The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-03-23
DICK MARKET IS
( IN WAITING MOOD
Un<dertone Is Strong at First,
NPut Later Turns Weak
OFFERINGS ARE SMALL
Probability of an Early settlement of
Labor Troubles Aids Early Trad
ing, but Later Prices Decline
ON General Selling.

New York, March 22--The stock mar
ket today persisted in its waiting atti-
tude, but instead of the marking time of
yesterday there came almost a halt. The
undertone of the market was strong until
the last hour, and the demand, light as it
was, was filled on , rising scale of prices
This is in consq ance with the convic-
ton of the habittIal traders in stocks that
prices are entitled 20 an advance when
"the sap begins to rise tempered by
consideration OF possible complications in
the money market on the first of the
coming month.
The fact of scantiness of supplies of
stocks offering for sale was an undeni-
able fact today which facilitated the eff
forts of the professionals to move prices
upward on the light accumulations upon
which they ventured, but the advances
were lost in trying to realize profits.
Foreign markets were about as apathetic
as that here and the causes of the dull
ness were pretty fairly common to them
all. Besides the April / money settle
ments, pause is in order preceding the
coming holiday effort. A large element of
the New York stock exchange MEM
bers are seeking TO induce the authori-
ties to adjourn the exchange from Thurs
, day evening over to the following Mon
day. The intense dizziness of the dealings
found explanation largely in that fact.
Such news as came to hand was inter-
preted in a sense favorable to- values of
securities.
The average price of 1O1 % realized for
the New York city AZ per cent bonds
proved higher than was expected at the
time the market closed yesterday. The
new bonds were dealt in when issued
at prices above the list in the outside
yesterday and the older issues all made
fractional recoveries. The proportion of
the issue taken by foreigners was esti-
mated by competent authorities amongst
the. international bankers as high as %
per cent of the total This would mean
a supply of foreign exchange to an
amount of more than. $l2,5oo,o0o, an inn
portant. contribution to the needs of the
debit balance of New York. There had
to be taken into account, however, that
the bond sale was made on an income
basis Of 4.155 per cent compared with
sales since February, 1903, on a basis of
less than per cent. At that time and
in September. 1907. in the throes OF the
panic conditions New York city bonds
were sold to yield above per cent for
the only other times in modern financial
history. The result of the sale, there
fore serves to confirm rather than to
refute the comparative disadvantage of
present conditions for the enlistment of
new capital
Statements attributed to western rail-
road officials kept up confidence in
settlement of the dispute of these COM
panies with their locomotive fremen.
Following the adjustment of the Balti-
more and Ohio difficulty this new sue
cess of the government mediators would
be accepted as assurance against other
disputes going to the point of breaking
off profitable activities.
The Gompers manifesto against the
United States Steel corporation and the
New Haven strike later unsettled this
confidence. The coppers were firm in ex-
recitation of the adoption of the Ana
conda plan at tomorrows meeting. Re-
ports that the Canadian tariff negotia-
lions was working out favorably were
helpful in sustaining prices 1t was
when profit-taking was attempted that
thinness of the market was made plain.
The tone of foreign exchange held
6rm~in spite of foreign subscriptions to
New York city bonds Rates for time
money were shaded.
Bonds were irregular, Total sales, par
values, $3,S44,0o0 United States bonds
were unchanged call