The Birmingham age-herald., 1910-08-31
STOCK DEMANDS SHR|vELED UP
 And Prices Are Allowed To Drift Aimlessly
 SHIPMENTS TO CANADA
The Foreign Demand for Securities Has Disappointed--Crop and Weather Conditions Affect Stock Mark
 ct In New York

New York, August 30.-The demand TOT stocks shrivelled up today ana prices were allowed to drift aimlessly Ihe marty In the speculation which has been Attemptine, for several days past to move ntyces grew discouraged over the lack ot resnonse to these efforts. The perfume tory character of the whole movement was too obvious to attract any out side following Last weeks crop dam- age rumors had invited some short sell ing and this short interest was made tn fullcrum for the short uplift which hal, occurred since. The reduction or the shorts leaves no sustaining force Tn a market otherwise stagnant. The dis position to await events was emphasized by the unresponsiveness of the market to artificial markets.
 Some apprehension of events enters into the reactionary nature of the news de- veloped. The period of cash withdrawals from New York bank reserves is no' propitious to operations on the long sioe in stocks The current of the movement of New York is gaining strength ohip- ments to Canada and to the domestlq lh- terior are on a large scale and are r ov- ins day by day that the usual reco rse is made to New York supplies for the purpose of moving the crops. The rate of depletion of bank reserves promises to be rapid for a time. the decrease this week having run already apparently to over s4,0o0,Ooo including the result of sub-treasury operations.
 The foreign demand for securities has disappeared and the movement of for eign trade has not been adjusted to the normal sufficiently to provide the usual supply of exchange at this time of the year. Replenishment of cash for the banks by gold exports becomes de- pendent on credit operations. The re- cent action of the London discount mar ket implied some opposition there to New York's applications. Today there was an easier tone to the London discount market and rise this week in the Bank of England discount rate was considered less likely. The reserved attitude of foreign money centers and the volume to which the interior movement of cur rency Is attaining, serve to justify the provision of New York banking author ties in building up the heavy surplus which is but slightly impaired as yet. Al concern over a possible special require ment against which it was feared the banks might be providing.
 A firmer tone in the corn market and weather forecasts of light frosts had some influence on stocks
 The approach of the date for official monthly reports of various kinds bearing on crop and industrial conditions give rise to conjectural estimates. These were heard on the government crop reports, on the monthly statement of thrilled ton mage as of September 1 of the United States Steeel corporation, and the Cop per Producers association statistics as of the same date. The actual appearance of these figures is one or two weeks ahead yet, but this did not prevent com putations on the showing to be made. There was selling of stocks based on the conclusions thus far drawn
 Limitations were heard also of cot which necessitated realizing in stockhod- ings. The railroad world is showing deep interest and some concern over the prog ress of the hearings by the interstate commerce commission on the rate ad- vances proposed by the railroads. The matter has responsive effect on spec ulation, even in the absence of clear indi- cations of the final decisions. There were brokers, also, who professed to have re- liable forecasts of Colonel Roosevelt S coming addresses, the effect of which on stocks was feared. The days bus iness was congested again in Reading, Union Pacific and United States Steel.
 Bonds were irregular. Total sales. pa value, s1.0S7.O00. United States bonds were unchanged on call