The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-07-08
STOCKS MOVEMENT
IS VERY PUzzL|NG
Uncertainty in Trading Cannot
Be Explained
CLOSING TONE Is FIRM
Some Resistance Is shown When the
Prices Begin to Decline and the
Close Is Almost Up to the
Opening Prices

New York, July 7-Today's stock mar
Interpretation or analysis The thinning
out of the market was striking feature
evidenced not only In the diminished
volume of the total transactions but In
the considerable range traversed by
prices of usually active stocks without
encountering order for explanation and
shown in the wide variations between
sales
The uncertain and hating fluctuations
proved. extremely puzzling to the trading
element. The news of the day offered
no striking change in conditions affect
ing values and 1t became question how
the factors existing for some time had
completed their influence on the price
movement.
The resistance shown when prices fell
away suggested the operation of support
from some source and ever absorptive
demand which intimated the bear ele-
ment was active in covering short sales.
The dying of the demand on advices prov
Ing equally discouraging to the adher-
ents of the long side in the speculation.
1t was suspected the confusion thus
caused in speculative sentiment might
be by design and done for the purpose
of concealing the conduct of the larger
speculative forces in the market in a
process of gathering up of resources for
a fresh movement of Importance.
The firm closing tone helped by the
regular st. Paul dividend did not entirely
dissipate the uncertainty over the trend
of the market movement.
Confirmation was had of the reports
current yesterday of the engagement Of
$1,750,000 gold shipments for New York.
Some view the movement as premature
and its significance. exaggerated. This
opinion looked to see the London market
oppose obstacles to the movement and
had to enforce this view the fact that
the Bank of England RETAINED from low
ering its discount rate today and the
private discount rate hardening in conse-
quence was felt The gold secured was
believed in fact to be part of that Sc
cured by Berlin Monday from South
Africa and resold to New York.
The weeks repayments to the Bank of
England reached the unusual total of
$34,50o000 and public deposits also were
drawn down s15,SSs.o00. That item is
left standing nevertheless at the sum of
s107, 10000 compared with only s41SS7, 0o0
this time last year.
The congested government deposits In
repayment of maturing treasury bills and
the London money market are expected
to become shortly redundant. 1t is a
matter of record also that financial COM
ment in London has inferred participa-
to be prepared in meeting a demand for
gold to be shipped later in the year and
is accepted as motive for its agrees
siye policy of building up reserves
through the early part of the year in adj
dition of course to the needs of the
budget crisis and the death of King Ed
ward for the reasons agitating them. 1t
is not believed profitable movement of
gold to New York will encounter oppo-
sition.
Western bank examiners were report
ed as expressing more satisfaction at the
credit position there and the progress
toward correction that was indicated by
yesterdays reports were considered. The
decline in wheat In the face Of continued
reports Of spring wheat damage was
considered an energetic Influence for
stocks.
Bonds were irregular. Total sales par
value s., 100000. United States bonds were
unchanged on call.