The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-05
GAINS ARE MADE
IN STOCK MARKET
Strength Develops in Spite of
Continued Selling
BOND SALES HEAVIER
The Demand From Foreign Sources for
American Bonds Indicate Il Very
Healty Condition In the
Markets Generally

New York, May 4.-The professional
trading element in the stock market was
inclined to look with suspicion on the
manifestation of strength today owing to
the persistence with which liquidation has
been pressed on similar advances lately
especially yesterday. Nevertheless the
days developments were important In the
direction of relief from some factions that
have borne most heavily on the hnan-
cial situation of late.
Foremost place in these developments
is taken by the resumption of foreign de-
mand for bond issues. The days rumors
on that subject were varied and embraced
a wide assortment of reported sales in
Paris London and Berlin. While none of
these was officially verified, the corrobo-
rative indications were sufficient to war
rant the assumption that large transac-
lions were being contaminated in the In
ternational markets The most clearly
defined reports pointed to New York city
revenue warrants, st. Paul and Cleveland,
Cincinnati, Chicago and st. Louis bonds
and in wagner terms other railroad BOND
issues. Estimates Of the amount of these
sales ran from s50,0O0000 to upwards of
500, 000, 900. The break in foreign ex-
change markets which threw that division
into a condition of Generalization offered
the confederation of these rumors.
The reopening of this source of supply
Tor American capital requirements consti-
tutes a relief of local Importance for the
conditions in the American market which
hoo fbx. hoy bot int laf1 h
argic state, and halted the progress of
the plans for improvement and extension.
The dslocation in the foreign trade situ-
alton al the present time owing to the
abnormal balance of merchandise imports
adds to the Importance of these reliefs
The London money marke. gave evil
dence today that the period of strain in
that market is definitely over. The ar
rival in London of last weeks final and
heaviest gold shipment from New York
comedies with the decisive decline in
money rates. The actual carrying through
of the deferred tax payments in London
remains to be made but evidently no fur
Their anxiety Is felt as to the entire suf-
flcieney of the resources to effect this
transaction. .l4
Sales of bonds abroad involve, of course
permanent addition to the periodical re-
mittances that have to be made in inter-
est dymeHtS, out ln1S consideration is
overweighed by the evident ability to
employ additional capital on advantageous
terms in domestic enterprise, with the
plain indications offered by the bond mar
ket of scarcity of such capital available
IN our own market. The funding of the
countrys Indebtedness on account of COM
mercial balances into MORTGAGE loans on
crates to afford relief from the demands
of the money market to meet these ma
turtles
The new turn in the bond market OBJ
secured the topics which have been weigh
ing on stocks. Reports of further cur
tailnent of iron production we're received
and uneasiness over the copper trade situ-
alton was undated. There is anxiety
over the showing to be made by the COM
Ing government crop report. The resist
ing power of stocks to any remaining
FACTORS OF depression was proof against
the bear attack. and the gains of the day
were held almost entire.
Bonds We're f1rmer; total sales, par
value, s., 354 900
United States bonds were unchanged on
call.