The Birmingham age-herald., 1910-04-09
SLUMP # IN STOCK MARKET Offerings Are Large and Takers
 Are Very Backward MONEY RATE IS HIGHER 1fueb of the Selling Is Professional anu Aided By Very Slack Demand
 Causes General Decline sE in Prices
MONEY RATE IS HIGHER

XN HeW 1OTk. ADIl o.--iilShN
 tfderable but not active interest III 'iie offerings of stocks for sale today. lhere
 was however, distinct increase III 'he difficulty with which they were marketeo frt,a o hsence of bids at current quotations 8,nade itself obvious at the outset, and as rrices declined the bids at successive rfases of the decline were readily niied, hecessitating further concessions by the Killers in order to place their stocks
 &tucb of the selling was called profess sional and was believed to be prompted las much by the slack of demand and the kconsequent readiness with which prices kcould be forced downward as by any pos Iitiye factors of depression. There were |various news items, however, the diges- tion of which was accomplished with poor relish. Declines of 1 to points were general at the end of the day.
 The rising money rate was a broad, effective influence on the days market. Coupled with the belief that gold exports
 would further deplete the reserves of the
 banks next week, the money situation of- Tered little incentive to buy stocks. The
 kact that the steamer sailing from New
 York next Wednesday will land consign-
 nents in London only one day later than
 he steamer sailing tomorrow shows a mo- live for deferring shipments until then.
 The rise in money rates here and the paving of time for interest allowance in
 transit would operate to make an addi-
 tional profit on the postponement of the Transaction. Preliminary estimates of the eurrency movement of the week indicate
 excess of receipts from the interior to the
 extent of several millions of dollars. The eub-treasury operations have nearly bal
 Anced. The $5,5O0,00O of gold exports which
 dgure in the banking week will be partly
 offset, therefore There remains the pos
 sibility of reduction of deposits by call
 Ing own of the loan account, which would
 relieve the drain lon the surplus. Not only
 .all to answer. but time loans, are rising,
 however, indicating the expectation of the
 continued firmness of money rates. Time
 oans for nearly all periods were quoted
 4 per cent higher today.
 The government crop report published ht noon brought no relief to the stock
 market depression. Such comfort as
 ould be found was in the belief that con-
 bitions have improved since the date of )he report and that the increased acre. ttge would bring up the yield in spite of
 he deterioration. The decline of 15 points . In the condition December to April 1,
 however, shows the glaring contrast of . harly expectations of the crop with the after effects of the winter killing.
 Tho March statistics of fhe Conner Pro- hucers' association made another item in he days list of depressing factors. The | increase of 16.636SS2 pounds in the stocks pf copper for the month comes in spite If the reduction in the daily rate of pro- Auction in March, the deliveries into con tumption having fallen to the lowest fig Iire for any month since February of s09, with the single exception of Septem- per of last year. The severe selling pres lure on United States Steel, which fol- owed the publication of the copper fig hres, was partly sympathetic.
 Political discussion figured in the days ltock market. There was renewed con Liberation of a possible supreme court Decision in the American Tobacco case on 1onday.
 There was also reports of a forthcoming itterance from ministerial sources calcu- L lated to give more radical bent to the Novernment policies toward corporations. The action of the Erie railroad In reduc- hg it's shop forces and laying off engines vas cited as evidence of Tagging traffic londitions for the railroads. The similar lction announced today by the New Haven withsregard to shop forces sharp Ined the impression made by the incident Bonds were heavy. Total sales, par alue. s2,0S9.0O0.
 United states bonds were unchanged on.