The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-03-25
sSTOCK MARKET ON
! THE DOWN GRADE
LACK of Interest Is Shown and
Prices Ease Off
RALLY NEAR THE CLOSE
Market But Prices Are Not Kept
Down Long When Sellers
Turn Buyers

New York, March 24.--The professional
room traders ssl stocks had practically
abandoned their futile efforts to move
S41ces by the early afternoon today when
enc market lapsed into state of stag
sstion with the prolonged holiday to be
faced here with the stock exchange to be
closed tomorrow and Saturday, and with
no London or continental market in that
time, and the London closing to extend
10 Tuesday next the habitual operators
In stocks were much more inclined to re-
lieve their commitments in stocks than
TO make new ones.
Concern over the political outlook was
advanced as the reason for the morning
selling in continue ton of yesterdays
movements. A large portion of the SELL
Ing was said to originate in Boston, where
tuesdays congressional election was of
most effect in its influence on opinion
regarding the elections next fall. The
elimination of next falls results, how
ever, did not serve to confirm the sellers
in their determination to stay short of
stocks for three days of closed market.
8 The covering operations brought prices
back to last nights closing level.
The obscure money outlook was dis
suasive influence on stock operations.
The domestic interior has been shipping
currency to New York on balance dur
ing this week, but the Withdrawals on
sub-treasury operations have been some
what larger. The complexion of tho
weekly statement of the Bank of Eng
To 1, tbo tbaf 10
Official rate of discount will be raised
again. The bullion holdings of the bank
have continued to decline in spite of the
recent advance in the discount rate.
There we've further Withdrawals for ship
ment today and the sterling exchange
rate at Paris moved against London
again.
Next week S requirements on the Lon
don money market are very large Tx
tensive government borrowings will trans
fer money from the open market to the
Bank of England so that an advance in
It's discount rate will be effective ON
the open money market. Another decline
in British consuls today made low rec
ord for the year and since 1901 The
New York city a. per cent bonds were
slightly steadier today, but did not rally
10 the subscription price The Wabash
and Maine Central were reported to have
sold short term notes to avoid the neces-
sity of assuming long term obligatiins at
the uresent unsatisfactory market
A disquieting feature of the market was
the unsupported condition of some OF
the minor industrial stocks Small selling
caused wide declines in the Alns Chal-
mers securities and in Railway Steel
Spring preferred. United States Steel was
under some early pressure in connection
with the reports of yielding prices fir
Iron under the active competition of pro-
ducers to secure orders The wheat mar
ket continued to hope for rains in the
southwest bun the price currents review
was considered reassuring In It's locaiiza-
ton of damage to points in Kansas
The settlement of the western railroads
dispute with their locomotive firemen was
received with satisfaction bat the out
come had been so confidently expected
that it was of small influence as mar
ket fac tor
The severe decline in CRANKY Mining in
The Boston market Influenced some Of
the early selling from the source In New
York
Bonds we're easy Total sales. par
value, s2e25,O0o
United States bonds were unchanged on
csll-