The Montgomery advertiser., 1908-03-31
THE STOCK MARKET

New York March 3o.--The course Of prices of stocks was downwards today. but with . dras sRpiisd from tirne. to time. rather depressed the New York action ex- ercising some general influence abroad. es- in the London %arhst for nswed sSs msta %ss reflected in the copper mining and indus
 The sentimental influence of this weak- ness was enhanced by the suspicion attach ing to last weeks rise in these stocks as being of manipulatiye origin and desirned to facilitate the. exploitation of the curb market for a newly fioated mining stock The break down in the much advertised program for the movement of that stock today aggravated the feeling of suspicion of the movement.
 There was no notable change in the conn
 sws ,eSoh ,Si or sns. srtars as shown in tho days the inevitable darker hue which comes with prices declining.
 A pronounced effect was produced by the slump in the Erie stocks which was tracsa- bie to the uneasiness caused bv the sharp concession in the price at which the com panies notes maturing In April, were offer ed in the outside market importance was attached to the movement owing to the knowledge that meeting of directors of the company was in contemplation for lat CT in the day The recent rise in the conn panies' securities has given confidence that this meeting would develop plan for
 This confidence was shaken by the mar ket action of the stocks and no authoritat- we 1urOFmaIlon COulQ De secured from the company'a bankers before the regular meet ings. The character of the selling of Unit cd States Steel also kept alive fears that eress in those shares. Speculative sonti- ment was tinged by the general conjeet- ure that recently fostered rises in prices of stocks might have been designed to fur nish favorable hasis for some further necessary liquidation.
 Published reports of the views of railroad officials on the traffic situation did not bear out the claims in circulation the stck market last week of a pronounced turn for the better in the freight move
 Attention was given to estimates appar- ently originating from treasury deperament heavy draft on the government deposits with the banks.
 The present tranquility of the money the withdrawals hitherto made have depriv- cd the stock market of any disturbing in fluences Operations of the treasury de- partment looking merely to make up the revenue deficit would be regarded with in difference. The suggestion was put forth treasury resources was in contemplation by withdrawals from the banks that would in- sure sufficient supplies to come to relief way that has now become customary. 1riA suggestion was coupled with an intination that the attention of the administration had been officially attracted by the growth of margin speculation in New York and that operations to shorten the supply of govern ment funds might be conducted with view to cut off this form of activity. The ef- feet was somewhat disquieting to the spec uative element. The days clearing house statement showed a sub-treasury debit ball ance of nearly four million due to special operations of the United States comptrol- fer's office In connection with the adjust rnent of banking affairs holding over from the period of the banking crisis. the exact nature of which was not officially explain cd.
 Bonds were unchanged. Total sales par value s2.S72.000 United States bonds were unchanged on call.