The Birmingham age-herald., 1908-02-11
RETROGRADE MOVE
 IN STOCK MARKET Continued Weakness Is Shown
 In General Lines PRESSURE FROM THE BEARS Feeling in the Market over<Reports From Railroads Showing Falling Off in Traffic and Political
 Matters Help Decline.
PRESSURE FROM THE BEARS

New York, February 10.-The activity in stocks, which revived toward the end Fbf last week was notably extended today in the form of selling orders, and a deep .cut was made in the formerly prevailing level of prices in the course of the days operations Stocks were industriously pressed for sale from all sides, and as the demand was quite inadequate to absorb the sales there was rapid decline in prices, with only occasional checks caused by the covering operations of the profess sional bears. There was no striking new. item of information to account for the apprehensive spirit reflected in the action of the market, but there was a pro- nounced growth of that spirit clearly manifest This was due to cumulative effort from misgivings felt for some time, while the influence on prices was aggra- vated by the sudden abandonment of a position on the long side of the market which had been persisted in by a-specu- lating element. That element has been. hopeful that the episode of last fail of the countrys finance was due to cause less fears and misconception of the true strength of the banking position, and that it's effects on general trade and business was about to pass away, with the dem- onstration of the causelessness of the fears prompted what was in effect uni versal run on the banks of the country.
 It is trial to the faith of those look ing for this quick revival of industry, when the money situation has become normal again, to face the returns of con tiniied shrinkage in railroad traffic, re- duction of factory forces and general lethargy in demand for products. The resulting Encouragement is having the effect of driving some of the former hopeful spectators to the other extreme, where they profess to see only gloom and prospects of an indefinite proongation of the depression. Such a change in position is, quite characteristic of large class of speculative operators. Today they went as far into the future as the crop situation to predict possibilities of harmful events which may have to be faced.
 The course which political activities are shaping was q continued theme of discus sion about the stock exchange, and had d depressing effect. Selling for foreign ac- count played a considerable part in the NtdhilcSo, tliS oeiiiiiS DSihS pioiiptSo hOl so much by development in this country as by the financial furry in Denmark and an important failure in the British ship building trade. The impression of hostile influences on the side of politics was heightened by the official recommenda- tions for greater .rigor in the collection of the stock transfer, and franchise taxes in New York state. Declining railroad earnings brought into question full divi- dend disbursements. The shrlnkage in profits also adds to the importance of the large financing which presses upon many corporations for settlement: The Journal of Commerce presents an exhaustive an- alysis of such neds to be met between now and July 1P which shows refunding to be provided for nearly $S0000,000 of short time notes for upwards of s72,000.0 0OO maturing bond issues, and for $77,000,000 of instalments payable on accruing stock subscriptions. This is exclusive of the s50,0000OO of New York City bonds to be sold on Friday of this week, which will present a. total of $2sO.Oo0000. Meantime, corporations are still driven to short-tims note issues for financial purposes, indi- eating the investment demand from capi- tai still insufficient to provide for more permanent forms of financing.
 The Friday sale of New York City bonds