The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-03-29
AFFECTED
BY ALDR|CH BILL
Depression Sets Back Prices
Several Points
MARKET IS ovERBOUGHT
Many Small Spectators Are Holding
On To Their Purchases Waiting
For the Market To Go
Still Higher
BY THOMAS c. sHorwELL.

New York, March 2S-(SpeciaI.)-
passage OF the Aldrich bill by the Sem
ate had a very depressing effect on the
stock market today, because it will ulti-
mately create frightful panic If it be-
comes law. The wild excitement over
Lawson's Yukon gold was another re-
straining influence, for IT was a popular
impression that Lawson had to take a
great deal of Amalgamated and Shelters
to manipulate the market up for effect
on Yukon. Knowledge that the Union
Pacific earnings next week would make a
very bad showing and the Erie directors
must decide within q week whether to
let the company go into the hands Of
receiver, caused apprehension.
The market is over-bought and Is top
heavy with little traders, who are stag
gerlng under big loads at high prices
The big people have been selling freely
the last week and simply because they
believe the market will do better later
in the year, they are willing to see a
setback now. Such a little thing as a
reduction in the price of steel by the
trust Is liable to start the selling move
ment. Liquidation of that $4o00o,oO0
French loan might do It.
Railroad reports made were uniform
ly bad Reading showed a decrease for
February of $218,736 in spite of its splen-
did business.
The Atchison for February shows re-
duction in gross earnings of $676,107 and In
net earnings of $1S2.05S.
Union Pacific will make its new bonds
only per cent, but as 1t already has
borrowed and is paying interest on $780,
100000 and as 1t needs at least that much
more, the issue will be something about
s75,0O0 600. Interboro Rapid Transit stock
holders authorized creation of mort
gage for s50O0o,o0o. A food of bond is
sues is expected for the money market
is so easy and the stock market is so
active that every corporation Is reaching
out for cash.
A loan of 100000 for six months at 4
per cent on stock exchange collateral Is
reported from the First National bank.
This is a new low price for time money
and indicates the banking situation.
In spite of the heavy selling of Anal
samated. which seemed to come from
Lawson brokers', the insiders are talking
about a short interest of 100000 shares.
They say they are going to put 1t to
par
Another bit of business on the other
side of the market is reported by inter-
national brokers, who say they are send
fng remarkable lot to France, the stocks
being in many cases transferred into sin
gle share holdings in the names of farm
ers and small merchants throughout
France.
The number of shares of stock sold
today was 1885. The total par value
of bonds sold today was N.447,0o0.
The National Bank of North America
paid to the clearing house today the bal
ance of it's Indebtedness In clearing house
certificates, amounting to $250. 600. All the
clearing house certificates issued since the
panic which at one time amounted to
$500, COO 900, have now been retired. And
now Daniel ]. Sully is going to become
famous on the curb market with his
Colorado Mining and Milling company.
This mine is located In Arizona and Mr..
Sully is on the spot 1t was Mr. Sully
who predicted 17-cent cotton four years
ago and made his prediction come true.
Today he notified his brokers that ore has
been struck on the property running 1870
ounces of silver and 81 per cent lead. He
predicts shipments of at least 100000 a
month In another year.
1t Is officially announced that in order
to furnish facilities for the Transports
ton of the increase in coke production In
the region southeast of Connellsville, Pa,
Jumping a little over 100000 tons In 1904
to about 1000, 900 tons in 1907, the Balti-
more and Ohio is doubling its track, Fair
mount and Pittsburg branches, to Mount
Rraddock, distance of FIVE miles, There
are about 500 coke ovens within dis
lance of about 10 miles.
United States government bonds closed
unchanged. The general bond market was
irregular The more important dealings
were in ro-Metropolitan 41as, Mex
lean Central and Steel IS.