The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-03-09
GENERAL SELLING
IN STOCK MARKET
Trading Is Rather Dull and
Prices Do Not Advance.
LATE PRICES ARE BEST.
United States steel and New York
Central show Better Tone Near
Close of Market and Other
Stocks Aided Thereby.

New York, March S.-The dullness which
overcame tho stock market after the live
ly dealings of the morning was due to
discoura cement over the obstacles to the
efforts made to maintain the advances in
prices. Free selling to take profits was
the most material hindrance and pro-
fessionaI party in the speculation Joined
in with short selling, watchful for symp-
toms of a elimination of the rise.
The benevolent control of the market
was by no means abandoned as was
seen in the late revival of United States
Steel and the absorbent power in the
face of the large selling to realize, and
had an encouraging effect on specula-
tive sentiment 1t is a tradition of finance
that a strong stock market is a help to
the fotation of bond issues. At the same
time an active speculation in stocks at
this time is professedly deprecated by the
larger banking interests. since such q
movement serves to divert attention and
resources from the bond market.
The determination of the New York city
financial authorities to fix the coming
!, 100000 issue of corporate stock at "A
per cent, did not have harmful effect
as IL was accepted as a settlement of
vexed problem and as assurance of the
success of the offering by agreement with
the bankers. The incident serves as an
object lesson, nevertheless, of the exigen-
cies forced upon the seekers of new cap
1tal. Throughout 1909 New York city ~
per cent corporate stock has sold in vary
ing amounts at premium. The reversion
to the higher rate, while not fully up to
the conditions of the AZ per cent issues
of the financial depression, pointed con-
srlt eli
NATION
Complaints were heard from the Steel
trade of the discouraging effect on the
demand from consumers of the long de-
cline in prices of stocks which set in after
the first of the year. Stimulated demand
is looked for from the brisk recovery
which has occurred in the price of United
States Steel. Revived rumors of diyi-
dend increases were used with effect in
advancing prices today. New York Cen
trail was particularly affected by this in
f1uence. Hopeful views were expressed
also of the improving prospects for cor
porations on the side of national legisla-
ton. Satisfaction was professed with the
steps being taken in shaping the railroad
bill in Congress. 1t was said also that
opinions by learned counsel of the great
corporations as to the probable outcome
of the governments antitrust suits before
the supreme court had changed since the
period of greatest anxiety on that sub
ject.
The action of the wheat market on the
first news of the government estimate of
farm reserves must be read in the light
OF the highly speculative conditions in
that market The 173,344.00O bushels es-
tfnated in farmers hands on March /,
corroborating the most liberal prelim-
mary estimated by accepted authorities,
called for revision of the price relations in
the trade. The outcome will be watched
with keen attention for the light 1t may
thrown upon the problem of price adjust
ments throughout the schedules of COM
modities and the consequences in the rec
tification of the country's dislocated for
eign trade.
A favorable effect was produced by the
certainty of large foreign participation in
the New York city bond issue, thus as
surfing an important Offset to the unfavor-
able trade balapce. Placing of railroad
bond issues abroad last week helps to the
same end.
Bonds were irregular Total sales, par
value s3,497,000.
United States bonds were unchanged
on call.