The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-09-23
FEW CHANGES ARE
MADE IN STOCKS
Outside Demand Is Not Up to
Expectations
CLOSING TONE rs HEAVY
Opinions of the Iron and Steel Trade
Continue Unsettled While Railroad
Matters Are Not Tending to
Advance stocks
CLOSING TONE IS HEAVY

New York. September 22.-The stock
market started the day with a show of
disappointment over the unresponsive-
ness of the outside demand to the devel-
opments which were considered favor
able yesterday The Minnesota law de-
cison, in fact, passed out of the field oil
Influences during the day, but the latter
action of the stock market was regarded
rs meeting encouraging resistance to the
force of the realizing movements. Some
z confusion of reports regarding the action
of London bankers toward the cotton
bills of ladng dispute was factor in
the late irregularity of the market. The
closing tone was heavy, with only mar
row price changes.
The revived consideration of the mas
ter's report to the federal circuit court
holding the Minnesota railroad law I'M
constitutional detracted somewhat from
Its Importance as bearing on the main
problem of federal control of railroad
rates. The relief afforded to the rail-
roads under immediate jurisdiction of
the state laws, allowing for the affirma
ton of the masters decision, remained
The stocks even of these railroads suf-
fered In the reactionary movement of
the market. The professional operators
who were responsible for yesterdays rise
were little inclined to maintain their re-
sponsibilty without the backing of a
buying demand from sources more re-
mote from brokers' offices. They COM
planned on the contrary. that there was
a supply of stocks for sale, which seemed
to indicate an opinion positively unfavor-
able to the advancing tendency of prices.
|. Opinions of the iron. and steel trade
position continued much unsettled and
weighed on the market. The holding of
conferences among leading steel inter-
| ests and the outgvings of hopeful inter-
views on the trade conditions and pros
poets failed to reassure sentiment en-
tirely The policy of comforting in itself
carried a suggestion of effort to over
come difficulties The professed conf
Il dence in maintenance of prices seemed
to disappoint a hope that decisive steps
were in contemplation which would
awaken demand and renew activity of
the trade.
Reports that trainmen of western rail-
roads were formulating demands for
comprehensive increase in wages directed
attraction to another phase of the rail-
road problem which is associated inti-
mately with the steel trade position. The
officials of railroads are candid in adj
hitting the embarrassment of contend
ing with demands for increased wages
In view of the high cost of living. The
resulting expansion of cost of opera
tions meantime makes inroads on the
net returns, but the compliance of the
/ Interstate commerce commission with the
petition for increased rates is held In
abeyance The conference of governors
of southwestern states to concert meas
ures to the proposed rate advances raised
some attention in this connection.
The conflict of adviees over the exact
steps taken by the London bankers con-
ference today indicated that there was a
better hope of agreement of terms for
financing the cotton exports than was
X indicated by the report OF the Implicit
refusal of the American bankers propo-
sition The market closed before the lat
ter report was confirmed. Stock markets
would be faverably affected by getting
this vexed problem out of the way.
Room would thus be left for the more
active play of the favorable conditions
growing up in the money market. The
cotton bill dispute is the only menace
to interrupted peace in the money mar
ket.
Bonds were irregular
Total sales, par value, s24SS,00o -
United States bonds were unchanged In
the bid price on call.
Treasury Statement
Washington September 22.-The condi-
ton of the treasury at the beginning of
business today was as follows:
Trust Funds-Gold coin, 1923. 377 669; sill
yer dollars. s4S5, $4,000; silver dollars of
1890, s3,556,O0O silver certificates out
atsnding, 1856, $4,000.
General Fund-Standard silver dollars
in general fund, Sc. 732, 1874; current liabili-
ties, 1914, 232 1853; working balance in treas
ury offices, 32,2S0,415; in banks to crebit
of treasurer of the United States, $35t06b-
S76; subsidiary silver coin, $1934 Dos;
minor coin, $939,37l; total balance in gen.
eral fund, $9O.646.2s2.