The Birmingham age-herald., 1910-03-19
STRENGTH SHOWN
 IN STOCK MARKET
Favorable Developments Are
 Seen in Financial World
THE BROKERS CONFIDENT
Labor Troubles Are Not Now Feared
 and Nearly All Stocks Are Bull ishIy Affected Following Rise In the Market Leaders

New York March 1S.-The steady uplift of prices on today's stock market and the indifference shown to any but favor able developments made impressive Administration of convinced hopefulness on the part of takers of stocks. Some part of the buying was attributed to short interest overtaken by the continued recovery in prices from the weakness of the early part of the week. The per sistence of the demand of the principal leading stocks was taken to indicate satis- faction with conditions on the part of some interests equipped with resources to express their confidence. Buying for London account was an element in the days strength, this movement constitut- ing a reversal of the action of that mar ket earlier in the week.
 No new feature in the outlook was dwelt on to the entire exclusion of others, but predominance was given to the hope of the settlement of labor controversies between the railroads and their employees. There was a noticeable disposition to couple this expectation with that of. in- creased freight rates for the railroads. Reports of steps toward calling a state wide strike in Pennsylvania did not dis turb the expressed confidence in stock market circles over the labor prospect.
 A further rise in American Tobacco stock in the outside market kept alive predictions that the supreme court decision in the tobacco case would be in favor of the company. Citations from the Pres idents speech before the traffic club at Chicago were used as evidence of fair ness in the attitude of the government authorities toward the-~railroad corpor- ations. The argument was advanced that failure of attempted legislation at Washington, should it result from par tisan reasons, would leave the positions of corporations no worse than at present
 Strength of special stocks traceable to individual causes helped the general ad- vance by sympathy. The rise in Norfolk and Western was a notable case in point This was accompanied by rumors of an increase in the dividend and of a guar antee by the Pittsburg, Cincinnati Chi cago and St. Louis. An incident of this advance which suggests a motive for it is to add to the attractiveness of the convertible bond. new allotment of which has been ordered recently to stock holders at par.
 There was published during the day cheerful views of the copper trade from the president of the Amalgamated Cop per company, which served as a stimulus to the buying of that stock. The finan- cial plan announced by the Chesapeake and Ohio was made the occasion for an
 
 dend increases applied to some other stock, including United States Steel
 Estimates of the weeks currency move ment promised a gain in cash by the banks owing to excess of receipts from the interior over shipments. The higher rates for time money during the week have operated to attract funds to this center. The same cause seems to have to do with the check to the rise in for eign exchange short of the gold export point There was relaxation in the London discount rate today from the vio- lent advance caused by the rise in the bank rates.
 Expectations of the offer of British ex- cheauer bonds late in the day weighed on the London securities market The call loan market in New York relaxed slightly in view of the gain in cash indi- cated for the banks The heavy bank clearings for the week reported by the mercantile agencies were taken as an index of commercial activity
 Bonds were firm. Total sales. par value, $3155,000
 United States bonds were unchanged on call.