The Birmingham age-herald., 1910-04-19
'IRAD|NG IN STOCKS
 IS DISAPPOINTING Expected Advance Did Not at
 All Materialize SOME STOCKS HIGHER
Downward Turn of Stocks on Ac- count of the Influence Upon
 Western Traffic

New York. April 1S.-The day fol {stocks today proved disappointing te those who organized the upward move ment of prices last week. Confidence was manifested at the end of las' week that the new week would bring in buying orders for stocks from the country at large, attracted by the rise in prices last week, and by the be- lief that the confidence was being ex- pressed in that way for still higher prices. On the contrary the events over the weekend brought some sell ing, orders through commission houses, leaving small opportunities for the buyers of last week to distribute their holdings to the new buyers. An ex- ception was found in the Hill and Gould stocks, which advanced in the early dealings on the strength of reports that a working agreement had been made by which traffic from the Hill roads would be shipped over the Gould roads west of Denver
 The benefit of this arrangement to those stocks was more than offset by the fear of harm to other competing , roads whose stocks were sold for that ? reason. The wintry weather in the west since the stock market closed on made the ground for fear of damage to crops in those regions. There was some selling of stocks on that account. Assurances that no serious harm had been done to the grain crop mitigated the effect of the news.
 The backward course of the price of wheat was evidence of satisfaction with the new crop conditions. It was re- garded as proving also that the hold CTS of old wh eat were inclined to liqui- date their holdings and not wat long CT in hope of higher prices. New York bankers have Looked for such a de- velopment for some time past Large liquidation of western bank loans, now at a high figure, is expected to ac- company the movement. Revival of the foreign demand for our cereals and provisions is another result looked for helping to correct the abnormal conditions in the country's foreign trade. Of no less importance will be the adjustment of the much complained of hig level of domestic prices and Of itfhe cost of living.
 A mixed impression was caused. how ever. by the steps taken by the law officers of the government against the members of the cotton pool for seek ing to control the price of that com modity.
 The influence of the decline in wheat { Fwas not effective in the foreign mar ket to prevent further engagements of gold for export to London this week. The easing of the local money mark ct with the strengthening of the banks condition last week seems to have fa- cilitated the further outgo of gold. Es- inmates of the probable outgo have moderated with the stronger position attained by the Bank of England. To- days engagement was an influence against the stock market
 The dull and dropping ton, of the iron market and the steps being taken to curtail the output gave a turn of depression to Speculative sentiment Public expressions of confidence in the trade position of leading corpora tion officials and persistent predictions of coming increase in the dividends on United States Steel do not avail to cure this sentiment. Copper trade movements also were regarded as un- satisfactory. A minor cause of dis appointment was a failure of predic- tions which were made very positive ly last week that the corporation tax law would be declared unconstitutional by the supreme court today.
 Bonds were irregular. Total sales. par value, $1,S2G.O0O. United States bonds were unchanged on call.