The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-02-11
AVERAGE LEVEL
IS MAINTAINED
Distrust Was Factor in Check
ing Stock Advances.
PRICES WERE ARTIFICIAL
Presence of the Secretary of the Treas
ury IN New York and Report of
Hanna's Death Exerted
Influence.


New York, February 10---The average
level of prices in the stock market got
back to about where 1t was Monday even
ing. That is to say the recovery of yes-
terday was lost. There were no new de-
y 'opments to account for the reaction
there was some recurrent force to the
considerations which weakened the mar
ket on Monday.
The principal factor In checking the ad-
vance was the distrust felt as to the
character of the operationst which car
ried prices upward yesterday. This was
emphasized by the very patent profit-tak-
ing in United States steel preferred on
the part of prominent trader and the
very obvious manipulative tactics by
which is was sought to offset this by bid
ding up few specialties here and there.
There was suspicious feeling also that
the marking up of prices yesterday had
been more or less artificial and designed
to afford a basis for some of the selling
which 1t is believed will be necessary 10
cover losses in Baltimore, although it is
possible that 1t may be deferred. The ac-
ton of yesterdays market gave rise to
surprise among the speculative element
that the markets might be expected to
sympathize with Japanese success In the
course of war;. but the days Develop
ments failed to carry out his surmise
even on additional news of Russian losses.
Inc presence in the city of the secre-
tary OF the treasury to discuss the method
OF erecting the Panama canal payment,
directed attention anew to that subject
although the
quoted that the operation could be con-
cluded without disturbance to the money
market, and even with the actual addition
TO resorces of such portion of the canal
payment as is withdrawn directly from
the subtreasury
IL Is also thought the obligations of
foreign insurance companies OH account
OF the Baltimore fire losses may faciIi-
tate the completion of the Panama paw
ments without disturbing the exchange
markets. The real repressive influence
seems to be the fear of excessive corpora
ton borrowings and the requirements In
VOWED in the Baltimore fire losses, the
consequences necessary for the extern
sion of credits and the Panama canal
payment
Rumors of a sale of New York Central
notes to meet Improvement expenses IL
Illustrated in that stock the constituencies
Of the market to the effect of borrow
ings A rumor of a coming issue of St
Paul stock which was officially dis
claimed, was a factor in the weakness of
that stock. The heavy offerings of Penn
sylvania on the slight early advances
created bad impression. The sharp
rise in Brooklynt transit and Amaigamat-
ed copper dividend had a good influence.
but with the weakness of United States
steel preferred for time weakness gain
ed on the whole market and the closing
was at nearly the lowest.
An important banking failure In Bre-
men was contributing factor to the
weakness and rumors were circulated
several times during the day of the death
of Senator Hanna. The statement of
exports of domestic prospects for Janu-
airy fell so far short of the recent level
of increase of previous years as to cause
some disappointment.
Bonds were easy. Total sales, par
value, s1,7O6,0O0
United States bonds unchanged on call