The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-02
SOME HESITATION
IN STOCK MARKET
Days Trading Is Dull and List
less Affair
DEMAND VERY LIGHT
.rd u,bfs Has
London Market Is Closed and This Has
Deterrent Effect Upon Trading
and Prices Show a Grad
uaI Decline

New York. August 1.-The speculation
in stocks developed constraint TO-DAY ana
there was hesitation about purchasing
operations on either side of the account
The selling of the kind which caused the
reaction OF the latter part of last week
was much less aggressive and the bears
were correspondingly timid about ex-
tending themselves. The demand was of
insufficient volume on the declines to
hold them in check. The stock market as
a consequence was dull and listless at
fair. 1t ended at declines.
This was due partly to the closing or
the London stock exchange for holiday
The demand from that source was SO I'M
portant an element in rallying prices
from the depression of the latter part OIL
last week that spectators were indls-
posed to pursue operations in the absence
of information on the immediate att1-
tude of London buyers to American
stocks that did not agree.
The newly arrived South African gold
was not marketed in London by reason
of the holiday leaving open the question
of division of that supply between New
York and Germany. The firmer tone OF
London exchange in New York and the
weaker return of the Bank of Germany
for the week seemed to turn the balance
of advantage in favor of Berlin as bid
der. The call loan rate also Is declining
in New York and the reserves have risen
to such large percentage figures that the
occasion for additional heavy gold i'm
ports does not appear urgent. Six months
money was freely offered today at per
cent.
The easing of the call loan rate affects
the position of the bear party to some ex-
tent by reducing the supply of stocks
offered in the loan crowd the direct bor-
rowing of money being possible on more
attractive terms than by the lending of
stocks. The demand from the shorts
to cover had some incentive from that
cause the copper stocks especially feeling
the effect.
The constraint upon the speculation
came partly from the uncertainty of the
crop outlook
There is desire to await the appear
ance of the government report on condi-
ton of the cotton crop tomorrow for in
formation of the extent of deterioration of
the plant during July.
The weather news from day to day is
anXiously scanned. Light on the inn
mediate conditions surrounding the coun-
try's crop is sought. Reports OF show
ers at some of the interior points where
rain is needed affected both the cotton
and corn markets today.
Confidence was lacking in the belief that
relief would be effective. A good inn
preston is caused in the financial CEN
tiers by the heavy receipts of wheat for
the promise it gives of a rapid market
Ing of the crop and the relief thus afford
for han 70
hold the grain it is believed will be salu-
tary Pennsylvania was affected by the
general weakness of the market and the
reduction in net earnings in June the
gross increase being overbalant ed by the
Increased operating cost. The stock rail-
lied on the declaration of the regular
quarterly dividend. Some of the other
standard railroad stocks also benefited
from increased confidence over the main
ff Tan dividend rates.
during the uay session was taken to
represent an attitude of suspicion in the
speculation which is the outcome of the
Pearson syndicate sentiment. The weak
ness of several bonds of some of the rail-
roads was attributed to this fact. The
analogies which are applied to other pro-
5ects of railroad extension and vombina-
tion were influences felt.
Another back current in the specula-
sion sioWihs out OF the PEARSON Syndi-
cate was the weakness of several bonds
Of some of the larger railroads the con-
troll of which was thought might be-
come involved in the settlement. The
strengthened auspices sought for these
railroads 1t ives thought would operate
to increase the security of the general
bond list. The irregular decline throws
the situation open to many vagares
Bonds were irregular. Total sales nor
value, M,295,000: Uunited States bonds
were unchanged on CALL
Bonds.