The Birmingham age-herald., 1910-03-05
ITOCK MARKET IN DULL CONDITION Banks Entering Upon Flota- tion of Big Bond Issues NEW CAPITAL IS USED Outlook Is Fairly Favorable for Hand- ling Bonds But no Real Revival
 of Strength Is Evidenced
 in Stocks
NEW CAPITAL IS USED

Naw York. March 1.-The stock market today gave evidence of benevoieht ereoie' supposedly coming from the important banking interests which are entering upon A course of heavy bond fiotations.
 The number of these issues during the week has been large, but the amounts involved are small beyond comparison with those named as in prospect by a number of the leading railroad systems of the country.
 Enlistment of new capital on a large scale has been recognized as requisite for the carrying on of the great projects of improvement and extension which have been announced by the various railroad companies.
 The most distinct flaw in all the great stock market advance of last year was the failure of the bond market to share in the benefits.
 Demand for bonds was apathetic throughout and new issues were dis tributed slowly and at times at small ad- vantages. No later than last week the winding up of syndicate which had been carrying one of last years issues resulted in a residue of considerable amount of the bonds left unsold and a [. two-point drop in the market price. Much interest therefore attaches to the outcome of the current offerings. The prices at which they are offered in itself witnesses to remaining difficulties in the way of securing new capital. The prices are lower and the interest rates higher than preceding epochs in financing, even without allowance for the discoNnt on the offering price of the mortgages.
 The only announcement on results made while the stock exchange was in session was encouraging a 8 to the foreign reception of the offering of bonds of a subsidiary of the ocRk Island system. In the case of several local offerings of importance the absence of announcement of the clos ing subscriptions with the promptness usual in periods of redundant investment demand for bonds carried its own sug- gestion.
 There was suggestiveness also in the sagging trend of New York city bonds in sympathy with the talk of a coming ad- ditional issue and the expected doubts of bankers whether a per cent issue could be hoated. The latest issue of New York city bonds was of per cent at a. premium, but that bond sold down today at the stock exchange to 991a. The comparatively low prices at which the New York bonds are being sold by the railroads Is not calculated to hold up the prices of older issues and the move ment of prices of bonds today was ir- regular as a consequence.
 The stock market was spotty in ap- pearance and intensely dull most of the time. The reactionary tendency which set in yesterday afternoon. was arrested but the market as whole did not show revived strength
 The coppers were helped by the bet ter feeling over the market for the metal. Prices of copper were advanced in New York again today and the de- mand was said to have been enlivened by the improved statistical position. The speculative element in the market was inclined to make much of the brisk ad- vance in all the securities of the Amer ican Tobacco company as marking feeling of confidence on the part of in- siders in the corporation principally con- cerned in the government prosecution under the antitrust law.
 The indicated cash gain Ky the United States was indicated by relations with England The labor news from Philadel- phia and Baltimore and Ohio's service was not favorable but of interest.
 Total sales bonds, 2,553,0O0. United States bonds were unchanged on call.