The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-07-20
SMALL ADVANCE N
PRICES OF STOCKS
Early Decline is Followed By
General Recovery
THE MARKET rs LISTLESS
Mo Incentive Is offered to Move Price,
Up or Down and Brokers Appear
to BE Waiting for Some
thing to Turn Up

New York July 19.-Little attention was
paid to any news by operators on stocks
today and no inducement was found Tor
taking steps in the market that mace
perceptibe effect on prices.
Dealers were trivial and the narrow
vibration of prices and the inconsistency
of the tendencies witnessed assumed the
same state of hesitation or indifference
apparent lately. The market was allowed
to lie fallow for the recuperation. of new
forces hoped for and the professional ele-
ment was unable to attract anything In
its experimental transactions of feeling
out of the small fry.
The banking outlook, the labor oues-
tion and crop news were discussed with
small interest and dealings growing out
Of these considerations were often re-
versed in the course of the session OF
the day.
An early decline was followed by -e-
covery leaving fractional gains.
Canadian Pacific was rather acutely az
fected by the sympathetic influence of the
strike on the Grand Trunk This domi-
mated sentiment to the exclusion of the
agreement between the Pennsylvania and
its employees regarding settlement Of diff
ferences.
The position was aggravated by the
uneasy feeling existing in England over
the dispute over wages on some of Its
railroad systems, while the French rail-
roads are in the throes of a like conten-
ton.
Reports of further demands in con-
temptation by labor organizations on the
railroads were taken as evidence OF the
extent of the settlement still to he effect
ed with incidental danger of interrupt
tion of operations and the higher cost of
operation involved in wage increases.
Movements In the cotton market are
accepted as passing phases of a specula-
tive campaign rather than accurately re-
Elective of the state of supply and its
promise. The effect of the high level on
the text activity and on the port demand
for cotton are more regarded for their in
fuence on financial and industrial con-
ditions.
Factors are combining to build up the
strength of the New York banking posi-
tons, but the effect on sentiment on stock
market is modified by a disposition to
for the formation of currency associa-
tons such as are provided for in the law
for issuance of emergency currency.
The protestations from treasury author
tiles and from such bankers as favor the
movement that the time is fitting owing
to the absence of any present emergency
do not prevent assumptions that prepara-
tions is desired for possible resort to
the emergency issues this fall. This as
sumption proves different to combat by
assertions that the prospect has been
cleared by the Strengthening of the gen.
eral banking position since the March re-
ports to the comptroller by the dimin-
ished requirements due to the lul in trade
activity and by the large replenishme1nt of
the cash reserves in process through gold
imports.
The United States treasury is also turn
ing back into the money market a large
proportion of the sum collected for the
corporation tax.
Heavy government disbursements have
established gain for the New York
banks on the operations with the sub
treasury since the last bank statement O.
IS, $4,000.
Currency receipts from the interior and
incoming gold shipments are to be reck-
oned In addition
The time money market is weakening
under this showing and the removal OF
finance bills from the exchange marker
allowed recovery there, although the
discount rate In London and in Berlin
continued to decline.
Bonds were steady. Total sales. par
value. $955.000 United States bonds were
unchanged on call