The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-04
MORE ANIMATION
IN STOCK MARKET
Sharp Advance is Made, Fol
lowed By a Reaction.
GAINS ARE VERY SMALL
Movement In the Cotton Market Has
Bad Effect Upon Stocks While
Other Factors Prevent
Gains In Prices.

New York, May 3.-Stocks rebounded
today from the depression which has
been forcing them to lower price levels,
but the relief proved only temporary,
a break in coppers causing acute weak
hess again. Apparently the principal re-
lieving factor was found in the money
market, where call loans opened at 41s
per cent, compared with the per cent
opening rate yesterday. This was partly
= the effect of the temperance in the
money market of the amounts disbursed
IN interest and dividends on the first
of the month.
Another influence was the surprise felt
over the small effect of the large pay
ments which had to be made yesterday
for the cotton accepted by purchasers
In compliance with the notices from
sellers last Friday to the amount Of 49,
900 bales This requirement for nearly
49, 1900 must have been financed mainly
4 Where than in New York. presumably
Va Chicago and in New Orleans, and In
the latter case ultimately in Paris. This
does not end the disquietGde felt over
the cotton market situation Reports of
premiums being offered by shorts
throughout the south for cotton earlier
in delivery In New York, are compared
with the enormous stocks of cotton now
In New York as result of bull opera
tons on the cotton exchange. Today's
lS5, 900 bales of cotton were in ware
house In New York. compared with only
$1,000 bales at this time last year. The
process of distribution of this great
stock to the mills will be watched with
some soicitude in the financial districts.
The poor holding power In the advance
manifested by the stock market may have
been due in part to the strained and
artificial situation in the cotton trade.
Call money also rose to 81 per cent at
the close.
The irregular tone developed in the lat
ter market found some explanation In the
confused views entertained of the tech
meal position. Some pains were taken
to spread the impression that important
inside interests in the great corporations
had set about rebuying stocks sold at
a higher level. This was done by the
insinuation that large amounts of stocks
which had been returned to lenders rep
resented the process the stocks having
been borrowed for delivery. The first
intimation received of the return of bor-
fOWeu STOCK WOulu Dc tndl Tic siloIt HI
terest had been reduced and the tech
meal position weakened, but this more
subtle view of the transaction would i'm
plv a strengthened market position.
Similar confusion was manifest in the
reading of the political horoscope The
compromises proposed intthe railroad
legislation now before Congress were re-
garded In. the first view as a first pre-
sage of the defeat of the whole pro-
p.rayunes OF. the adyninistrat ion.
The proposed increase in freight rates
was not relished In the stock market.
Fears were entertained that such action
might engender general agitation that
would prove unfavorable in its final re-
suit
There was heavy demand at the de-
cline and the rebound seemed to point
20 raidfng tactics by the bears as a
probable cause for the slump.
Bonds were irregular. Total sales, par
value, $2s1o.oo0 United States bonds
Uwu unchanged on call.