The Birmingham age-herald., 1910-09-02
STOCKS DECLINE IN
 AN ACTIVE MARKET Sales Are Much Larger Than
 on the Previous Day AFFECTED BY POLITICS Roos.xa,s,s Attitude ToHard SnecIal ID-
AFFECTED BY POLITICS
RooseveIt's Attitude Toward Special In- terests in His Speeches and Fear of Opposition to Higher Freight
 Rates Cause Weakness

New York, September 1.-The amount of business done in the stock market was swelled considerably over yesterdays to- fal The first hours dealing in fact crossed the days totals for yesterday This increased activity by no means brought the dealings into a state Of animation. The overwhelming prepon- eerance of the transactions in Reading, Union Pacific and United States Steel showed the professional character Of ir the market and how little-changed II was in that respect. The utter stag nation in demand for securities in It. self serves as encouragement for at taoks by bears in the specialties. Va rious incidents in the days news were cited also in support Of this action. A movement of prices in either direction was welcomed by the board room trad CTS as a relief from the unprohtable stagnation and they joined freely in .the days movements in the three most active stocks.
 Colonel Roosevelt's address in Kan sas yesterday in it's militant attitude against the special interests was a subject of professed apprehension on the part of sellers of stocks. The con tents of this address were known and were available for an analysis while the stock market was stagnant yes terday but it was used, nevertheless, as a means of revising uneasiness over the political prospect including pro posed further tariff revision and con tinued agitation against corporations. The fact that petitions for increased freight rates are to be acted upon by the interstate commerce commission After the conclusion of the hearings now in progress and the fear that the contest against the proposed increases may be encouraged and strengthened by the course of the political campaign entered into the speculative sentiment Of the day.
 The subject derived much added inn potanee from the increase in operating expenses for July disclosed by the re- ports of railroad earnings for that pe- riod. The great lines both east and west are showing July expenses expanded in 8 larger degree than the growth in gross earnings, the result being de- crease in net earnings compared with last year. This was made the text for discussion of the necessity for retrench ment which faces the railroads in or der to conserve the net earnings and yield a profit on operations. Bankers and officials connected with the fi- nances and the administration of roads lent countenance to this assumption.
 Restriction of projects of improvement and cutting down of outlay as far as possible were admittedly on the pro- gramme for future months The neces- sity for retrenchments for railroads points to reduced demand for such va riety of commodities that the list of industrials was unfavorably affected. United States Steel was conspicuous in this respect Reports from the trade authorities on a heavy buying move ment in iropp and of improved condi- tions for finished steel products were without influence. Alnagamated Cop per was a companion in weakness.
 Exports of copper during August re- ported at 27,s76 tons, were the largest in any month since April of 1909, but the price of the metal receded in Lon don and the copper securities were sold with the rest of the fist.
 The expected advance in the Bank of England discount rate did not oc- cur but the private discount rate in London held firm Inroads in New York bank cash are being inade at heavy rate. indications pointing to decrease of s10,0OOO0O or upwards fin that item for the week. No positive effect is felt fin the stock market, the supply of funds remaining more than sufficient to meet the nominal demand. The stua- ton makes an influence unfavorable to higher prices and figured in the days decl.ne.
 Bonds were easy. Total sales par value $1,476,0oO.
 U. s. bonds were unchanged on call.