The Birmingham age-herald., 1913-06-15

were freely mentioned in this connection.
| Exact confirmation of the gossip seems
| to be entirely lacking, but II Is none
the less industriously circulated.
Reductions in Orders
| The reduction of 100000 tons on the or
der books of the Cnited States Steel cor
| poration between reports is looked upon
as testimony in. confirmation of the claim
| that the industries of the country are
rapidly shrinking in volume. 1t appears
| of expert report, however that In many
cases, notably steel. production is going
on at top speed. The theory is held that
general buying activity will revive before
| the order book is exhausted.
when Steel common touched 80 the sim
: ister joke circulated that The stock had
. been placed on a 10 per cent basis. Stu
| pid ones had to be told that the remark
| referred to the decline In the price of a
| > per cent stock to one-half its face value.
| A laugh was supposed to reward the sue
cessful recital of the alleged witticism.
| The heartbreaking 10 to 25 point breaks
| IN dozens of other issues We're equally
funny-from the viewpoint of the jb-
berer. efa Has5 74s s.
Adverse weather conditions in many
parts of the country served as bear
| ISL influence on the stock market 1t
was represented to be cold where it should
be warm. dry where there should be
moisture, warm where cool temperature
| is preferable, and SO on down the line.
loss of points in the condition of
| winter wheat in several states was not
able bit of gossip, although the status of
| the growing crop is still above the 10
| year average of production.
Frigid Front in Washington
Wall street is turning a frigid front
toward Washington. The theory is grow
| ing in strength that the administration
and the majorities in both branches of
Congress are developing the characters
| tics of amateurism and losing the respect
| of the yeomanry in consequence. This
sentiment is apparently deepening and
broadening McReynolds and Bryan are
the names most frequently mentioned as
the chief trouble breeders.
| Call money is easy and plentiful but
borrowers have difficulty in arranging for
| time loans. Banks have plenty of money
for immediate needs, but they look into
| the future with uncertainty. The COM
plications abroad form topic of con-
| tinuous discussion.
The preeipitate break in Canadian Pa
cifc was feature of unusual interest.
A point slump in one day took the
| price to the lowest point In years, and
registered loss of S73 a share on 1000
| 600 shares $500 600, ,000) from the high quo
| this shows loss of Sl46000,000 On the
day of the sensational point break sales
| on the New York stock exchange footed
| up 5000 shares. The heavy speculation
in this specially originates in London and
| Montreal ~
The announcement by Secretary Nc
Adoo of the treasury department that in
| case of emergency all or any part of
! the $500, 100000 fund provided under the
Nreeland-Aldrich law would be available
| had reassuring effect on the markets
Bankers do not like to talk about this
emergency fund. The idea that they
should have to call upon the government
| for help is humilating to many of the
rich fnanciers. Furthermore, it would
| be expensive for the banks to draw on
| this provisional fund, which is a con-
sideration of Importance in the minds of
the bankers. They prefer to lend rather
| than borrow money. There is more in it
| for them. However, there is not very good
ground for expecting that the need will
| arise for help in the quarter indicated.
! The mere fact that 1t is there in case
| of urgency Is very consoling to the gen
| erai public, and is an insurance against
| panics which has not been much talked
| about and yet which is very real