The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-03-31
DOWNWARD TREND
J IN STOCK MARKET
Price Movement Is Shifting and
of Uncertain Tenor
DEMAND is VERY POOR
Selling Is Not Heavy But Little sup
port Is Given the Market unih
Near the Close When
Rally Occurs
DEMAND Is VERY POOR

New York, March 30 ! " '''o
price movement of sto
TODAY. The amounts offered for sale were
not of great volume, but the demand was
insufficient to absorb them, except at
material concessions The dealings had
an appearance of professionalism and the
market was obviously narrow and apa-
thetic. There were no striking news de-
velopments to explain the action of the
market The professional element had no
difficulty in discerning that demand had
practically disappeared at the higher lev
els brought about by the rally of yes
terdav afternoon and this morning. The
turn to the selling side was the logical
conclusion
factor in inducing this action was the
revised estimates of. the extent OF the
rains in the southwest news of which
prompted the buying of yesterday. The
action of the wheat and cotton markets
today was calculated to throw doubt ON
the efficiency of the relief afforded from
the drought conditions, which are said to
be damaging the crop prospects.
Conclusions of wide application were
drawn from the sudden weakness shown
by the Atcbison convertible bonds, which
were dealt in when issued in the outside
market Compared with price of 10
made yesterday after their issue was an
nounced, the price ran off to 103A. 1t
was advanced in explanation that a pro-
vision by which the right of conversion
is deferred until 1913, first became known
today. The episode was cited, neverthe-
tless. to show a congested condition of new
bond issues in the market. The opinion
is heard with growing frequency in bank
ing quarters that an era of short-term
new issues is again approaching, such as
heralded the oversupply of capital issues
three years ago. Special interest for that
reason attaches to the opinion of Chair
man James j. Hill of the Great North
ern regarded as expert authority, that
the railroads of the country will require
new capital at the rate of 81 GOO, 100000 a
year for six years to come to provide alb
solute necessities. In the face of this ne
cessity the demand for bonds, both from
home and foreign domestic investment
sources are due to fall off.
Foreign exchange rates moved up again,
rates for next weeks steamers carrying a
premium over those for this week. 1t was
not known that actual arrangements were
made to ship gold but international
bankers expect a movement to develop
with the turn of the month.
The beginning of the London settlement,
disclosed high rates for the carry-over
especially for American securities. The
speculation in rubber shares in that mar
lions for the April settlements made no
impression on the local money market.
The growing torpor of the demand for
money has an ominous effect on the
sentiment, as 1t is attributed In part to a
falling off from mercantile and manufac-
turing borrowers. There was much dis
cussion today of the danger of discour-
agement to enterprise in a prolonged de-
lay in the decision of the important cases
before the supreme court, the possibility
of which is suggested in connection with
the death of Justice Brewer. There was
a rally in prices when 1t became known
that the supreme court would be in ses-
sion Monday, with the possibility inferred
of decisions being handed down.
The bond market was apathetic and ir-
regular. due to slight recoveries of some
recent sharp declines Total shares, par
value, 100000.
United States bonds were unchanged on
call 4'a--is*l-i