The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-17
FEW CHANGES MADE
IN STOCK MARKET
Market Is Dull and Trading Is
Very Limited
SOME BUYERS ACTIVE
Brokers' Appeared To BE waiting for
Decision By Supreme Court, But
1t Did Not Occur and Market
Had No Activity

X,
operators In stocks rescued the market
today from idleness by only mario"
margin. There were dealings on 1airly
large scale in one or two Individual
stocks which were responsible for what
ever semblance of activity the market
haG. The principal of these was Read
ing, that stock taking the leadership
away from United States Steel The only
news on Reading was the revival OF the
reports of an intended change in the form
of capitalization. which have done duty
in speculative months often before. These
reports hinge on the authority for ex-
change of the second preferred stock into
half first preferred and half common
stock, development which would simply
serve at the present time to extend to
half the second preferred stock the priv
ilege of sharing with the common stock
In dividends in excess of the per cent
to which the preferred stocks are now en-
titled The movement had considerable
following amongst professional traders
owing to their belief in the personality
of the leadership.
The closing of foreign stock exchanges
IN observance of the Whit Monday holi-
day and the prospects of further inter-
ruption this week by the funeral cere-
monies for the late King Edward were
called responsible for a large part of the
intense dullness of the market. The bid
ding up of prices was said to be due to
expectations that London would buy at
the higher level upon resuming business
tomorrow.
Influence was ascribed to the expecta-
ton that the supreme court would act
upon the corporation tax case today.
Prices rose to the best of the day after
1t was announced there was no decision
In the corporation tax case, and that the
American Tobacco and Standard OIL
cases had been set for hearing in Novem-
Der. The approach of new trading In
London acted unfavorable upon Canadian
Pacific, which relapsed sharply. in spite
of continued rumors of an intended in
crease in the dividend The declaration of
a dividend on Wisconsin Central pre-
ferred, a subsidiary company, equally
failed TO hold up Canadian Pacific. The
heovy tone of Chesapeake and Ohio was
due to the receivership for the Hook
ing Valley in the suit to prevent its sale
TO the Chesapeake and Ohio.
Such news as this seemed to have little
effect in moving prices. The strong bank
statement of Saturday was favorably
commented upon, but there was little
change in the cautious attitude of money
lenders in putting out funds. The sus-
taired rates for foreign exchange left
oper the question of the attitude of the
London money market towards any at
tractive force of gold on the part of New
York. The failure of Philadelphia bond
offering in view the 4 per cent interest
rate did not surprise New York bankers,
other similar bonds being quoted on an
income basis of less than 4 per cent The
withholding of details of the st. Paul
bond sales in Paris kept up some feeling
of suspense in regard to that transac-
ton also.
Crop advices were mixed as between
the benefit of rains and fears of another
drop in temperature in the northwest
Iron and steel trade advices seemed to
have a similarly confusing influence on
the speculation.
The depressing effect of the Hooking
Valley receivership was in force when
the market closed, with the effect of hay-
Ing wiped out gains and leaving net
changes Insignificant.
Bonds were irregular; total sales, par
value. $1,457O0O.
United States IS declined 4 per cent in
the bid price on call.