The Birmingham age-herald., 1910-03-02
FIRM UNDERTONE
 IN STOCK MARKET Demand Is Small But Prices
 Advance Easily NEWS NOT IMPORTANT Good Annual Report Made By PennsyI- yania Railway Is q Sustaining In- fuence Upon All Railroad
 Stock Issues
NEWS NOT IMPORTANT

New York, March 1.-Favorable infer ences might be drawn of the confidence felt by holders of stocks from the scanty offerings to sell in the market today It was this lightness of the supply which made it easy for the professional traders to bid up prices without being obliged to accept any great amount of stock
 The actual demand was small and was confined almost wholly to this profession al trading element
 The news bearing on security values did not seem to be considered of sufficient importance to prompt any large shifting of position in the market on the part of the more substantial inside interests. The attitude of waiting was maintained on their part.
 The absence on winter vacations of many persons accepted es leaders of au- thority in finance ard in market move ments Is a feature of the position The effect Is to suggest indifference to the movement of the stock market, and ab- stention from any share in it's activities, although too large an assumption based on these appearances might lead to false conclusions.
 The prevailing opinion was in favor of coming period of duilness and a mar row drift of prices not long maintained in either direction.
 The annual report of the Pennsylvania railroad was studied with the usual in terest by reason of it's vast scope and representative character The profitable results of the years business had an important influence in sustaining conf cence and in the firm undertone Of the Gays market.
 Not only past results recorded but the x,Jo i'm a1 further lays of additions and Improvements con- tributed to this effect.
 Deliberate preparations for the undis- turbed pursuit of projects to be conducted for innunerable years In the future made an impressive demonstration of belief in stability of institutions. Professed ap- prehensions on the part of the capital lose i. their force in face of such an exhibit W The increasing number of bond issues eold to bankers Is further testimony to fhe unimpaired determination of the great railroad corporations to proceed with the work of building up their sys- I tems While encouragement Is felt at thIs evidence of progress in necessary financing it does not except comment that sthe rate of return on these new bonds and the price at which they are placed nrgues the ccmpulsion borrowers are under to offer more than usually at tractive terms in order to enlist new cap fa1.
 The extra dividend disbursement by the Lake Shore was taken to show the desire of the parent New York Central to erlist as large resources as possible from fits subsidiary companies for carrying on its expensive improvement work.
 On tho other hand the reduced dividend on the Chicago Rock Island and Pacific Railway company dampered the hopes of the preferred stockholders of the Rock Island Holding company for sharing in distributed profits. Reports of January ret earnings of railroads showed some striking discrepancies Tn the net return which might be due to differences of weather conditions in their power to ham, per operations.
 Assertions of damage to the winter wheat crop came to hand but were re- ceived with reserve and with allowance for the prevalence of such reports at this season on the year.
 The financial district keeps m anxious eve on the labor situation. Rurnors cir culated late in the Gsy that a settlement of the philadelphia car strike was in sight
 The money market was undisturbed by the March requirements
 Bonds were Irregular. Total sales, par value. s2,Sn,oOo United States bonds, un- changed on call.