The Birmingham age-herald., 1924-01-21
PACE IN STOCK
 MARKET SLOWER
Bcliish Influence Worn Off, Waiting For Something
 ID Happen
By WILL JOHNsO.;

NEW YORK, Jan. 2o.-1The financial markets arc back at just about the same point in activity that was the rule during the uncertain months of laet S-immcr.
 Sullish iaflpenco has entirely worn or. Bearish influence has been able 10 make 10 progress. despite the seizure of every itsl, that might afford ainriu- nst!on for req action. Offerings for this account have been readily ab- Ing rather definite proof that the in ternal structure of stock prices has been stabilized. n
 In word, the stock market is wait Ing for something to happen, The re- Investment demand has run It's course and the expected and actual moderate pickup in certain Industrial lines has been fully discounted perhaps a little loo much. z
 Lots of Money
 Money conditions are conspicuously easy, and the natural development would point to increased public par, ticipation in the market. But brokers borrowings, which are only moderate, led confirmation to the we'll recognized fact that conservatism is prevalent.
 Factors inducing the slower pace-a pace which manifests conclusively that the. brakes are on and that the in- flationary movement of early 1923 is
 
 1-Some uncertainty regarding the Mellon tax plan.
 2-Further accentuation of the Euro pean muddle as attested by the week s record low for the franc andsthe stiff decline in sterling.
 3-Absence of any real Fundamental constructive news.
 1.-The mild weather, which has had an important influence on various in dustrfes, some for the better and some for the worse.
 SThe usual corrective period fol- lowing the holiday trade.
 GA continued absence of forward buying, with inventories low. it
 Watch Situation Abroad
 More attention will be paid the for eign situation by traders from now on. The impetus for this of course, is the proceedings of the committee of --experts who are attempting to produce something positive from the mass of negative Teutonic financial manuevors. further, much interest is being taken in the success of the measures fnstituted by Nhe the Poincare government for hating the flight of French capital and the tobogganing of the franc. Coupled closely with this phase is the program of labor for governing Great Britain. American financ observers do not believe that anything actually fundamental relative to Britains IS 10 De attempted. An added cause for some hesitation in speculative sentiment developed to- ward the close of the week, when Washington dispatches made it known that the cabinet had deemed it expedi- ent to deal with the rather alarming Financial situation in. the northwest That such a situation existed was we'll known, but that it had become a mat ter of national concern proved shock in some quarters. The announcement that the federal reserve board, the comptroller of the currency and the war fl-.ance corporation were all CO., operating to. relieve the situation did not serve to modify the alarm which the news caused.< Responsible bank CTS, however, regard with favor the news that 0,00O, 900 would be real ized in Minnesota and the Dakotas in an effort to stabilize conditions. The situation is regarded as temporary, and it Is believed the worst of the trouble has passed.
 With the exception of a single day last week, call money was distinctly seasy.
 In time money and in commercial paper an easier tendency was also manifest. The reserve ratios of both -.y the federal reserve system and the New York Federal Reserve bank were high CT, earning assets and circulation were reduced and gold reserves were in- creased.
 Banks were reported in the market for substantial quantities of commercial paper. So with some other factors taken into consideration the prospect is for easy money for g considerable time to come.