The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-03-31
DOWNWARD TURN
IN STOCK MARKET
Decline Is Moderate Under
Mixed Influences
FOREIGN NEWS Is BEARISH
Professionals Have Apparently Had
Too Much To Do With the Boost
ing of Prices, and This At
fects Recent Rise.
FOREIGN NEWS is BEARISH

New York, March So.-The course of
prices of stocks was downward today,
but with a drag applied from time, to
time. Foreign as well as home mar
kets were rather depressed, the New YORK
reaction exercising some influence abroad,
especially in the coppers. Renewed weak.
ness in the London market for the metal
was reflected in the copper mining and
industrial stocks. The sentimental 1nnu7
ence of this weakness was enhanced by
the suspicion attaching to last week
rise in these stocks as being of manlpu-
lative origin and designed to facilitate
the exploitation of the curb market for
a newly floating mining stock. The break
down in the much advertised programme
for the movement of that stock today
aggravated the feeling of the suspicion.
There was no notable change IN the
complexion of faffairs as shown IN the
days news, but speculative sentiment
took on the inevitable darker hue Wnlch
comes with prices declining. A pro-
nounced effect was produced by the stump
in the Erie stocks which was traceaple
TO the uneasiness caused by the sharp
concession in the price at which the COM
panv's notes maturing in April were Of
fered in the outside market. Import
ance was attached to the movement, oW-
ing to the knowledge that meetlng OIL
the directors of the company was in con-
temptation for later in the day. Inc re-
cent rise in the company's securities mas
given confidence that this meeting Wouio
oevelop a plan for meeting the hotes.
This confidence was shaken by the mar
ket action of the stocks and no authorl-
tative information could be secured from
the company's bankers before the reg
Mar meetings. The character of the sell
inc, of limited States Steel also kept
alive fears that liquidation for inside &C
count was in progress in those snares''
Speculative sentiment was tinged by the
general conjecture that recently fostered
rise in prices of stocks might have peen
designed to furnish a favorable basis Tor
some further necessary liquidation.
Published reports of the views OF rail-
road officials on the traffic situation did
not bear out the claims in circulation on
the stock market last week of pro-
nounced turn for the better in the freight
movement in the country. Attention was
given to estimates apparently originating
from treasury department officials of the
early necessity Of another heavy draft
on the government deposits with the
banks. The present tranquility of the
money market and its apparent indiffer-
ence to the Withdrawals hitherto made
have deprived the subject of any dis
turbing influence. Operations of the
treasury department looking merely to
make up the revenue deficit would be re-
garded with Indifference.
The suggestion was put forth today That
in addition a replenishment of treasury
resources was in contemplation by with
drawals from the banks that would in
sure sufficient supplies to come to the
relief of the money market in the fall
in the way that has now become GUS