The Birmingham age-herald., 1910-04-21
STOCK MARKET IS
 STILL VERY WEAK Demand Is Apathetic and Bears Take Full Control METAL STOCKS WEAK
Persistent Selling of United states Steel Has Effect Upon the Market, Which Closes With Decline in the
 General List

New York. April 20.-Specifc causes were not clearly perceptible for the weak ness of stocks today. The demand was anathetic. as it has been since the open in,- of the week, and demonstrated the failure of last weeks concerted rise in prices to awaken any general outside in- terest in the market Speculatice hold CTS of stocks have been inclined to re- duce their lines ever since.
 The bear party in the speculation takes advantage of the situation to offer prices down and thus take the market away from the would-be sellers. Occasional buying from the bears to realize profits by covering shorts constituted the prin- cipal demand today. but prices ended al the lowest.
 The weakness of the metal stocks was conspicuous, but this was in accordance with the special strength shown by that group last week. Their leadership in the decline was accompanied by unfavor- able rumors some of which were simply contradictions of others, which had been used to help on the previous advance in the stocks.
 The persistent selling of United States Steel was of notable sentimental effect on the general market. The dealings in steel in fact made up a large proportion of the aggregate Estimates of the earn ings for the first quarter to be reported at the directors meeting next Tuesday accompanied the selling. Assertions that the total would fall below the s40,00o00o total of the December quarter seemed to discourage the holders of the stock, al- though the Hull in trade activity which occurred after the first of the year has been well known.
 As a consequence of the new view of these facts was shown in the throwing of doubt on previous confident expecta- tions that the dividend is to be placed on a per cent basis next Tuesday. The coppers were even weaker than Steel and were affected also by the falling price of the metal The movement to reduce the output of pig iron, coupled with the advocacy of curtailment of copper production, implies an unhealthy condi- tion in those trades which initiates against the strength of the stocks.
 It is probable that some degree of speculative depression was reflected from. i. the commodities on the stock market. This is contrary to the usual order of things, owing to the fact that declines in grain and cotton are due usually to prom ' isng crop prospects. In the present in- stance the large credits involved in the . commodities speculation threw some liqui- dstion upon the market in the protection of the position in other markets. The effect of the government inquisition into the cotton pool and it's threat of exten- sion to dealings in futures in other lines Is held responsible for much of the un- settlement in those departments of spec ulative activity
 The additions to the gold export move ment during the day were an assurance toward further depression, although no direct effect was perceptble in the tone of the money market. Rates for call loans in fact were somewhat easier and the demand for time loans also is re- ported to be almost stagnant.
 Discount rates were firmer in London and it is to that center that attention is directed for money market influences. The excess into which the dealings in rubber shares has run in London is the subject of anxiety throughout the world.
 The system of deferred settlements on which stock dealings are carried on in London puts forward the obligations which are being recklessly incurred for innumerable new rubber plantation shares which are coming out in London and are rushed up to sensational premiums in a few hours dealings. An ultimate crash ] and heavy losses are considered inevt- able.
 Bonds were heavy Total sales, par value, $1,9e0,0o0
 United States bonds were unchanged on call.