The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-10
ADVANCE SHOWED
THE REIMBURSEMENT
Real Settlement Was Made in
London
PRICE CHANGES CAME SOON
Apprehension Over Embodiment of
Great Britain and France Over
Neutrality Is ouieted-Dull
at the Advance.
PRICE CHANGES CAME SOON

New York, May 0-The advance in
stocks today represented a readjustment
of the price level as an index of condl-
tons rather than a response to any i'm
pertant new demand. The real adjustment
was effected for the most part in London
before trading had commenced here. As a
consequence the first prices made here
this morning showed yesterdays losses
rather more than recovered. Changes dur
ing the rest of the day were nnimpor-
tant.
The change in conditions which this
was designed to measure has the quiet
ing of apprehension of an embodiment of
Great Britain and France with their re-
spective allies in the present war over the
disputed question of neutrality. The pur-
pose of the two governments to avoid
friction was made so manifest by today's
events that little fear remained of hos
tile issue to the discussion. There is rea-
son TO believe, in fact, that money diff
cAties had more to do with yesterdays
weakness in London than was suspected.
While the hope of avoiding consequences
had to do with the vigorous recovery there
today.
One failure of some Importance occurred
in the American department of the Lon
don stock exchange, but it was declared
that more extended troubles which were
threatened by the coming periodical set
Element there would be prevented. There
was some large buying for London ae-
count in this market during the early
tfafiing, but this was largely OF an arbi-
TRACE character. American securities
seemed to have been oyersold by the bears
In connection with yesterdays foreign
weakness, and their efforts to recover
stocks was the important factor in to-
dsf's rally. Aside from this buying the
days business was unmportant and the
aggregate transactions in fact fell to
near the lowest figure, for the year thus
far. Only a few days in January show
a smaller total. The movement of prices
was creeping one, in accordance with
the small business doing. While the buy
ing became little more than nominal there
was small pressure to sell.
The excessive dullness at the advance
Is warning of the unwillingness of oper-
ators TO embark on new ventures on the
long side of the market. Some fears were
felt that there may be liquidation yet to
be completed, and which may appear from
time to time as in the case of London
selilns yesterday, or winch may ne itlNIteu
by any effort to put up prices. The APP
proach of the period for going into effect
of the stock transfer tax has some in
fluence in dscouragng the new commit
ments as it is generally expected that
professional trading operations will
hampered by the operation of the new
law. The small inclination shown by Penn
sylvania stockholders to subscribe for the
new convertible bond issue, the application
reaching only 10 per cent is regarded as
a SYMPTOM of the present safety Of de-
naand for investment. 1t is noted in the
same connection that number of recent
bond notations are quoted in the market
below the underwriting price. PennsyiVa-
MIA failed to share in the strength or the
DAVIS market The weekly crop report
offered nothing to disturb the present