The Birmingham age-herald., 1910-03-29
VICES OF STOCKS |1 DECLINE SHARPLY Hing Is Not Heavy, But
 Weakness Is General b CAUSE FOR BREAK
|Jkers Fail 10 See Real Reason for | Decline in Prices, Hut Believe
 Some Unknown Factor
 Started the Selling

Jew York, March 2S.-The extent of the fPe declines which were suffered ir stock market today was regarded as Rinous. The volume of sales was moi Ivy and the wide concessions which to be made to effect them argued
 hollowness of the market which had |isquieting effect on sentiment. The superficial causes which were ad- |lced in explanation were not consid- Ia adequate to account for the weak S of the market, and there were ap- tensions of some undisclosed condition Ilch was prompting the withdrawal oi |eetive support by the financial powers khe extension of the Easter holiday London to include Monday left that |portant source of financial initiative Ised. It was surmised that the prospect that market nevertheless might fur | In some explanation of the days de- ssion.
 Ihe further engagements by the Italian |lernment of gold to arrive in London ether with setting aside or "earmarl- |'' of gold in the Bank of England the same account, emphasized the |Edequacy' of the present Bank of Eng | d discount rate to conserve it's bullion |scialty. The impression was thus heightened that a further advance in bank rate would follow the April Element and the clearing up of the <tish government financing which is tc Accomplished next week
 Foreign exchange bankers in New York beet that gold will be exported from He during April in consonance with E condition. The fact that the recent hand from abroad for American bonds F contracted markedly increases the fslihood of gold outgo from New York Ie latter impression increased by the Nv York city bond sole is of a demon | ation of over issues of new securities | ich promise ill for further financing The upturn in the wheat market di- Ited attention to another source of anxi- F. The reports coming to hand of |nter damage to the wheat crop have |sn mitigated up to this time with as- ances of the possible restoration o1 |od conditions by timely moisture ir |s threatened regions.
 rhe news that relieving rains had mol
 len forthcoming in the three-day in |yal, while the stock exchange had been sed, was seized upon by the bearisf |ment in the speculation to force de- hes in prices
 Topper securities stood out conspicuous in the days weakness and were o1
 sympathetic effect on the | ole list. Adyices from Boston of a Ether slump in the price of Granby Con- |idated mining in that market brought | h them large selling orders in other pper stocks. The widespread impression made by the Fortunate Granby episode on the gen Ill public attitude toward copper h. |strials is matter of grave concern persons committed to those securities l e action of the group today seemed te [close speculative. position which was |lnerable to the tnfavorabie effect or the Ispicions aroused by the poor condi- |ns revealed in the Granby affairs. |svy falling off in last weeks copper ex' |rts was an additional item in the day |luences against the group.
 | 10 one of these factors, nor all of then |.ether, was considered sufficient to ac' lint for the days weakness. The unsup- |rted state of the market aroused fears Iat the general trade and industria |tlook might contain unpronising fea- |-es which were not liked by the fnfiu- |tiai financial interests with the widest |urces of, information. The yielding |iay of time loan money market In the |asidence of demand from borrowers | Tinted out as possible symptom oi |clining mercantile activity.
 Bonds were weak. Total sales, par Ire unchanged on call.
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