The Birmingham age-herald., 1910-04-20
STOCK MARKET IS
 VERY WATERING
Speculative Feeling Is Filled
 With Great Indecision
STEEL STOCKS GO DOWN
Few Stocks show Any Activity Be- sides Steel and Selling Is so Heavy As to Depress the General
 Market List

New York, April 19-There was iach of decisive tone in the stock market to- day, which reflected a good deal or uh- certaintv in the speculation. The market was not active. but importance was at tached to some very large individual transa ctions, especially in United States , Steel. The selling of this stock DIV the stock exchange firm, which was revealed as the largest owner of record of the company's shares of any of it's class by the statement given out by the corpora ton yesterday, gave rise 10 much com- ment.
 The influence of this selling on senti- ment was due to the widespread belief that the firms holdings represented hold ings in the interests of some of the insid- CTS of the corporation. The conclusion was suggested that inside selling was go- ing on. As the amount of the sales by this firm represented a considerable pro- portion of it's holdings, as shown by the record books, the action constituted weight on the whole market. The fact that the same firm Is q leading factor in the cotton market suggested the inference that cotton spectators were buying stocks to protect their position in cotton. The nervousness of the cotton market, which has followed the action of the gov ernment against the market pool in that commodity makes the necessity for pro- tective measures for the price of cotton. It was reported today that there was buying of cotton for the purpose of sup porting the price, The source of the sell ing of United States Steel was regarded none the less as ominous. The effect was to give rise to doubts of the accuracy of previous predictions of a coming increase fin the dividend. The runor was given currency also that the quarterly state ment of earnings to be published next Tuesday would prove disappointing.
 The heaviness of United States Steel was supplemented as an influence by the depression in the coppers. It was report ed that the publication of monthly statis- tics of copper production, deliveries and stocks would be abandoned, and the Cop per Producers association dissolved. The effect on sentiment was to suggest a re- turn to secret methods and a feeling of distrust of the actual trade condition. 
 The volume of the gold engagements flor export proved somewhat disconcert- ing the total rising to near the $5,000000 mark, of which $S000,O00 was for London and S1,S50000 for Brazil. Part of this were admittedly special transactions, meaning that extra inducements had been offered to make up for what would have been loss on the operation, but others were de- cided to be regular change transactions. The action of the money market offered no bar to the movement, the call loan rate market showed the relief caused by this movement of gold in the lowering of the private discount rate. The London stock market nevertheless was depressed by the prospect that the collection of the income tax which will follow the passage of the budget definitely fixed as parliamentary vote will denude the money market and cause stringency.
 The prosecution of the cotton market pool would have several phases in the Wall street view. A breaking up of the artificial conditions surrounding cotton and a price adjustment which would re- vive the foreign demand would be well comed by the financial community. On the other hand legal procedure against market operators in another commodity suggest anologies of the stock operation that are not grateful. The unseason- able weather conditions in the west made an unsettling influence. None of the Mays factors was constant in its opera tions and prices eneded the day little changed.
 Bonds were easy; total sales, par value. 7, ,765, 900.
 United States bonds were unchanged on