The Birmingham age-herald., 1908-01-30
WEAKNESS SHOWN
 IN STOCK MARKET Trading is Left to Run Its
 Course Unchecked SELLING CAUSES DECLINE Protective Measures That Have Upheld the Market For Some Time Were
 Absent, While No Incentive
 Exists For Rise
 
SELLING CAUSES DECLINE

New York January 29.-No effective ob- stacles were interposed to prevent the downward drift of prices of stocks to- day, which was made on g. much dimin- ished volume of business from that which has been the rule for many days past. The pressure to sell showed no signs of urgency, but the benevolent control which has been apparent since the present week opened was withdrawn, leaving the mar ket to it's own tendencies. The support ing measures which have been obvious to even a superficial observation have been attributed to the large banking and capi- tai interests, the supposed motive being the purchase to protect the market from an undue effect from some of the recent developments that had been dreaded. The passing of several of these incidents may have accounted for the abandonment of protective measures in the market today.
 The appearance of the United States Steel corporations quarterly report with its emphatic testimony to the heavy con traction in the business of the corpora ton following the financial crisis was the latest of these incidents. The tenor of the report, however, had been so clearly outlined in preliminary estimates, both in the figures of the quarters net earnings and in the tonnage of orders on hand, that no market change of sentiment was caused by the reading of the report.
 Greater interest attached to the current conditions in the steel trade, of which no hint was offered in the United States Steel report. Some questioning was heard of how much the amount of untitled orders on hand might be affected by orders which it was sought to have cancelled after the setback in business occurred, and which the authorities of the company refused to allow cancelled, but consented to defer delivery on
 The heaviness of the United States Steel led the downward turn in prices. In the opinion of operators ,on the floor of tine stock exchange the dominant influence in the depression was the reports of re- newed measures against the power of cor porations in contemplation at Washing ton. Very definite rumors were in cir- culation regarding the contents of spe- cial messages from the President to Con- gress, said to be intended for an early day and bearing on a new employers li- ability law, enlarged provision against discrimination for union labor and dras- tic restrictions on speculative operations in the market under the guise of anti gambling regulations
 There was note of dissatisfaction per ceptible in the financial district over the delay in retirement of remnant of the clearing house certificates issued to tide over the crisis That further extension of time for this purpose should be deemed necessary to insure two or three of the smaller banks from endorsements, which f l>xffo Ha caif hxyf ing their hand at this time, left the ulti- mate outcome of the situation in some perplexity.
 There was a perceptible check in the s downward course of money rates in the time loan department and the reaction Tn foreign exchange was the response to this condition. New offerings of railroad notes and the tempting interest rates still borne by these issues are diverting some sums away from the time money market The discussion of a forthcoming New York city loan for an amount intended to