The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-26
STOCK MARKET IS
WEAK AND LOWER
Damage to Crops Factor That
Hurts Market Most
CLOSE AT THE LOWEST
Chaotic Condition of Cotton Market
Also Helps To Depress Stocks, as
Bears Have Been Working
Hard in Both Markets


ment in the stock market today was more
depressed than ever after the failure of
the momentary rally during the day to
hold. The tone was actually weak and
with severe declines at the closing and
the markets recuperative powers We're
moderate and short lived
The action of the wheat market was
taken as discrediting the worst feature
presented of damage to grain by the cold
wave. Account had to be taken thong
of the known disposition of holders of
old grain to liquidate their holdings and
to take advantage of strong spots to
do SO.
The firm closing in wheat was partly
neutralized by the excited strength In cot
ton and the alarming views of damage
current in that market. Support centered
on United States Steel to the acompani-
nent of predictions of great positiveness
that the dividend would be increased to
q per cent rate at tomorrow's meeting
Of directors The formidable dimensions
Of the weeks engagements of gold for
export had repressive effect on specula-
ton.
New York bankers would regret any de-
vsopment that would encourage deferred
liquidation of interior bank loans for
Withholding grain from the market. The
extended loan position of interior banks is
feature of the situation that is not
liked Shipments of currency which are
coming from the interior are said to be
due to scarcity of New York. exchange
and to low deposits here for the account
of the interior banks.
Meantime Chicago bankers report that
country banks deposits are being drawn
upon to meet land payments including
large sums for Canadian lands. CONNER
cial paper at that center is in small de-
nand, as 1t is here. Bankers admit an
irregular tendency iV interior business.
The chaotic con6<ion of the cotton
market has its disturbing force from both
the stock market and the financial view
points. To protect the position in the
cotton market there Is liquidation of
stocks. The difficult position of the cot
ton shorts has induced repurchase of cot
ton in Liverpool and reshipments here at
q loss. On top of this complication comes
a rush of Liverpool brokers to New York
to make fresh purchases, influenced by
the appearance OF cotton DIS OF laulng
abroad for which no cotton shipments
exist Paralysis of the cotton industry
is dreaded consequence. The belief
that the cotton sold for May delivery rs
guarded against becoming available for
July threatens to extend the period of
anxiety and unsettlement.
Gold engagements amounted today to
I'll, 100000, to which is to be added $780,
600 engaged last week for shipment to-
morrow Ten millions of the aggregate
go out tomorrow The 100000 engage
ment by the Guaranty Trust company ex-
vidual gold export. Tomorrow $4,000,
900 aggregate seems to be a record outgo
by a single steamship, but So, 1861, $50 ar
rived here November 7. 1907, for the relief
of the currency requirements growing
otu of the panic.
The fact that the sterling exchange rate
refused to yield in the face of this pro-
disious replenishment of supplies in that
market while the private discount rate
In London rose to a level with the bank
ratio gave an ominous tone to the trans
action.
Money rates at New York are equally
unaffected.
The insistent assertion that the United
States Steel stocks would be placed on a
s per cent basis tomorrow seemed to be
regarded as of doubtful efficacy as sup
porting factor for the general market
The renewed upturn In wheat also con-
duced to the losing of the ground partly
recovered In the stock market.
Bonds were easy. Total sales, par val
ue. H,s58Oo0. United States bonds were
unchanged on call