The Birmingham age-herald., 1912-05-17
SUPPLY |S FAR IN EXCESS OF DEMAND Market Turned From Heavl- ness to Acute Weakness
 in Afternoon

New York, May 16.-To the dispassion- ate observer, additional evidence of iu- side selling or liquidation was fortheom- ing in the course of today's stock market. The tone was heavy when not distinctly weak and pressure was more or less pro- nounced throughout the session. Volume of business was moderately large, not the least significant fact being the increased activity that marked the declining scale, All the leading shares tended lower with losses of 1 to 2 points by midday. On the other hand there were gains of as much and more in some of the semi-active stocks, including International Harvester. while the more obscure issues. among which may be mentioned American Malt ing and Texas company displayed ftful periods of improvement. American Can at 36Ac went to it's lowest price in over fortnight, but even todays final quota ton represented a handsome gain over it's $ figure of a month back.
 Canadian Pacific at 270 attained new high record with similar achievement for Sears -Roebuek. It is freely predicted that developments of advantage to the shareholders of Canadian Pacific and Sears -Roebuck are impending. but the sentimental value of these stocks on the rest of the list may be set down as in- considerable.
 It was not until the late afternoon that the market suddenly turned from heavt- ness to acute weakness. Practically ev- cry issue on which the list has built It's rise of the past two months then declined precipitately with the supply far in eX- cess of the demand. The decline was ma terially assisted by the operations of the shorts. Reading. Lehigh Valley, Union Pacific. American Can and United States Steel all felt the force of the impact, while most of the early gains in the low priced issues were speedily wiped out. In the absence of a more valid reason the ''street' attributed the reversal chiefly to the attitude of the anthracite coal miners and the possibility of awkward complica- tions arising from the Investigations now proceeding against the United States Steel and American Sugar company. The final hour brought some change for the better. Reading recovering ? points from it's low of the preceding hour with about half as much for Lehigh Valley Union Pacific, United States Steel and Amalgamated Copper. The metal shares as group reflected greater strength than other industrials their position being for tifled by technical conditions such as reduction in the European supply, a rise in Rio tintos in London and better home demand. The closing was dull with
 
 Some of the favorable factors of the day to which no attention seemed to be paid were the better crop advices re- ceived from Minnesota and the Dakotas and the extraordinary figures shown in the countrys foreign trade for April Inn ports and exports for that month were larger than In any previous year, imports increasing by $29,000 .000. with an increase of S21, ,000000 for all shipments to foreign parts. April exports of breadstuffs to- tailed approximately $69,000.O00, as against ! $51, ,00060o last year.
 ! London's market presented variable fea- | lures with some heaviness In Americans. Changes in the Bank of England state ment for the week were scarcely more | than nominal except for the strengthen | ing saf reserves to liabilities. Paris ad- vices point to a reduction of the bank rate there in the near future.
 Greater ease in short time money was shown there today, 60 day accommoda- tions being obtainabe at per cent, against the recent 3A rate Another large Photographic transfer of currency of San Francisco was made.
 Bond prices were generally lower save for Brooklyn Rapid Transit As, which held strong Total sales, par value, $2,5T900o. United States bonds were unchanged on call.