The Birmingham age-herald., 1910-03-15
|STOCK MARKET IS | AT \ STANDST|LL Influences Tend Toward Lower
 Prices in the Trading SOME STOCKS HIGHER
Only Few Is.ue. Are Favorably Af- fected Owing to the Continued Fear of Adverse Decisions by
 the Supreme Court

New York March 14-The tightening or the worlds credit facilities is the feature of the present financial situation and that factor underlay the constraint of the days stock market in New York, all though more superficial influence also played a part. Here in New York the banks are being drawn upon to supply requirements of the interior for currency with the opening of the spring planting period, as was shown by the cash loss in the Saturday bank statement
 Customs collections continue large on account of the sustained heavy import movement of merchandise so that the subtreasury has already taken N.62S, 600 from the banks in the present banking week. This morning brought fresh of- ferings of bonds by bankers who had made purchases of new issues from the railroads with additional employment of banking funds Implied in these opera tions
 Notwithstanding the purchase of parts of these new bond issues by foreigners. demand for remittances abroad are suf- ficient to have turned rates of foreign exchange upwards again. All of the exchanges today, in fact, turned in favor of London in response to the rising dis counts there and the expectation that the Bank of England rate will be aban- dored this week. The financial require ments of the British government. the animated speculation in rubber, mining and oil shares in the London market, and the expanding trade activity in India combine to raise money rates in London. The Bank of England had to raise It's bid to secure the supply of gold in the open market in London today. Discounts ad- vanced also in Berlin. The time money rates are rising in New York and the banks are less eager bidders for mer- cantile paper at recently prevailing rates. A 25 point rise in the price of shares in the second in size and importance of tho New York national banks was the incident of the day. from which the ex- pectation of more profitable business for banks might be argued.
 The professional traders in stocks were not able to effect much movement in prices.
 The recurrence of the decisions of the supreme court had sympathetic repres- sivc influence during the morning. There was little improvement in this respect after 1t became known that no decision , would be handed down in the American Tobacco case. Apprehension of an un- favorable decision had been neutralized by the strong advance iD American To- bacco securities. The yearly report of that company published last week. and showing earnings of upward of 50 per cent on the outstanding common stock, furnished it's own explanation for the special strength of that stock. The an- nual report is taken as an indication of conditions in the other great industrial corporations to a certain extent and operated to sustain their shares in the stock market One reason for support ing United States Steel was the reduc- tion tomorrow of the dividend from the price of the stock market. One other reason was it's amount, aggregating 1N per cent with the regular and the extra dividend last declared. The reported softness of the pig iron market did not depress United States Steel. The nar- rowness of the market generally is illus trated by the fact that the extreme fuctuation in the price or that stock was less than a point.
 Crop damage reports played part in the days market. and labor difficulties claimed their share. of attention by req son of the critical stage of the negotia- lions between the western railroads and the firemen and enginemen-
 Strength in the Chesapeake and Ohio, Hooking Valley and Kanawha and Michi- gan securities was taken as corrobora- five of reports of the combination of those properties.
 Ronds were irregular Total sales, par value s2. .S37, ,000 United States 2s and As registered declined 1sc on call.