The Birmingham age-herald., 1910-07-02
DECLINE IS HALTED
 IN STOCK MARKET The Impending Holidays Take Away Interest in Trading BUT SELLING CONTINUES
Certain Stocks Feel the Effect Of Hnid- ing But in Most of Them Prices Recover Some of Very
 Recent Losses

New York, July 1.-The acton or the stock market today was in accordance with the usual symptoms following so violent disturbance as that which oc- cured yesterday. The mere fact of the arrest of the decline relieved the market of a weight of forced liquidation through wiping out of margins and uncovering of stop loss orders. The imminence of a triple holiday interval emphasized the disposition of the large short interest to cover, and this constituted an important sustaining influence. There was percep- tible also the operation of the usual sec ondary causes in the reselling of stocks bought at the bottom prices yesterday by lucky speculators eager to secure quick profits or banking interests and insiders who bought yesterday solely for the purpose of checking demoralizing and with no desire to retain their holdings
 Still another class of selling came from beated liquidation that had been carried through the break of yesterday to save heavy sacrifice with the condition of re- tirement at the first available opportun- ity. Tn response to these varying factors the market had its periods of feverish- ness and unsettlement- Aside from the buying by the shorts the trading was not aggressive, and the hesitation of the buying increased as prices extended their recovery.
 On the other hand the needs of the bears still uncovered were indicated in raiding tactics on special stocks, exem- plified in sudden and violent declines and xr,itl1 little ctoolr changing hands either on the decline or the rebound. The resumption of interest in the normal influences affecting values was rather languid after the diversion Of attention by yesterdays slump.
 The issuance of the call for report of the condition of national banks by the controller of the currency was given ad- ditional interest by the simultaneous call of the New York state banking depart ment on the state bank and trust com panies-
 The statement of the condition of all the great credit institutions in an addf- tiona1 state is particularly Illuminating owing to the check of any shifting of &C., counts between them which might dis guise the real condition.
 There Is no doubt that a simultaneous report from all the credit institutions throughout the country would bs partic- uarly valuable at this time owing to the suspicion of extensive interest by na- tional. banks indirectly through operations of allied institutions in the land specula- ton.
 The present call from the controller, coming fully three months after the pre- cedfng call, represents an unusually long interval and the delay in issuing 1t had been made the occasion of growing com ment and some solicitude.
 The comparisons to be shown with the extended loan position of three months ago, and the low state of reserves will be reduced from the light to be thrown on the supposed progress made in correcting the credit position
 The large decrease in cash holdings of the. New York banks estimated for this week are due mostly to collection of cor poration tax to the sub-treasury, pay ments being made through the New York banks by interior corporations The poor showing of the July condition of cotton in the government report and the upturn in the wheat market were little regarded in the stock market
 Bonds were .frmer; total sales par value, g, ,624,00e. ,, - ' ;
 United States bonds are unchanged on call from last week.