The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-07-14
SMALL GAINS MADE
IN STOCK MARKET
German Scare Proves to Be a
Baseless Rumor
DEMAND Is VERY LIGHT
DEMAND is VERY LIGHT
Prices Advance Sharply Early in the
Session and Then Decline Fol-
lowed BY Sharp Rally
Near the Close


today showed signs Of lassitude not out
Of harmony with weather conditions.
About all that was/accomplished in the
trade of the day was to rectify the false
steps taken in response to the sensa-
tional news mongering yesterday regard
Ing the German foreign office utterances
Part of this had been accomplished be-
fore yesterdays stock market closed, ow-
ing to the doubtful nature of the reports
imputing a threatening tone toward the
United States government in a supposed
official statement.
There was spasmodic advance in
prices at the opening, when uncovered
shorts took stocks at the prices at which
they were offered, owing to the discov-
cry that they had been totally misled
by yesterdays unfonded publication. The
satisfaction of the urgent demands left
little buying power In the market, and
a fresh decline in the coppers added to
the unsettlement-
The paucity of buying demand for
stocks was cited as detracting from the
convincing effect of many interviews
with persons important In the financial
and industrial world expressing hopeful
views Of the future and confidence in
the soundness of present conditions.
Marry of the interviews came from men
newly landed from pleasure trips abroad
They were supplemented, however, by
published repords gathered by railroad
organizations of crop conditions which
gave a favorable impression of the stu
alton as a whole
It developed also that while demand
for stocks died out when attempts were
made to advance prices a power of re-
sistance was encountered ON declines
which argued the existence of buying
orders which would absorb stocks when
offered at concessions, while refusing to
bid for them on advances
Ama1gamated Copper sold down to 551s
a new low level for the year.
A rally IN the price of copper metal In
the London market relieved the stock
from some of the pressure upon it. The
dividend -rats was discussed and varying
views affected the price movement.
The extreme dn1fness of the speculation
was ascribed partly to the belief that an
early decision would be taken by the in
terstate commerce commission whether
to suspend as whole the new advances
proposed by the railroads in the new
rates goin into effect August l. The new
law allows the commission to take the
initiative in suspending rates while con-
sdering their reasonableness.
An impression has been current for sew
eral days that the commission would re-
frain from suspending all of the pro-
posed advance.
Today's announcement that 1t had been
determined to allow none of the higher
rates to go into =effect August was the
active influence in turning the duh and
hesitating tone of tho mid-session into
posittve weakness later.
Tho strong resistance OF tho market to
depression was reasserted in notable
manner on the reaction and prices were
rallied to the best of the day and to a
stronger closing.
News of more general conditions of
normal design did not create any de-
cided tendencies, but fears of crop dam
age being exaggerated was expressed in
satisfaction over the show made by the
national banks in their returns to the
comptroller, who provides the money
for the movement of the crops, and
strengthened the stock market. The gold
engaHements announced evidently refer
10 tho same transactions as that report-
Cd from London Monday.
r,<,.,Ao -uepe irrapIIlar Total sales y,ry,
yaIue, G420,ooQ.
unitsd States bonds were unchanged on
call.