The Birmingham age-herald., 1911-03-24
STOCK TRADING
 SMALLEST OF YEAR
Conservative Attitude of Financial Community and
 Public Is Extreme

New York, March 23.-The ultra con- servative attitude toward the stock market of both the financial commun- ity and the investing public has sell dom been illustrated so clearly as by the course of business on the stock exchange today. Stocks barely moved. The volume of trading was almost the smallest of any day of the year. Large operators took no decided position III the market and price changes for the day were negligible. All this fits in a the present disposition of the street, which is to wait for something to hap pen To the constant uncertainty as to the time of imp ortant court decisions there is now added as a restraining force the near approach of the time for the new Congress to assemble.
 Continued ease of money, record- breaking exports, our huge total of credits abroad the facility with which capital has been obtained and is still .obtainable, all favor the stock mar ket Arrayed on the opposing side are ,Iolitical uncertainties and the general slowness of trade.
 The Pacific railroad stocks furnished about the only noticeable movements of the day. Missouri Pacific showed no intention of settling down, but was re- deemed from it's early weakness through the circulation of a report that a new president had been elected final 1y. To this accompaniment the stock rose but no definite information was obtainable and it finished the day on the dead level of most of the other Issues.
 Canadian Pacific continued the rise which has set it at the new high rec ords almost daily of late, slightly ex- ceeding yesterdays best figures. North ern Pacific was weak. Some of the bank stocks were unusually active at con- siderably higher figures, movement which perhaps foreshadowS the re- ported project contemplating closer union of interests among some of the largest banks.
 February railroad reports began to come in today. Lehigh Valley, the first large system to report showed an in- crease in gross earnings and operating expenses which virtually balanced each other, so that the net earnings were barely changed Gross earnings of 2s railroads for the second week of this month showed decrease of 4 per cent from the corresponding period of last year Another indication as to the present status of the roads was re- vealed by an analysis of the output of finished steel products for February showing the proportion of the output ot these products by the United States Steel corporation which was delivered to the railroads to be only about one fifth of the normal percentage.
 That the continued slow movement of trade has not affected at least one of the largest corporations was shown in the year 1910 of the American Tel ephone and Telegraph company Net increased - 742,000, the balance available for div idends having increased from per cent to 1920 per cent.
 The Bank of France made distinct ly favorable showing in it's weekly re- port, the gold reserve having been in- creased and loans decreased slightly. The reserve of the Bank of England dropped off almost per cent in pro- portion to liabilities during the week and is slightly below last yearss per centage at the corresponding date
 Bonds were irregular. Total sales, pal value. s1,S30,000.
 United States bonds unchanged on call. .