The Birmingham age-herald., 1910-02-28
PRICE MOVEMENT IN STOCKS SLOW
Fluctuations Are Marrow And.
 Trade Is Very Slack
CROPS ARE WATCHED
Brokers Indifferent to tie Demands of the Market And Are Waiting for New Factors to Develop
 From Some Querter

New York, February 27.-The stock mar kets of last week in New York lapsed into state of inactivity equal to the dull periods of midsummer, and February oi last year.
 - The movement of prices at the same lime became sluggish and irregular and manifestly prompted by northern more than the board room ventures of the professional leaders,s timidly pursued, in view of the lack of Any more substantial operations to carry the tide of the mar ket.
 This condition of the speculation, com l ing after the rebound from the severe de- pression demonstrated the completion or longer movement of liquidation, its ac- companying over-extension of a short in- terest and the separate correction of that excess.
 A waiting period for new factors to de- velop during which dealings are small and price fluctuations narrow, is usual sequence to such markets. The passing of the effect of factors lately influential
 was indicated by the indifference shown to the public address of the Attorney Gen. eral in the cabinet, reiterating the policies of legal restraints on corporations.
 The large attention paid to news from the winter wheat region is significant of the direction In which the next effective
 forces in the speculation are expected to l take.
 The state in which the winter sown crops shall have come through the rigors l ,to cIlhiact for close study in the stock market from this time on. | There have been developments in the money market which show that the dislo- catior of the country's foreign trade still l leaves a necessity for rectifying early miscalculations in mourning debts abroad | Foreigners are large holders of the short term notes put out by corporations to tide
 over the financial depression after the panic. and these mature in large volume | in February and March.
 Arrangements for financing these ma
 turtles are completed, but preparations for remittance in payment have run up the | foreign exchange rate again 10 the point | that affords a control by London of New York gold supplies.
 | The comptroller's abstract of national
 bank reports as of January 31 shows a l | we're deflation of stock market values and l liquidation of stock market borrowing on | the credit side. These occurred at that | time The relation of this credit to the years speculative excess in cotton and wheat is a problem of importance. | The existence of large outstanding bills | on old cotton and wheat would imply a
 need for further defiation in that field. The continued abstention of foreign de- | mand for cotton and wheat marks the holding of prices at an unattractive level. | The sustained volume of current redemp- | ton of bank notes by the United States | treasury, although not fully up to the un- | precedented level of January is signifi- | cant of redundant bank note conditions as an agency in keeping up prices and ex- | polling gold in exports
 | Labor disputes are kept in mind by the | Philadelphia riots and by demands upon various railroads to which answer must | be made. Authorities in the iron and steel trade express hopeful views of the | demand for finished products, but the price of iron still declines.