The Birmingham age-herald., 1910-06-20
SPECULATION IN
 STOCKS ARRESTED Conflict of Views on Legisla-
 tion Affects Market TRADE IS STAGNAN Bears Are Afraid To Sell Heavily and Bulls Are Waiting For New De-
 yelopments Before Again Making Trades

New York, June 19.-The arrest of speculations activity in the securities market reflects a completion of operations based on past happenings and mood of uncertainty over future developments. The pause in the liquidation Is evidence of the accomplishment of much of the speculative deflation that was called for by the excesses of the last year and more immediately by the alarm felt over the injunction obtained by the govern ment against proposed freight increases.
 The assumption of satisfaction with the agreement between the government and the railroads over the rate settlement which was expressed in the violent re- bound in prices was met by renewed complaints from prominent railroad off cials against the situation thus aoffered mixed with cheerful professions from other railroad officials of equal prom thence coupled with criticism of the com plaining attitude of their fellows.
 The confusion thus displayed in the opinion of railroad executives themselves has caused like conditions in theespecu- lative sentiment. It is felt that the actual workings of the new railroad law must be awaited to resolve the perplexities.
 In order to enforce their pleas for in creased freight rates the railroads are expected to emphasize the burden of ex- pense under which they labor and the necessity of retrenchment and economy.
 The aggressive steps of organized ship ping interests in opposition to the freight rate advances will intensity the struggle. It is feared that the tactical measures involved in the contest may interfere with efforts to stimulate a demand for stocks and an advance in prices.
 Counter considerations keep the bar party in restraint and leaves the stock market almost stagnant. The extent to which the liquidation and the decline in prices have gone in themselves make the bear party cautious.
 Readjustment in commodity markets has kept pace with that in stocks and the statement of the country's foreign trade for May shows the effect in the expansion in exports and falling off in im- ports resulting from the abnormal price levels which had been maintained. The read1uStment While Stlll III pToBiess IS necessarily so much nearer completion. Iron has not found a staple price level yet but buying Is increasing.
 The improvement Is not so clearly de- fined In copper, where production has been maintained at near the maximum figures Unreasonable weather delays the maturity of the crops, but confidence in the abundance of the final harvest is not impaired
 The money market gives evidence Of the recuperation already reflected in the credit situation The easy tone of call and short time loans owes something to the disposition of lenders to keep funds available for the fall developments. The Bank of England, in spite of it's redund- ancy of resources and the continued heavy Influx of tax money, finds the open markets obligations to 1t In course of re- duction With the passing of the July settlements and the falling off in the British treasury bills now imminent, q plethoric state of money in London is likely to result.
 Abundant resources to meet a call for funds from New York in the fall seem assured The call of the comptroller of the currency for statement conditions now imminent will be awaited with the expectation that some correction of the extended credit of the banks will be shown.