The Birmingham age-herald., 1910-09-07
GENERAL DECLINE
 IN STOCK MARKET Professionals Control Trading
 and Depress Prices BUSINESS IS LIMITED
Movements On the Political Checker. board Have Downward Influence Upon Stocks Which show Some
 Late Recovery

New York, September 6.-The profes- sional trading element had the stock market almost to themselves today. Their operations were largely in United States Steel, Reading and Union Pacific. The most obvious motive for the depres- sion of prices was the lack of any posi- tive influence.
 One or two factors were given an un- (, favorable interpretation. The restless spirit of the political discussion came in for a large share of attention. There was heard the expectation that the ex- Presidents address at St. Paul today might furnish a sensational supplement to the address of the President before the Conservation congress.
 The delivery of the address by Colonel Roosevelt and it's appearance on the ticker was read by many which reduced declinea to fractions. The close comparison thus made possible between views on the same topic of the President and his predecessor brought out sharply the divergent lines of their thought and deepened an impression of cleavage. which is an element in estimating the political outlook The progress of the state election in Vermont and a desire Ito know it's result entered into the politi- cal influences on the market and kept down the dealings.
 The weekly bank statement which ap- peared on Saturday during the three days recess of the stock exchange dis closed more rapid depletion of cash re- serves than had been anticipated from foe ba ont n the actual surplus to $31, ,s5S, ,25O gave mo- tice of rate of reduction of available bank credits which would demand seri- ous consideration, if continued at that rate for any length of time. Inquiry developed that special causes might be assigned for the severe decline in cash holdings. The interior banks evidently had been preparing themselves for the controllers. call for reports. With Sep tember 1 fixed as the date for reports from national banks, some relaxation In the demand is looked for. That the in- terior demand for crop moving purposes is now in full force continues manifest, however, from the further movement reported today. The heavy movement of corn to market is an influence in this
 
 grain today also.
 Chicago banks report that balances of interior banks with the reserve agents are being replenished at good rate as a result of this grain movement.
 Crop advices were favorable. The price of corn was affected by the good weather as well as by the car move ment. The reported breaking of the drouth In Texas was heralded possible promise of material betterment of cotton prospects in that state. which is chiefly responsible for the deficiency in the percentage of condition of the crop as a whole. Crop conditions had their sole reflection in the commodities markets and left stocks unaffected.
 More attention was paid to the reports of heavy curtailment by New England cotton mills, marking the extension of a policy already adopted to an unusual eX- tent. The returns of railroad earnings for July showed further the heavy growth of operating expenses and pointed to the necessity of curtailment of outlay in that direction also. The effect of this was seen. especially in the heaviness of United States Steel owing to the large propor- ton of iron and steel products embraced in the materials needed by the railroads. Weakness in the London copper metal market spread the heaviness to another portion of the metal industries. The feeling was prevalent that. the railroads have not made as strong case as was ex- pected in favor of rate increases in the hearings before the interstate commerce commission.
 Bonds, irregular; total sales, par value, S1.156,00o.
 United States bonds were unchanged on call.