The Birmingham age-herald., 1910-09-16
pGfS CLOSE WEAK
 IN STOCK MARKET Resistance Is Shown To De-
 cline But It Is Slight BUYERS HOLD ALOOF
Condition of Copper Market Is Un- steady Which Exerts m Unfa- yorable Influence Upon the
 General Stock List

New York, September 15-The principal factor at work in the stock market to- oay was the reversal of speculative op- erations for the advance attempted earlier in the week and which have not met with encouraging response by at tracting any substantial demand from outside sources. There grew upN some easiness over the condition of the steel lndhstry, which had the effect of giving positive force to the reaction. Price concessions were yielded grudgingly and there were signs of resistance and indi- vidual points of strength in the market, but the whole market gave way and closed decidedly weak
 Steel trade advices have pointed to a subsistence of the revived demand for structural forms and some other finished product and to an obvious determina- ton on the part of buyers to hold off for possible lower prices
 Sellers at the same time were inclined to compete for business by offering down prices An estimate published yesterday or pig iron stocks of 1,900000 tons was disliked. It is considered unlikely that the railroads will depart soon from the policy of~abstention from purchases of supplies in face of the undetermined question of rate increases aud the rising tide Of operating expenses.
 No considerable revival of activity ia the steel trade Is looked for until the railroads come into the market as free buyers. Force was given to this view Dy the published expressions of President McCrea of the Pennsylvania, on his re- turn from abroad.
 Industry has been gradually con- tracting," he said ''and I do not expect axn 1, ,i,on settled"
 With the elections and the supreme court decisions in the trust cases to await for, the speculative prospect offers so long period of remaining uncertain ty that attempts to shape prices to the future positions are feared.
 Further consideration of the apparent deadlock caused by the rejection of the railroad valdation for cotton bills of lad ing by the foreign bankers suggested pos sfble complications calculated to affect the money market It is likely that the first effect will be to hasten cotton ship ments before the date of the foreign bankers decision taking effect, which is October 3l
 The early fall in foreign exchange rates today was supposed to be a reflection of this expected forward movement Of cot ton. London money was affected at the same time by some heavy withdrawals of
 
 port. Discount rates rose also in Berlin and Paris, seemingly in anticipation of the coming quarterly requirements at the end of the month. Foreign exchange turned strong again under these inf1u- ences.
 The yielding tendency of the price of scopper added to the depressing in {fluence of the steel trade position. The failure to cut down production of that metal has been partly compensated up to this time by the sustained consump- tion. There is deep-seated apprehen- sion, however, that drastic readjust- ment will beS required in that industry to bring consumption abreast of pro- duction in the event of shrinkage in industrial requirements
 A price cut which would serve to throw out an effective proportion of the output from the margin of profit is regarded as possible contingency and one which could not fail to have widespread disturbing effect. The bulge in the cotton market did not disturb the feeling of confidence in the favorable progress of the crop stocks were unaffected by this con- sideration
 Bonds were irregular. Total sales, par value, $2,142,000.
 United States 4s registered declined L per cent on call