The Birmingham age-herald., 1910-04-27
ERRAT|C TRADING
 IN STOCK MARKET
Losses of Previous DayAre Re covered in Early Session
MARKET IS AGAIN WEAK
Prices Vary on Different Stocks, Some Advancing, Others Declining and the Close Shows an Irregu-
 lar Movement


 in the speculation is indicated by the sudden and violent shifts in the price movement which stocks are undergoing. The severe declines which occurred on Monday were almost entirely recovered in a convulsive advance at the opening today, ref1ecting the unwillingness of the bears to maintain the position they had taken by short sales the day before. The demand from the bears was at first a small proht-taking movement, apparent ly in the hope of finding increased offer ings of stocks as a result of the alarm ing reports of damage to the cotton crop by the cold wave. The offerings proved much less than was anticipated, the vio- lent effect on prices followed from this cause.
 Quotations for cotton and grain when they were received negatived the idea of disastrous damage to the crops, such as had been implied and the covering move ment by the bears was then extended. Aggressive buying of United States Steel and revived reports that the. dividend was to be increased helped on the recovery with the assumption that important n- side interests were supporting that stock. The bulls also made the most of the re- duction in the price paid for American eagles by the Bank of England and the assumption that this implied a cessation of the gold export movement.
 When the demands from the uncovered bears were satisfied those long of stocks began to feel the same disinclination to maintain their position and sent prices downward against their efforts to realize profits. To 8 dgree, the color of the news varied in a manner to keep pace with the fiuctuating demand for stocks. The reassuring effect on sentiment of the decline in cotton and grain prices passed away with the appearance of the govern ment weather bureaus weekly report, which indicated very serious damage, in- deed.
 The strong tone of the foreign ex- change market in face of the abundant Yemittances and a reduction to 76 shil- lings, 5 pence, per ounce in the price paid by the Bank of England for American eagles compelled attention. The rate of advance in the foreign exchange market
 
 exports. Foreign exchange exports ex- pressed the view that the outward move ment was likely to go further.
 Preparations for the monthly settle ments and the political unrest in Eng land were factors in sustaining the dis count rate in the London market. Cal loan rates here were but a trifie finer but the gold outflow has reached such formidable proportions as to prove po- tentious to stock market sentiment. The change from early belief that the move ment was ended to prospect of further gold shipments was an element in the latter transformation of speculative senti- ment. It's extreme unsettlement was ex- emplifed in still another and final cover ing movement by the shorts as a result of which prices ended the day midway between the high and low prices.
 The United States Steel dividend action after the stock market closed threw no light on It's action. Earnings were less than the preliminary guesses but the un- filled orders on hand had not fallen to as low stage as official intimations had sug gested they might. There was consider able comment upon the fact that the slips prepared for distribution giving the figures for the quarter were filled in with a copying machine instead of being print ed in full, as has been customary.
 Bonds were easy. Total sales, par value, s1,S90,000-
 United States 2s registered advanced E per cent