The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-10-05
VERY FEW CHANGES
IN STOCK MARKET
Note of Conservatism in Pur-
chases Is Developed
THE TONE IS IMPROVED
Good Support Is Back of All the Trades
which Are Not Extensive,
But show strength Be-
hind Resources

New York, October 4-Without any
essential change in the market values
there developed today a note or con-
servatism in purchasing operations on
the long side of the market
The motives for the changed atti-
tude of the speculation were found
largely in technical considerations. As
stated by operators themselves these
were of the belief that the advance
was in danger of overruning the rate
of the Improvement discerned In finan-
cial and business affairs, the extent to
which the speculative interest on the
long side was being built UP and the
accompanying reduction in the short
interest, The evidence that stock was
being supplied on advances gave force
to this view. The sources of supply
of these offerings beyond the traders
who had accumulated holdings at lower
prices were shown to be the more I'M
portant banking and financial interests
which took over stocks in the latter
part of July as rescue measure. The
purpose of those takings was avowed
from decentralization and not from any
design for permanent holding. 1t Is
believed that diffusion of these hold
ings has been going on by a gradual
! process. The fact that the market has
been able to absorb such offerings
AMOUNTS to a demonstration of its i'm
proved tone. Strength in the coppers,
electricals and Hawley stocks sustained
:. the later market today.
The reactionary tone was connected
with further consideration of one or
two. factors that seemed to be ignored
yesterday, such as the weaker bank
position and the cut in prices of pipe,
both of which were known yester-
day.
The lowering of schedule prices for
iron pipe was read more as a symp-
tom of general trade conditions than
for its own intrinsic Importance. The
knowledge that specification on con-
tracts in the steel trade in September
were larger than new order business
points to another reduction in the
volume of untitled orders on hand Oc-
tober 1 in the report to be made next
week by the United States Steel cor
poration.
decline in the quarters net earn
ings and a poor prospect for the new
quarters earnings will be the infer
ences to be met from such a showing.
There was constant supply of Unit
ed States Steel for sale today from this
cause.
The indifference of the call loan
rate to the shrinksge in the supply of
M QffeCA
face of the decided hardening of the
rates demanded for time loans, espe-
cially for periods carrying over the end
of the year.
The reopening of the labor dispute
In the Manchester cotton trade prom
ises to affect the demand for cotton
and in consequence the hoped read
1ustment of the foreign trade balance
of this country.
A fall in value of imports at
New York for September of over mil
lion dollars below the moderate total
of that month last year and of over
$4,000. 900 below the total for August
of this year give promise of some re-
duction of the months total import
ant from the excessive valuations late
ly prevailing. The days influences were
in favor of higher rates for foreign
exchange.
Discount rates in London held firm
and while the discount rate yielded in
Berlin the troubled labor situation in
Germany depressed stocks and caused
selling in foreign markets for Berlin
account.
The show of strength in the copper
industrials grew out of the higher price
for the metal in the London market.
The strength of cotton and corn kept
opinion open on the crop results.
Bonds were irregular. Total sales, par
! value $1,s50,0OO.. United States bonds
were unchanged on call.