The Birmingham age-herald., 1910-02-01
STOCK MARKET Is
 DRAGGING AFFAIR Dealings Fall to Very Low Point During the Day PRICES CHANCE LITTLE No Incentive Is Offered for Either an Advance or Decline, But
 Near the Close Prices
 Go Higher.
PRICES CHANCE LITTLE

New York, January 3.-Extreme lassl- tude settled upon the stock market today seemingly as the after effects of last weeks violent excitement. The dealings Tell near to the point of stagnation for D good part of the days session. In spite of the lethargy of the demand, prices suffered little, the late selling coming after considerable gain had occurred.
 The professional element made one or two efforts to bring about movement of prices, but the lack of success also drove them out, and prices were allowed to drift. The professional tactics were seen in the professions of apprehension that the American Tobacco case decision would be handed down by the supreme court The small Likelihood of such action, was as well known to those who had taken the trouble of informing them selves, as was the intended adjournment pfzthe court for a three-weeks' recess
 This recess of the court was a factor in holding the early stock market firm, as immunity is thus given from the weekly attack of nerves which often overcomes the stock market with each recurring Monday, when an important decision Y pending. There Is widespread opinion In the financial world nevertheless, that no effective stock market revival is to be looked for until this important case IS finally disposed of. Minor swings in the price movement are expected in the mean time, but 1t is believed the main current of the market will not set in again until tho court of the last resort has de- fined what may be regarded as permis- sble restraint of trade within the mean ing of the Sherman antitrust law.
 News from Paris today pointed to the passing of the worst of the flood there, but tho influence of depression In finan- cal markets was not frightened. sharp fall in the rate of sterling exchange In Paris gave notice of the movement of re- call of credits to take up the work of re- pair in the French capital and renewed discussion of the extent to which that movement might go. A movement of gold from New Mexico to Paris during Febru- Rry is regarded as not improbable. No such effect on the New York money mar ket is feared. the inflow of funds from domestic sources promising growing ease in money.
 The continued expansion of bank loans shown in Saturdays weekly bank state- ment indicates some still unsatisfied re- quirement which the stock market liqui- dation had not sufficed to meet The fact Is noticed that while the aggregate access of loans over deposits of the combined clearing house banks has disappeared, after persisting into the first of the year. there remains a considerable excess of loans over deposits on the part of the three largest banks in the clearing house. which are also most representative of the activities of the great capitalist groups.
 Preparations for the February payments made no impression on the days money market.
 There was languid discussion of the div tdend action likely to be taken again at the Pennsylvania meeting tomorrow the weight of opinion being against an in crease. A rise in the price of copper metal in London helped that group of indus trials. The advance in Reading was un- explained by any news Reports of ad- yances on one two of the eastern rail- roads were regarded as significant of the course of the events
 Reports of wage advances on one or two of theseastern railroads were regard ed as significant of the course of the events.
 The professional limitations of the mar ket were indicated by the sudden rever- sal of the days previous laborious up- ward movement in the last half hour of the day. when United States Steel and Union Pacific fell abruptly points below the closing price of Saturday.
 Bonds were steady. Total sales. mar value. s2.s6l,0Oo. United States bonds un- changed on call