The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-02-26
STOCK MARKET IS
AGAIN SLUGGISH
Upward Movement of Previous
Day Falls Very Flat
TRADING rs IN A RUT
tion Among Brokers and Weather
Influences Also Affect the
Sensitive Market

New York, February 25-The lift to
prices which was given in yesterdays
stock market proved a disappointment
in its after effects today. The move
ment fattened out after futile attempts
to extend it by the professional board
room traders. The latter part of the day
was about as dull as the early part of
yesterday.
The large individual transactions in one
or two stocks revealed the professional
origin of the attempted movement. Some
of the news on which the rise was
based proved SO unsatisfactory to the
professional buyers that they hastily re-
sold their takings. In other instances
the news had no proof and lost its infiu-
ence. The southern railroad stocks fell
back sharply owing to lack of confirma-
ton of yesterdays reports of a financial
plan which would carry valuable rights
to stockholders 1t was rather obvious
also, that efforts were making to realize
profits on previous advices under cover
of the new points of strength in the
market.
The conviction was confirmed by these
developments that the stock market was
railing l0lO Il tut anu was uSStHiCd "
a period of dulness and neglect pend
ing the defining of new forces in the
outlook. The tendency of the settlement
Of the wage question by the southern
railroads is not helpful to advocates of
higher prices. The condition of the win
ter placed crops comes into increased
Importance as the time approaches for
the break of the winter. Conflicting re-
ports today of the amount of damage
done in the southwest by the severe
weather were an influence both in the
stock and wheat markets. The report
of earnings for January presented by
the Atchison, Topeka and Santa Fe Of
fered an object lesson of the cost of
storm blockades to the railroads The
operating cost of this system was
run up s1,524,465 over that of January
last year. thus converting a gain in
gross earnings of over a half million
dollars into a net decrease of a million.
A significant development is the heavy
retirement of note circulation which the
banks have entered upon. Deposits for
that purpose with the sub-treasury are
largely responsible for the weeks large
gain by that institution. which reached
s613S 600. Evidently the banks are no
longer able to keep their notes in cir
culation and retiring them The
movement is noteworthy as being unac-
companied by any scarcity or advance
in the price of government bonds, such
as usually prompts a contraction of
banknote issues. This action sets up a
conviction of condition resulting from
the emergency measures following the
financial crisis of 1907 and the currency
famine which ensued, when enormous is
sues of bank notes were injected into
the circulation, supplemented by heavy
imports of gold. Last years unpre-
cedented exports of gold were, in part, a
return movement.
The persistence of the bank note issues
has helped to keep up prices of COM
modties which, in turn, have discour-
aged export demand stimulated import
demand and operating to force out gold
from the country. The prospect of new
government bond issues for Panama ca
nal construction will give the situation
an added interest
Bonds were firm. Total sales, par value,
s2,S43 900.
United States bonds were unchanged
on call.