The Birmingham age-herald., 1907-08-08

more influential bear leaders to shake of a weak following. There were signs enough as the morning advanced that im- portant liquidation was still in progress. The onslaught of the bears thereupon was fierce, and the slump in prices some what alarming.
 Inc market proved to be honeycombed with stop-loss orders, refutng the com mon suppostlon of It's sold-out condi- ton. Gossip of several days past was re- vived in full force on the scaling down of closing out of speculative accounts following a recent return from Europe The stocks most acutely affected by the weakness were those identified In popu- lar estimation with the stock market &C., tivities of the interest pointed to in this gossip, notably Union Pacific and Read ing. The copper group was also vo- lently depressed The subject most talk ed of was the probable further course to be taken by the agitation against corporations and the measures likely to be next promulgated against them.
 Stocks of companies associated with but supposed to be vulnerable to such proceedings as issued in the $29,000,00 fine against the Standard oil company were conspicuously weak. The weak industrials. as a group, were greater sufferers than the railroads. The cop per group sugar and some of the rail- road equipment stocks, including Gen eral Electric, sold at low prices for the year. In the railroad list this was true only of the southern group, al- though other prominent stocks ap- preached the level of the March panic. Reports of a conference of state dis trict attorney generals of the Missis- sippi valley to act in concert in mat ters against corporations. the Alabama indictment against the Southern rail- way, and reports of conferences also among corporation advisers to. devise protective measures for the apprehen- sion on the subject. The late rise fin call money to per cent reflected the increasing pressure on resources Time loans were strong but demand active. Discounts were also higher both In London and Paris, and sterling ex change at Paris declined, the movement tending toward the point of attraction for gold from New York. Great North ern subscribers to new stock had an installment of $3000,00o to pay today. On Friday there falls due S15, 100000 on Union Pacific convertible bonds and on Thursday of next week 15.000,000 for Southern Pacific preferred stock sub scriptions.
 The obligations thus accruing nee essitate harboring resources in hand to meet them, and this cause may have figured in the days liquidation In stocks. The fall in New York exchange in Chicago to 50 cent discount was the index of another source of pressure on New York money resources. Copper was again weak in London and helped to upset the securities market. Last prices reported rallied on short cover ing of 1 to points, and the fact that such net declines remain at 9s in Union Pacific As In American Smelling, Sss in Amalgamated Copper. 3A in Sugar and between and points in Reading, St. Paul and the Hill stocks Is evidence of the violence of the days decline.
 The closing tone was unsettled ana irregular with not all the rally held.
 Bonds were easy. Total sales, par value, s116S,0Oo. United states 4s de- clined 1h per cent on call.