavy But Prices De-
 cline Gradually From the Open
 ing Until Buying Sets in and Losses Are Recovered
GOOD RECOVERY MADE

{ New York, August 3.-The stock mar n today disclosed it's narrow limta- UE under circumstances as they exist. ut sharp rebound of the day before $ emed to exhaust the demand from the ,rts and there was no news forthcom- f~ of a positive nature. While there R4s no renewal of the urgent selling
 hich has aroused the suspicion of 7 reed liquidation from time to time, there Ht as pressure of stocks for sale to alize profits on the rebound of yes
 rday; sales were in moderate volume,
 1t the demand had become so feeble
 languid that no absorptive medium
 ' provided and prices gave way. Here
 there were strong special movements
 It the sustaining influence on the gen. ,~ Yal list was very moderate. Any meas < Yres of support by the larger financial " terests seemed to be withdrawn for time after the warning administered ~l ) the bear party that they would not %j,e permitted to pursue aggressions on -<1market values without opposition. Be- f fore the close of the day the require \ ments of the shorts asserted themselves , gain and caused a recovery of most of -~l 1e days decline.
 ~ The news offered no striking changes ' in conditions bearing on values. The ] growing crops hold a large share of at- tention and their passage through the critical period for their welfare is the main factor of constraint on the stock market at present With the govern ment report on cotton condition out of the way, attention again was diverted to the more immediate weather condition affecting that crop. These were reported more favorable in the Atlantic coast states, where the greatest deterioration was shown in the government report Early reports of more high temperatures in Texas was succeeded by assertions that cloudy and cooler weather had developed there. In the field of the grain crops the government report based on condition on August l. to be published next Monday, is coming into the circle of calculated influences. The fears of the showing in that document of damage wrought by the drouth to corn were tempered today by the news of further moisture in the affected regions.
 The money market offered nothing to supply the depressive influence on stocks Movement of cash into New York bank reserve continues on large scale. The gain for the week of s4, 1S3,000 on sub
 
 payments from the assay office for gold arriving from London. Additional ship ments are arriving and yesterdays en- gagement of over $3,000,000 on London remains to go into account. An exist ing actual reserve of upward of $o0,- Oo0000, computed from last Saturday s actual surplus of over $47,0000 GOO, seems a warrantable assumption from these fig ures The withdrawal of gold had the effect of hardening the private discount rate in London today. but the excess value of loans on time in New York over London remains wide that con- tinued movement of gold is indicated. A good impression was made by the re-s ported assertions of Chicago bankers that halances of country banks in the western reserve centers are being largely re- plenished as result of the liberal move ment of wheat to market Study in de- tail of the national bank returns to the controller affords reinsurance as to the reserve position of the country banks which are responsible for the loan ex- mansion of the three months preceding June 30.
 Rumors of price cutting of steel prod ucts by independents were accompanied bv the suppositon that the United States steel corporation would meet the cuts The selling of United States Steel was a decisive sympathetic influence on the. whole list The rally in that stock af- forded. corresponding relief. The deal ings in it, Union Pacific and Reading &C., counted for over half of the days total business.
 Bonds were irregular. Total sales, par value, s, ,444,0OO; United States bonds were unchanged on call.