The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-06
DECIDED ADVANCE
IN STOCK MARKET
Early Session Is Dull But the
Recovery Is Good
THE SHIFT OF OPINION
No New Conditions Are Apparent Hut
the Rise Is Merely the Effort of
Professionals TO Infuse Life
Into the Market

Az New York. April 5.-The relative ac'
& tivity in the first and last hours OF
6 today's stock market rescued IRON
s. what would have been otherwise the
Il dullest day of the present year ano
converted the closing to decided ANNA
Aon. The orders whose execution
shaped that episode came, apparently
from professional sources. They re-
fiected no appraisement of any event
or any new condition of affairs, but
simply the effort of the hard pressed
professionals to infuse some life into d
market which was falling into con-
dltion hopelessly dead for their pur-
poses of daily trade on price fluctua-
lions.
The discussion current In stock mar
ket circles showed shift of opinion
as to the likely promptitude of a de-
cision by the supreme court in the i'm
portant cases involving the antitrust
law. Yesterdays watchful anticipation
Of Immediate action was changed
growing resignation to probable de-
ay until the end of the present term
sf the court, or even until the fall
A.sxm, to afford time for the assimila-
Ion of the American Tobacco and Stan
hard Oil cases into one decision. No
ne was prepared to assert that the
s lock market would be held in an in
animate state during such a period of
fAlspense.
The dimensions which the gold ex-
port movement Is assuming was re-
garded as an effect rather than a cause
of the stagnant speculation. The lam
guild demand for money Is allowing
interest rates to recede in spite of the
material inroads making on the slen-
der surplus reserves of the banks. To-
days engagements reached the sum OF
4 100000, which, added to yesterday S
engagements, measures fully up to the
actual surplus of the banks as it was
counted in the weeks statement. More
gold was expected to go before tn e
week is out. The London money mar
ket was engaged today with the re-
demption of the $1o5,0o0,o00 war loan
which was expected to mark the period
Of the most pressing government re-
uuirements. The continued urgent de-
mand for our gold is attributed to prep
nration for the next stock market set
kiement in London. The lettering of
Rubber shares in that market today, in
IEtiew of the excess of the previous rise
Twas considered ominous. An ultimate
SlrolIapse of that speculation is consid-
cred inevitable. The decision to place
the Union bank of Brooklyn in liqui-
siation made an unpleasant impression
although no other institution is sup
posed to be directly involved in the
&hffair The incident is an aftermath
pf the panic of 1907. and is due tic
the inadequate measure of reorganiza-
don. 1t is generally recognized that
the recuperation which followed that
depression was greatly facilitated by
/ the carrying through of weak positions
by the combined strength of the banks
rs a whole. The example of the Union
bank carries suggestion that there
I may be corrections yet to be accom-
blished of the conditions holding over
from that period.
United States Steel was a prominent
Rfgure in the days market movement
The estimates of the corporation s
Earnings for the first quarter of the
Year had an influence on the stock
and were made the basis for produce
tions of an increase in the dividend
bate at the directors meeting on the
last Tuesday in the month.
The leadership proved effective for
We VIII ole market. Rains in the winter
.aeat belt were a favorable influence
sn stocks, although the closing of some
~ the most important wheat markets,
bn account of local election holidays,
eft the effects in that market som.-
What obscure. A break in cotton was
considered with attentive interest in
Fac financial district. The belief that
Liquidation In this commodity is =
probable event is widespread, it being
generally anticipated in the not dis
liant future.
Bonds were irregular. Total sales,
Eoar value. $2,1O7,0o0. United States IS
Registered advanced u per cent on
eall.l