The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-12
BUYERS ACTIVE IN
THE STOCK MARKET
Tone Is Good But the Advance
Is Not Maintained
CLOSE Is RATHER WEAK
While the buying Is General the Move
ment Is Met BY Effective Selling
For Profit and the Gains
Are Cut Down
CLOSE IS RATHER WEAK

New York, May 1.-THE persistence
with which stocks were absorbed at the
various price levels today had an influ-
ence in stiffening speculative confidence
and formed the tone of the market The
! sources of the buying were not always
manifest and it was met at times by
+. effective selling. prompted by an obvious
desire to realize profits on the recent
advance.
Such conspicuous market leaders as
the Hartman Pacifcs, Northern Pacific
Chesapeake and Ohio, and at times
United States Steel, were held back by
the realizing sales of this kind. These
sales were renewed quite actively at the
last and unsettled the closing tone con-
eiderably
No striking new event occurred to ac-
count for the strong undertone of the
market. The quieter tone of the wheat
market to-day took the edge off the eff
feet of yesterdays sudden slump. There
was realization that speculative maneu-
rxers in that market shared with crop
conditions in cause for price movement.
The effect of the grain crop reports have
been, however, to allay the most serious
OF the anxiety which was felt over the
!. amount of damage done to the grain
s crops by the severe weather of the latter
+ Part of April. Current reports also,
spont to constant improvement in condi-
5, tions, especially in spring wheat
Besides the growing influence of the
agricultural general prospect. the securi-
ties market is having the benefit of other
ha eSin oF ba
depression caused by the succession of
the British throne, brought with 1t, a
chance of substantial relief which it was
felt entitled the stock market to an up
ward reaction. This was an influence
that passed by sympathy between the
International markets. 1t was strongly
helped today by the easing of the money
markets. The private discount rate in
Berlin was marked down a fraction and
London cables pointed to the likelihood
of reduction in the official discount
rate of the Bank of England tomorrow.
In New York demand sterling touched
1865, the lowest price of the year,
with some subsequent recovery The
prospect of the reduction of the Bank of
England official discount rate affected
the change. So did the appearance of
further bills, based on the placing of
American securities abroad. A good deal
of attention was paid to the copper mar
ket and there were many rumors cur
rent of developments in that trade. Off
cial information of copper transactions,
beyond the periodical publication of the
statistics of the Copper Producers asso-
citation. is not to be had. The price of
the metal advanced again here, but fell
back in London. Last months large ac-
emulation was attributed mostly to the
leading interests and its control was said
to have increased sufficiently as a con-
sequence to enable it to exact the better
prices from some of the recent buyers.
A somewhat better tone, also, was said
to be growing up in the iron market.
Brooklyn Transit was the subject of
dividend rumors. ~.
Wabash was affected by the revival of
OLD rumors of new control. Adjustment
of the trunk line disputes over import
freight rates and proposed increases in
suburban passenger rates out of New
York were factors in the days market
Bonds were steady. Total sales par
value, n $3144.000.
United States IS declined Il per cent
In the bid price on call.