The Birmingham age-herald., 1910-04-28
GENERAL DECLINES
 IN STOCK MARKET Bears Use Every Argument to
 Depress Prices CALL MONEY IS HIGHER Higher Dividend Made By Steel Cor
CALL MONEY IS HIGHER
Higher Dividend Made By Steel Cor. poration Is Not Interpreted Bull ishly But Bears Use Fact in
 Selling Market Down

New York, April 27.--The stock market put in an active forenoon in efforts to appraise the significance of the increase in the United States Steel dividend yes terday. Without having come to a def- nite conclusion on the point a rise in the call loan rate diverted attention to . new element in the situation. There was no consensus of opinion on the differences to be drawn from the United States Steel quarterly report and the increase in the Steel dividend Opera tors who bought the stock argued that the confidence in the business outlook implied by the increase was to be taken as a final judgment that was bound to impress the financial world at large.
 The chairman's statement to directors was cited as making direct opening for recurrent reports, with the approach of future dividend meetings, of an inten- ton to distribute an extra dividend. The bull party in the speculation answered the contention that the quarterly earnings were disappointingly small because, citing the fact that the successive months of the quarter showed progressive increases in earnings, the March earnings, it was declared, rising to a record for any March in the history of the corporation, the bear party were amazed. The party made much of the reports of subsiding, demand for Steel products, the talk of accommodating stocks and falling demand for iron.
 The bear party had asserted its deter
 
 the event of the dividend being raised on the ground the action would exhaust the available helpful factors toward ad- vsncing the prices. Some selling of stock was attributed to liquidation seeking to take advantage of the favorable effect of the dividend action. This inference hurt the stock and in fact the whole mar ket
 The action of the banks in calling loans aggravated the selling pressure on the market This action offered no occasion for surprise in view of the cash move ments of the week, surprise rather be- ing called for by the almost total ex- emption of the money market until to- day from any effect of the gold exports. The shipments of gold by todays steam CT brought the weeks outgo to S14, 900. Gub-treasury operations also are taking funds from the banks with the subsistence of the monthly pension payments, the gain of that institution for the week having already risen to s1,44400o. This total of nearly GOO withdrawn from the banks, compares with a surplus re- serve Saturday of slightly over s15 50o0.000 on the average statement and consider ably less than that by the actual state ment.
 Means have been found of oftener pe- riods in exploitation to avoid pressure on the money markets under such circum- stances. The fact that they were not employed today discredited the powers and influences of the supporters of the market and aggravated the pressure upon 1t from professional speculative sources.
 The foreign exchange market showed persistent strength in spite of the large exports of gold and an easier tone to- day in the private discount rate In Lon don. The rise in the call loan rate here reduced the price of sterling exchange slightly from the high price of the morn ing, but discussion was kept alive on possible further exports of gold. Lon don joined in the selling of stocks in tho New York market and the carry over rate on American stocks for the London stock market settlement was ad- vanced from 51s to per cent. The fall in prices of wheat and cotton relieved anxiety over crop damage to some ex- tent and helped to lower the morning prices. This did not avail. however, against the selling pressure which closed the market weak and at declines of from l to points for the principal active stocks.
 Bonds were irregular. Total sales. par value, $2.1s3,oo0; United States 2s regis ! tered declined is per cent on the bid price.