The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-04-28
PRICES CARRIED
To LOWER LEVEL
Entire Lack Of Support Was
Manifested
MERGER RUMORS DOUBTED
Feeling of Suspicion Seemed to Per-
wade the Market of Some unfavor-
able Developments Yet to
BE Announced.
MERGER RUMORS DOUBTED

New York, April 1.-The lack of conf
dence in the present level of prices was
the only obvious cause for the wave of
liquidation which swept over the stock
market today, and carried prices COM
paratively to a lower level. The liquida-
ton was renewed again and the entire
lack of support and the failure to at
tract any effective demand at the cheaper
prices, caused progressive growth in the
feeling of distrust. The violence of the de-
cline gave rise to a crop of sinister ru-
mors of something hanging over the
market"
No better foundation developed for these
rumors, while the trading was in pro-
gress than for the many brilliant stories
which have RECALLED the speculative appe-
tite while prices were being pushed up
wards The stocks centering about the
Northern Securities company shared fully
in the days weakness but were not so
sngly conspicuous as has been the case
lately. Rumors regarding these proper
ties having passed from the stage of
wholesale consolidation to that of COM
plete antagonism, followed by denials of
the supposed hostilities, the stock market
impression has settled down to the view
that capitalists in control of these prop
critics presumably have been attending to
the affairs of their own properties with
out contemplating anything to give basis
for the roseate stories regarding them
which have obtained widespread belief.
The resulting state Of mind on this topic
Is fairly representative of that on the
many other subjects, which have been
made the object of imaginative reports of
late. Yesterdays retention oil the former
dividend on Norfolk and Western seemed
to shatter the hopes of spectators regard
ing large number of other stocks which
have been heavily bought on similar ex-
pectations. The story of the Louisville
lease to the Atlantic Coast Line on a per
cent dividend basis, which was the latest
production of this character obtained so
little credence today that those two stocks
were amongst the principal sufferers by
reason of the violent reaction from yes
terdays jump
Rumors of mergers amongst the metal
industrials which have lifted prices ex-
tensively, were equally open to suspicion,
with consequent damage to the stocks
concerned. Another break in the wheat
market served to renew anxiety regarding
be made good in the stock market.
The opening influence on the selling
from foreign financial centers was strong
owing to the unsettlement there over the
international political outlook. Paris
manifested decided uneasiness over the
dispute with Germany regarding con-
ditions in Morocco. The report that the
cable to the Asian mainland from the
island nearest to the field of naval ac-
tivity had been cut. seemed to inspire the
circulation of sensational rumors that
the expected naval battle already had be-
gun and was fraught with unexpected re-
suits. But it is doubtful whether any or
all of these matters has as much in
huence upon the selling as vague feel
Ing of suspicion, and fear of some un-
favorable development yet to be an
nounced.
The discussion of the Milwaukee bank
episode and the Equitable Life Assurance
scandal with the renewed ventilation in
that connection of the old and unsavory
United States shipbuilding incident were