The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-13
TRADING IS DULL IN
THE STOCK MARKET
Demand Is Apathetic With No
Favorable Influence
CAUTION IS OBSERVED
Rumors That Rock Island Wouia As
sumo Control of wabash Were
Circulated bat Failed to
Bring Higher Prices

New York, May 12.--Confidence IN inc
existence level of prices of stocks was
not we'll maintained in the dealings to-
day. The growing apathy OF the ue-
mand even with the stimulating m
nuence of favorable happenings pego'
distrust and prompted to some re-
duction of holdings and q declining
tendency of prices. The response Oh
the market to the news of the increase
In the dividend rate on Brooklyn Tran
sit was illustrative of the general ten
dency. The stock rose momentarily to
81 and then sold off. This compared
with a high price for the present year
, of 50 in April and a high price OF
S27s in June of last year in antlct-
patton of the Inauguration of divi-
dends at the rate of 4 per cent. These
comparisons failed to imply favorable
speculative conditions in the present.
The extent to which the present ad-
vance has gone, interrupted only by
the temporary effect of the suddenly
announced illness of the King of Eng
land on Friday last, put the profess
sional element into a cautions mood
and on the watch for signs of reac-
ton, Positive predictions of COM
ing increase in the Chesapeake and
Ohio dividend were used with little
effect in inducing demand for that
stock Rumors industriously circu-
lated of the contamination of control
of the Wabash by the Rock Island
partly failed as conspicuously to bring
btc n
to the favorable suggestions gave the
tone of depression to the market as
much as any happenings of positive
unfavorable nature.
One of the days disappointments was
the retention of the Bank of Eng
land official discount rate. The week
ly returns showed an advance of 54.40
in the percentage of reserve to La
bility the Withdrawals of "other de-
posits" more than balacing the in
gathering of government deposits
through the collection of taxes. More
over the days reduction in official dis
count rates by the great Indian banks
Indicated subsistence of one principal
source of pressure on the Bank OF
England reserve position. The fact
that the Central bank declined from
changing it's official discount rate in
spite of great strength of it's posi-
tion imply a purpose to make its rate
effective in the outside money mar
ket. .sse
The private discount rate, in fact.
rose today and foreign exchange rates
In New York advanced again.
Another ground for speculative hes
itation was found in the doubts over
the soundness of the reported improve
ment in the copper trade. A sharp drop
In the price of the metal in London
was factor in this suspicion. So also
were reports of a dissemination OH
the part of domestic consumers to fol-
low the recent recovery in. the price. of
metal.
The prevalence of cool weather in
the northwest and predictions. of its
continuance had an effect In modify
ing the recent confidence in the prog
ress of spring wheat and corn There
was some complaint over the reticence
regarding the terms of the recent bond
sales negotiated abroad, and the room
thus left for inference of unfavorable
terms forced upon the sellers.
The strength of Pennsylvania stood
out as a prominent exception to the
general heaviness of the market and
was of some effect financially in over
coming that heaviness. The demand
came largely from foreigners and the
adjustment of the trunk lines dispute
over import freight rates was given as
the reason.
Bonds were steady. Total sales, par
value, s1,891,00o. United States bonds
were unchanged on call.