The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-03-22

q Fl less into which the dealings IN STOCKS
4 Ptoday was attributed TO a waiting
sSAck Oh the part of large operative
forces. Various factors were assigned
as the ground for this attitude, but it was
noticeable that the clearing up of some
of them in the course of the day had
little or no effect in enlivening the specu-
lation.
The adjournment of the supreme court
over the spring holiday disposed of one
OF these factors. Last week predictions
were offered with a degree of particular
ity unusual for Wall street rumors that
- supreme court decision In the Ameri
can Tobacco case would be handed down
tNeey and would be in favor of the COM
pany. This speculative prediction even
contained a poll of the court on the re-
suit and named the justices who would
deliver the opinion and the minority's
dissent. The failure of verifcation of
this rumor today seemed to throw the
market into a state almost of suspended
animation.
The postponement of the expected
Philadelphia strike settlement, the re-
ported promise Of an adjustment of the
dispute with the soft coal miners, and
the less confident hopes of the agree
ment in the western railroad firemen's
dispute, made the influence from the la
Dor side mixed. The coal mining pros
pect had some influence on the soft coal
carriers, although speculative move
raent has been evident In those stocks
Tor some time past. Chesapeake and
ohio's acquisition of the Hooking Val
ley and the convertible bonds offered by
Norfolk and Western are inspiring causes
for the movements in those stocks. The
railroad group, as whole, had the
benefit of very cheerful view of the
railroad traffic situation, coming from
Officials of these departments.
The apprehension has been growing
that the money market may be SUBJ
jected to a squeeze. in accordance with
the April settlement. Requirements at
that time are normally large, and there
are special demands to be met at the
coming settlement. The London stock
settlement subscriptions follows on the
same date. and the furious speculation
that has been going on In rubber and oil
shares there makes very large account
TO meet. The calling in of British war
loan complexities the London position. In
the New York market new bond issues
Continue to appear, and preparations for
others are in hand, promising definite
extension of the needs of the money
lrket. The rising rates for money were
accompanied today by a sharp advance
In foreign exchanges, in consonance with
the hardening of discounts in the Lon-
Gen market
Bankers still discuss the likelihood of
an outgo of gold in April from New
york. The subscriptions to the New York
city bond issue of s5o,00O,oo0 "A per cent
were awaited with absorbing interest
throughout the financial district The
event was more than usually important
on many accounts. For one reason, ex.
traordinary means were taken to arouse
interest in 1t and to further its success.
Provision was made for payment of in
terest to foreign subscribers. both in
pounds sterling and francs. Tt was felt
that a striking success for the Offering
would give a marked impetus to the
whole investment demand, while on the
other hand a low price may prejudice the
cliences of other financing. A lack of
definite knowledge of the average price
realized kept the stock market In sus-
pense to the last
The large number of proposals, when
announced before the bids were exam
fned, had a cheering effect, and helped
TO sustain the firm tone maintained dur
Ing the excessive dizziness of the later
stock market
Bonds were heavy. except for a few
convertible issues, for which the ex-
cessiye dullness in stocks did not reach
their relative strength. Total sales, par
value, $2,9250o0. United States bonds
were unchanged on call.