The Birmingham age-herald., 1910-09-15
STOCKS DECLINE ON TAKING OF PROFITS Inflow of Orders Does Not Pre-
 vent Weakness
  LAST PRICES LOWEST
After an Early Squirt the Market Lapses Into Dul1ness md All the Stocks Feel the Effect of
 Bearish Sentiment

New York, September 1.-The stock market today had to bear the burden of profit taking on the rise of yesterday, and was affected accordingly. So con- siderable a movement as that of yester- day after the prolonged period of apathy and lstlessness was not to be neglected by the long suffering professional opera tors The advantage of the opportunity was increased by 8 considerable inflow of orders from outside sources, attracted by the stirring of yesterdays market. The action of the market gave evidence of efforts to extend these advantages In the bidding up of opening prices and in the coincident offering of stocks as fast as the market would take them without hurting prices. These operations kept ups show of animation in the dealings For the first hour, after which there was 3 lapse into dullness, the day terminating in sharp reaction.
 Politics continued to occupy a large share of attention, but there was a dis position among some of the larger fi- nancial powers to deprecate the exploita- tion of the stock market as a field for the expression of opinions on political prospects. The sentiment of the specula- ton was unaltered that the political out look has declined in influence on the f. nancial situation. A division of power in the coming Congress would be considered not unsatisfactory in the estimation of some of the financial interests, whose contention is that legislative quiescense would prove an advantage to business and would relieve enterprise from restraint and hesitation.
 At the same time there was heard the opinion that open reflection of such views in stock market activity was calculated to stir up renewed agitation against corporation interests. The~subsidence of anxiety over the banking position of the fountry proved a substantial sub-stratum tor the confidence that is growing up. This was manifest in the reception ac- eorded the news of the rejection by the London conference of foreign bankers of khe validation plan for American cotton shipments.
 The resource of the domestic money market seem now so assured that the ex- Ira requirement thus implied caused no anxiety. This is partly due to the con- Fiction that American cotton owners have the advantage of position in the neces- Fity of the foreign spinners for the sup ply of cotton.
 It is reported that a recent remon- Ftrance from a French bank over the lack of a bank guarantee on a cotton pill of lading accompanying a draft was fnet by the intimation that the cotton was waiting for payment, which might be arr hanged as the foreign bank might choose. There are broad intimations that a gen. eral attitude along similar lines will be adopted, with no fears that compromise will not be forthcoming as result.
 Money continues to work easier both In New York and inland. Chicago re- ports a renewal of demand for farm mortgages on the part of insurance com panies, with interest rates marked down firm to 51a per cent. An important re- lief Is thus afforded from the burden of the country banks in connection with the extensive land purchases of the last Bear. Returns from national banks to the controller show somewhat mixed re- sults in the comparison of the loans on September i, with June 30, but consider Ing the crop-moving requirements of the season, the showing Is held to be satis- factory.
 The days crop advices were favorable and made a helpful factor towards sus- tainng prices.
 Bonds were firm Total sales par value b2,264,000 United States 2's declined F per cent on call.