The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-23
LITTLE INCENTIVE
IN STOCK MARKET
Various Factors Are at Work
to Keep Prices Down
LATE PRICES ARE BETTER
Depression In Dry Goods Trade and
Shaking Conditions In the London
stock Market Are the Main
Causes of Dull Market

New York, April 22.-Speculative oper-
ators in stocks started the day in so
8 gloomy a frame of mind over the COM
mercial and financial prospects that some
y excess was to be looked for in the steps
they would take to express that view,
the late demand to cover shorts being
the consequences The sentiment was
due to the cumulative effect of various
factors which have been at work for
several days and to which was added
the news over night that a reorganiza-
ton was necessary for the old prominent
Tefft-weler Dry Goods company. Very
sweeping conclusions were drawn at once
from this episode of declining demand
and possible approaching depression in
the dry goods trade. careful canvass
of the situation resulted in admission
from authorities in the trade that busi-
ness was not at all that had been hoped
for at an earlier period but had by no
means receded to a point of depression.
Special conditions were held responsible
for the outcome to the company involved
changes in methods in the trade which
had left the older houses at a disad-
vantage.
The strong influence of the case on
speculative sentiment was due to the
watchful spirit which has been aroused
by the admitted difficulties growing out
of the high price of cotton. which was
explicitly assigned as a principal cause
of the embarrassment.
The cotton market itself is the object
of anxious attention, owing to the ex-
tended speculative positions Ynown to be
held in that market and the precarious
situation for Spectators which may re-
suit from a precipitated fall in prices or
Intervention of government authorities IN
the affairs of the markets pool in cotton.
The idea of trade reaction has been
growing up in the stock market during
the week from various causes. Light de-
mand for pig iron, plans for reducing
the output, reports of falling off in new
orders for finished steel and more than
anything else signs of liquidation or
United States Steel shares and lack OF
effective support for them in the Market
made up an effective factor In forming
this impression. Unsatisfactory views OF
the copper trade position enhanced II.
The almost stagnant demand for money
was brought forward as further evidence
TO which was added this weeks reports
of some shrinkage in the volume of bank
clearinEs. 1t is noticeable that discussion
of probable new capital issues. which
concerned itself exclusively with the pos
sibility of enlisting new capital a snort
Aime ago, now considers chances Tor re-
trenchment of needed outlay for new Ia
eilities.
The Wall street stock operators are
keeping their eyes on the London money
market and are observant of the steadler
I tone of rubber shares in that market.
1promislng a postponement of the dreaded
'fcollapse in that highly mercuriai Fpecu-
lation. The calling of portion OF the
income tax and the stiffening of the dis
count rate which followed was an ex-
ample of the effects to be looked Tor
from the further collection of the de-
ferred British taxes. Gold was engaged
In New York for shipment to London
next week. without lowering the foreign
exchange rate. Continued inflow of cur
rency from the interior during the Week.
some further contribution 10 bank cash
from the sub-treasury operations ana the
indifferent demand for money Is allowing
interest rates to recede in spite OF the
depletion by gold exports
Oyerselling of stocks by the bears ana
their demand to cover shorts were held
responsible for the rallying tendency OF
the late markets
value, 81. 395,ooo
United states bonds. As coupon. declined
Y per cent on call.