The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-03-30
|GOOD RECOVERY IN
!. PRICES OF STOCKS
More Favorable Crop Weather
I Is Cause of Advance
EARLY SALES ARE HEAVY
Death of Justice Brewer and Possibility
of Resriai of Big Cases Add to
the Weakness In the Gem
eraI Stock List
EARLY SALES ARE HEAVY

New York, March 29.-The shifting
movement of the stock market today left
some uncertainty as to whether Its &C
tion simply measures the completion Of
.steps in the progress of the speculation,
or whether an actual change in opinions
an the outlook was being reflected.
~ The turn upward in prices was coinci-
Gent with the fall of cent a bushel in
tthe price of wheat, which greeted the
news of rain showers in Kansas, and a
.<Reather prediction of sufficiently gen
Htral rains to promise the breaking of the
':1routh. The dry weather in the winter
Wheat belt has been the occasion of
grave anxiety. More than ordinary i'm
,portance attaches to the wheat crop this
year on many accounts A replenish-
|%nent of the exportable surplus must be
feied' on TO correct the dislocation in the
'tountrys foreign trade, which is a pres
EN- embarrassment to finance.
d A plentiful harvest must also be an
influence in sustaining the ex-
tended credit position of the banks of
the interior, much of which is known to
he based on farm land purchases, and
some of which also to be involved in
holding old wheat. The favorable wealth
Ier news from the crop regions, there
fore, was received with great satisfac
.tion in the financial district, and helped
Ito more cheerful sentiment which came
with the upturn in prices. That upturn
did not come, however, until after an
active selling movement, which continued
throughout the first hour and made some
bao ipp do al in a
copper group. 1t was the completing of
/ this selling which opened the way for
some recovery and prompted the out
standing shorts to cover.
The sudden death of Justice Brewer
could not fail to receive active discus
sions in view of the vital .terest of great
corporate interests In f4ases pending be-
fore the court. Is influence of the
event on the market was unfavorabe.
The substance OF Justice Brewers opin-
ION in the Northern Securities case. while
concurrng with the majority decision,
had marked him out as the figure likely
to carry the balance of the court to the
side of limited construction of the
antitrust law in the pending cases. The
suggestion that the vacancy in the bench
might involve a re-trial of the American
Tobacco and Standard Oil cases was also
not relshed.
The resumption of business in the lead
sstock market brought positively no dis
Itur bling influence The lowering of the
kprivate discount there does not avail to
Eassure the money outlook, since the con-
gestion of unpaid taxes in the deposits
of the joint stock banks is what keeps
the discount rate down and interferes
with the -maneuvers of the Bank of Eng
land to keep up interest rates and attract
gold from abroad Gold arrivals were
secured by the bank today. The exchange
rate of London rose again here, and re-
newed the probability of an outgo of
gold in April. The subsistence of the for
eign demand for American bonds is an
element In this movement. The Atchison
announced its convertible bond issue to-
day, the amount running to 1853, 100000.
The privilege accorded to stockholders to
subscribe to the new bonds at 1021s, car
rying valuable rights, and the I'M
derwriting of the issue by syndi-
cate. insure its success for the purpose
OF the company.
There was a remnant OF uneasiness
over the labor outlook today, owing to
the large number of disputes still to be
adjusted between railroads and their en-
ployes. The coal miners attitude In the
west is a factor in the situation
The bond market did not improve to-
day. Some of the high grade bonds acted
ba div; total sales, par value, s3,13OOo.
l. u. S. IS coupon advanced u per cent on
call.