The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-06-14
MUCH BETTER TONE
IN STOCK MARKET
Heavy Selling Recently Is
Causing a Reaction
TRADING is LISTLESS
OyersOld Condition readily Shows
When Pressure of Selling Orders
Is Relaxed and Prices
Make Advances

New York, June 13.--The state of Idle
ness into which the stock market Tell TO-
day proved to the advantage of values,
the withdrawal of orders being apparently
from the selling side Of the market. The
evidence thus afforded of a subsistence in
the pressure of liquidation with which
last week closed warned the bears not
!. to press their operations. Accordingly,
!. after a preliminary test under which
prices yielded only moderately, they
bought to cover short contracts
The reports of the borrowing of large
amounts of stocks lent credit Ito the
supposition that the short interest was
becoming unwieldly and the market over
sold. London prices for americans were
ut an advance over Saturday, but the
opening market here ignored that infiu-
ence at first and London was accredited
with little past in the days strength.
Other foreign -centers were affected by
the poor condition of the american copper
and depressed copper mining stocks.
This was notably the case in Paris
The London price of copper fell sharply
also. Amalgamated copper, however.
after momentary response came into
the general upward movement. There
was a substantial absorption at the same
time of United States Steel in spite of
reports that the market for finished steel
products was beginning to show signs of
the same kind of over supply that has
weighed on the iron market. ~
There had to be faced as well reports
of additional curtailment by cotton mills,
both In New England and the SOUTH
From railroad traffic officials through
out the country came limitations that
some check had been felt on account of
the controversy over rates between the
railroads and the government.
A call was said to have been made on
the underwriters of the sE,0oo,o00 Atch-
ison, Topeka and Santa re convertible
bonds for payment of % per cent of their
subscriptions, the inference being that
stockholders had not awaited themselves
of their privilege of subscriptions to these
bonds. .......s
None of these, items of news was cited
was rather expected in spite of these de-
velopmepts.
The reported basis of agreement on the
railroad BILL in the conference was the
subject of diffeernt views amongst specu-
lators, the elimination of the control of
the capital issues being balanced against
the proposal for commission to investi-
gate the subject, said to have been sub
stituted- The leaving open OF the mat
ter for the future agitation, Instead of it's
definite proposal one way, or another was
called an Objectionable feature. The
money market reflected a lightened de-
mand for stock market purposes. The
demand from mercantile sources appears
to be sluggish as well. Interior money
markets report that the land speculation
in it's objectional forms has been eff
fectively checked
The return to the controller of the cur
rency under the call. which Is expected
now at an early date, Is awaited with
great interest for comprehensive show
ing OF the loan position. London seems
to expect to be called upon for gold to
help finance the American crop move
1nent this fall. that being one of the
reasons for the extraordinary reserves
which have been built in London. This
would support a fee revival of exports
of wheat and foodstuffs from this coun-
try. ss
Bonds were somewhat firmer, but with
little change from the dull conditions in
that department. Total sales, par value,
81, 3s7. 900.
:. United States bonds were unchanged on
call.