The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-22
SOME RECOVERY IN
THE STOCK MARKET
Trading Relieved of Conditions
That Hampered Prices
DEMAND MUCH BETTER
Days News to Affect Prices But
Bear Element Is Not So Ac-
tive in the Market

New York. April 21.-The stock market
Z today was relieved to some extent of the
& acute weakness which sent prices rapidly
s downward the day before The profound
I=dullness which overcast the dealings at
& the advanced level of prices was more
& striking feature than the recovery itself,
and had it's effect in begetting dstrust of
j the recuperative power of the market.
q The demand which carried prices upward
a was ascribed to the bear element In the
A speculation, which had been selling stocks
Il freely since the opening of the week and
which saw profits accrued on the short
side by buying to cover.
There was no more positive factor dis
coverable in the buying. A pause in the
liquidation in rubber shares in the Lon
don market relieved anxiety to some ex-
E tent of an immediate collapse in the un-
stable position followed out of the wild
81 speculation there, but the conviction re-
8 mains unaltered that the pricking of the
bubble must come and with danger of
Hdamage to other related financial mar
Nkets.
Il The rubber craze in London and the in
hation of credits presumably accompany
Ing it are believed to be related to the So
hcitude manifested by the Bank of Eng
Z land to continue the accumulation of gold
Reserve. The greatly strengthened posi-
Z Hon revealed by the bank in the weekly
Areturn today was accomplished by draw
Ting in open market of reserves as well
Vas of imports of gold in payment OF
\ premium over the market price.
The increased control of the money mar
ket thus erected made the discount rate
create a tendency to harden. 1t hardened
in London today in spite of the notable
regeneration of the Bank of England.
Furthermore, additional gold was en-
gagged in New York for shipment to Lon
don Saturday with the prospect of con-
tinuance of the movement.
The unresponsiveness of the New YORK
call money rate to this movement Is
looked upon with some suspicion. The
controllers abstract of national bank re-
ports as of March % disclosed the heavily
expanded state of bank loans the country
over. The increased loan item since the
preceding report of January 81 reaches
8 s202 589, 49, the New York clearing house
thanks being responsible for but s23 1886, ACC
loan increase in that period. The COM
harrison with a year ago on April % shows
ldans increased for the whole country,
$z6S, 1882, 1926, while legal tender holdings
have been reduced s43, Gel 401. On March
rs New York clearing house bank loans
we're less. than 100000. GOO in excess of
zthose in the last week Of April. 1909, The
<heavy requirements thus revealed on the
z9nterior banks are held to account for the
.sspirit of reserve manifest in the New
4York money market at the present time
A factor in holding the speculation in
check Is desire to await the response
of the market to the dividend action on
Hunted States Steel next Tuesday The
! market response to the action Is consider
ed of more Importance from a specula-
4 tive standpoint than the action itself.
Conservative dividend action and support
for the stock in the market might reas-
sure sentiment. where a liberal dividend,
coupled with free selling of the stock,
would be regarded as highly unpropi-
tious omen The discussion of reducing
pig iron production was responsible for
8 break in Great Northern ore certificates
9 in today's market
4 Bonds were heavy; total sales, par val
kue. 81 ,9oS,o
United States bonds were unchanged
Eon call.