The Birmingham age-herald., 1910-01-18
STOCK MARKET |S
 VERY UNSETTLED Speculative Sentiment Varies and Violent Contrasts Noted HEAVY DEMAND CHECKED Nothing In Immediate Situation to Ex- plain Pressure on Market-For-
 eIgn Exchange Market
 Was Easier.
HEAVY DEMAND CHECKED

New York. January 17-Speculative sentiment blew hot and cold alternate 1y on the stock market today and the sudden transpositions offered some vio- lent contrasts.
 in the day was so impressive and seemed to be coming from such influential sources that the tone of the specula- ton became very hopeful. One or two items in the news were construed in the same spirit That stocks should stream into the market in urgent 1iqui- dation and in overwhelming volume in the presence Of this hopeful feeling argued a weight of offerings overhanging the market that dampened the cheerfulness and set conjecture to work again to the selling.
 The retrospect of the market would have to go back many months to find prices at which stocks could have been acquired to offer any profit on the sales made at today's prices. This fact ac- centuated the conviction of the thorough ness of the nquidating movement in progress and pointed to unloading on the part of buyers of large caliber who had come into the market at a very early stage of last years advance.
 The belief was thus created in clos ing up of a market campaign of long duration and widespread extent. There was nothing in tho immediate situation 10 explain the pressure on the market The money position worked easier and the weekly bank statement Of Saturday gave warrant for confidence in the se- tcurity of the money market from any further stringency. There was an en- {gagement of gold for South America, but yhe foreign exchange market was easier Nh spite of the decline in money rates.
 This movement might reflect tt renewal 3of foreign buying of cotton invited by Fhe severe decline which ras occurred Nn that commodity.
 A survey of the foreign trade state 1ment for December, however, goes fur fther to explain the miscalcularion of the lyear-end money markets which has helped to embarrass the speculative po- isition. The $13S, ,742,000 value of imports Etood near to the previous months rec ord figures, while the $17,O00,0OO decline ,1n value of exports left the excess value of exports at only $a2,s7s.9O5 for the month, compared with the s76,95O,0OO in
 
 The scarcity of foreign exchange which kept up rates all through December In that department of the international money market is thus left without any mystery.
 Our own bank statement in the heavy loan contraction of the trust companies and the substantial increase in clearing house bank loans shows another phase of the adjustment of the shifting of n Tn In h. viate deficit in the reserves. The enor- nous reflux of funds from interior money markets supplies the resources for this adjustment but gives rather faint en- couragement for assumptions of great trade activity.
 The acute weakness of the trans-con- ,tinental railroads stocks today indicated misgivings on the score of decreased traffic as well as possible redistribution of traffic growing out of the opening of new Pacific coast extensions. This was a factor in the weakness of the Hill stocks and St. Paul.
 The further postponement of the suit to dissolve the Union Pacific merger was made the occasion of some early strength in that stock. but 1t was among the weakest in the later selling.
 Several of the days supreme court decisions which upheld the contentious of corporations, were made something of in the effort to rally prices. The satis- fatcion of the demand to cover shorts on the part of the bears exhausted the buy ing at the recovered price level and the subsequent collapse placed prices lower than the low prices of Saturday morning. The rallying power was feebl and the closing tone weak.
 Bonds were easy. Total sales, par value, $4,368,000.
 United States 2s declined s per cent on call.