The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-16
DOWNWARD TURN IN
THE STOCK MARKET
No Marked Pressure Is Direct
ed Against Any Stocks
BUSINESS IS LIG H T
Crop News Is More Encouraging and
ReAerts From the West Show
That Little Apprehension Ex-
lists of Finances

New York, August 15--On very
light volume of business, the bulk of
which being so palpably professional as
to leave little doubt of its origin to-
days stock market drfted along within
very narrow limits. While no marked
pressure was directed against any par
ticular group of stocks, the tendency
was for the most part downward and
some disappointment was expressed at
the failure of the markets to continue
last weeks general advance.
Today's news was without any direct
bearing upon security values, although
the suspension by the interstate conf
merce commission of live stock rates,
which were to have become operative
today, was accounted something Of an
adverse factor. The political situation
continued to be the subject of some dis
cusson, but was not considered of suf-
fcient Importance to govern the course
of prices. For the first time in some
weeks the New York banks failed to
get any part of the South African gold
received at London, the greater part of
which was taken by Holland, with the
balance going to India. Advices from
western traffic managers were uniformly
cheerful and Chicago reported an increase
In grain, flour and oats these, however,
being offset by smaller receipts of wheat
and corn.
BY general consent the western finan-
cial situation has cleared during the last
few weeks and little apprehension of
stringency is now entertained. Business
die west continues dull and this applies
to other sections. In industrial lines,
especially iron and steel, the days re-
ports were somewhat conflicting, but tho
trend seemed in the direction of further
restriction of operations This was ex-
emplifed in the case of the Pittsburg
Steel company, one of the largest of the
Independent concerns. which announced
another shut down, partly due to labor
troubles
Crop news was for the most part en-
couraging, with marked improvement in
corn conditions through Kansas and Ne
braska. A slight fractional advance was
announced in the price of copper and
trade authorities We're quoted that sale
of the metal in the past week have ag-
gregated not less than 100000 pounds.
While the talk of copper curtailment
agreement continues to be heard, the
Montana spoilers appear to be receiving
all the ore they can handle.
Several railroad reports embracing oper-
atoms for the fiscal year ending June
30 last were issued today, including those
of the Seaboard Air Line and the Wa
bash road. Both showed substantial gains
In net earnings over the previous year
Monetary conditions here showed great
err ease, due largely to the reduced de-
mand for long time accommodations ex-
cept in commercial paper where some
activity was reported.
London's operas IN in the market was
without significance Stocks displayed
tendency to smove upward in the final
hour when advances were shown in the
more speculative issues, but the i'm
provement lost in many instances be-
fore the close, which was dull and ir-
regular. the only noteworthy exception
being Rock Island preferred which made
a net gain of over points.
Bonds were irregular. Total sales. par
value, s955s000.
United States government IS coupons
advanced Is per cent on call.