The Birmingham age-herald., 1910-03-04
LITTLE CHANGE
 IN STOCK MARKET United States Steel Takes the
 Lead in Activity
REACTION NEAR CLOSE
ro,d,t,ous In Steel Trade Are Said 10 Be Improying-Incrense of Bond Issues Is Noted As Very
 Hopeful Sign

New York, March S-Operators III stocks still found their advantage today in working for higher prices. The supply of stocks for sale was increased as the level of the market rose, and the profits in speculative holdings became more at tractive The effect of this was to cause some hesitancy in the price movement and final comprehensive reaction, but the manner in which the profit-taking was absorbed was regarded as encour- aging in itself.
 United States steel was the spine of the market. That stock was taken in very large amounts to the accompaniment of various rumors and suggestions put out without stated authority. For instance, it was asserted that extra dividends would be declared in successive quarters of 3z per cent in addition to the existing per plausibly added, no disaster shall over take the trade during the current year.
 As the last dividend declared of 1 per cent, with % per cent extra, does not come off the stock until the 18th of the present month, the speculation today, based on these rumors, will be seen to be we'll In advance of the event.
 Conditions in the Steel trade were de- clared to be improving, and large orders from the railroads for new equipment were adduced as specific evidence of this. Something was made also of the person ality of recently elected directors of the corporation as showing a representation on that board of independent steel com panies which argues further harmoniza- ton of the control of the industry
 The news of the withdrawal of John D. Rockefeller, Jr.. from the Standard oil board was cited to prove that his with drawal from the United States Steel board need have no sinister significance. The strength shown for two days in the out side market of the stocks of the American Tobacco and the Standard Oil companies was made much of as proving that inside interests in these corporations were free from anxiety over the outcome of the government suits against them. ~
 The mood of hopefulness was fostered by the increasing number of bond issues being offered by bankers. These offerings were taken as an index of an improve
 
 a promise of fostering care of the securi- ties markets in general on the part of the great banking powers which are under taking this financing.
 The resources thus supplied to the cor porations also are expected to keep up the consumptive denand for materials of various sorts to be used in the pursuit of Improvements and extensions.
 It did not detract greatly from the in- huence of this factor that stimulation of the stock market might be resorted to in order to further the success of this new financing
 The foreign exchange situation has a bearing also on this investment situation and the money market outlook. Abundant money conditions are reported from Paris. but there were heavy withdrawals of gold for export from the Bank of England today. February entries of im- ports at the New York custom house were $11. .000.0oo in excess of February last year. showing the persistence of the balance against this country of the merchandise movement
 Tho prevailing mood of the speculation was seen in the Ignoring of such items of news as the calling of a general strike in Philadelphia and the rejection of the Baltimore and Ohio's offer to its employees of wage terms. The disastrous storm blockades fin the northwest were without apparent influence. Neither was any at- tention paid to the reported curtailment amongst southern cotton mills.
 Bonds were firm. Total sales, par value. s2.7So00o.
 United States ss declined 1l per cent on call.