The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-03-08
STOCK MARKET IS
FULL OF ACTIVITY
Strong Undertone Is Evidenced
By the General Advance
CONFIDENTIAL FEELING
Bank Statement Is Considered Unfa-
yorabIe But Buyers Appear to Cast
Aside All Timidity aud Bid
Prices Higher

were clearly perceptible in the stock mar
ket today The result was to disprove
the government representation of the
market based on the appearance of sew
or factors that aroused some apprehcn-
nfavorable influences were en-
4 red in New York, although the
r-Amercans was slightly af-
efore trading began here The
It of wage-earners in Phladel-
the recurrence of decision day in
supreme court at Washington and
unfavorable character to the weekly
TX statement, published after the mar
ct closed on Saturday. caused not rip
lie of anxiety, apparently.
- Large and aggressive accommodations
md rapidly rising prices in United States
Eteel and Union Pacific had a sentimental
fleet on the whole list that over-rode
III other considerations. Definite news
vas not forthcoming to explain either
novement. The movement of Steel sug-
gested the resumption of market opera
tons by the same organization which
conducted the brilliant campaign in that
stock last year Reports of revived de-
mand for finished products of steel, espe-
cally structural material used In improve
nents of manufacturing plants, and the
prospective demand from railroads sug-
gested by the supply of resources Sc
cured by bond issues, underlay the
strength of Steel.
Union Pacific was favorably affected by,
the character of the days testimony in
the hearing of the governments suit
against the merger. The recital of Union
Pacific history by one of its bankers
was read with profound interest In Wall
f1,n had
rent affairs in the questions bearing on
recent additions to holdings of Southern
Pacific
The influence of the Philadelphia strike
was minimized by the quiet conditions
reported from that city although the con-
1icting claims left the actual situation
somewhat eonfused. No question was
raised of pfobabe decision in the Amer
lean Tobacco case at Washington in con-
strast with the rule of preceding Mon
days when the probability of a decision
was as remote.
Although the stock market paid no
attention to the bank statement, that
exhibit was the subject of interested COM
ment in other quarters No very clear
light was thrown on the unexplained de-
crease of upward of $10,000.000 in cash
held by the clearing house banks. where
an increase estimated up to So 100000 was
looked for.
TNe suggestion was neaTO tndI the
great sum of cash had gone into some
of the great private international banks
The purpose of such withdrawal remained
-n,,,,ysterysr The large beNd flotations in
are their ciouses are nov interested
POI = fostering the ease OF the open money
up ner he usual method pursued to
that althol success of bond issues The
1ect still II ntrol exercised by the prin-
,u,,, 81 ,,.t banking house of clearing
"e'' - nd trust companies and the
by ehe tn extension of that control
been accom- interest in keeping I'D their
was worn ms for thanksgiving opera
IN lie dowr litrary withdrawal of cash
-. - :, ,oney market might be ex-
she was raise the interest rates
gan TO re s.}n market today in fact be-
She bougl bly, strong and the specalties
lovely col FINISHED sensibly in interest.
a., all. ~, an market was not affected
se in foreign exchange halted
ne. SpiinS ddng continued hardening of
~ ION .seounts and large sales here
III stocks for London accounts.
N amors were current that permission
" id be accorded to the railroads to
gu 8nce freight rates together with an
II nee In wages of employees The day
g Jed In the midst of great animation
to /, al-embracing strength in the mar
Bonds were irregular. Total sales, par
W lue, $Ss560O0 United States Is de-
:. sed Il per cent on call