The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-07
LITTLE ACTIVITY
SHOWN IN STOCKS
Dealings Are Narrow With an
Upward Trend
THE UNDERGONE Is FIRM
Condition of the New York Market Il
Comparatively Quiet and Firm In
Contrast with the Action of
the London Market

NEW Ork, April III ne otoSh hoihSe
& today was narrow and thin, and the mo-
Z tives. prompting the light transactions,
{ were correspondingly obscure and, pre-
sumably. unimportant as a reflection of
any happenings in the outside world.
strong contrast is presented in con-
dition existing in the London market and
here. In the former an unbridled specula-
tion is going on side by side with a
state of disorder in the finances UNI
paralleled in any recent history. In New
f York, on the contrary, the depletion of
bank reserves by gold exports is viewed
with entire Indifference, and without any
+ demand for speculative use to exercise
& check on the outward flow of the precious
= metal
z Much surnise is expended to find
plausible explanation for the anomalous
conditions. One preferred explanation is
that an understanding and agreement
exist amongst the leading banking au-
sthorities at all the great financial CAPT
tails to cooperate for safeguarding the
threatening position in London. 1t is
for this reason, as supposed, that New
York bankers perceive the shipments of
gold to London with equanimity, rely
ling on the reflected benefit to come to
the New York market by the relief of
Fthe London position. The contradictions
In the London situation are attributable
TO the fact that tax money left uncol-
iected by the failure to enact the govern
ment budget, lies in the private London
banks, and serves to stimulate the wild
speculation in rubber shares. The I'M
stable wavering of the rubber shares for
two days past, under process of at
tempted realizing, points to the vulner-
able spot which causes anxiety in Lon
don. From Paris, on the other hand
comes the intimaton that the tightening
of the purse strings of the Bank of
France against the London demand is
by express request of the Bank of Eng
land, in order to curb the rubber shares
speculation. To reconcile this attitude of
the English bank with it's payment of a
premium over the market price to draw
American eagles from New York, is a
feature of the problem especially puzzling
TO New York observers.
Sales of exchange against the gold ship
ments brought down the price in New
York today to point that barred further
of Englands proffered premium still in
force. With the engagements already
made larger than the actual exchange
surplus reserve of the banks in the weekly
statement last Saturday, the call loan
rate today began to show an inevitable
response. The early average rate was
nearer per cent and later in the day
the rate rose to above that figure.
Wall street keeps an attentive eye on
the commodities market The crop
PROMISE always of vital importance to
the stock market prospect has the add-
tional Importance this year that the
credit position of the interior banks is
believed to be largely committed to the
aholding OF bills on old grain and cot
ton, which have been withheld from the
market in the movement to bolster up
promise prices. In the Wall street banks,
some of them hold the opinion that the
growing promise for the yield of new
crops and a decline in commodity prices
would lead to extensive liquidation of
loans on the old crop from banks
throughout the country. The recupera-
ton of the banking position in the country
NJ large, which such a movement would
effect, is believed to account for the tran
guilty with which the apparent mar
eowness of the present money resources
Is viewed in Wall street
Il Predictions of an increase in the divi-
dent on United States steel formed a
lever for lifting prices in the early deal
Ires but a decline followed the rise in
the call loan rate.
Bonds were steady; total sales. par
value, s1,S97,000.
United states 4s registered declined Il
per cent on call.