The Birmingham age-herald., 1910-03-16
] ARP DECLINE IN E STOCK MARKET A ~ |. ..iremen's Order to Strike Has Depressing Tendency.
 SOME RECOVERY MADE
SOME RECOVERY MADE
Called Upon for Additional or More Secure Margins on Their
 Transactions.

New York, March 13.-Inere Was suo- den fiagging today in the resisting power Of the stock market to depressing factors which has been it's prominent character istic for many days past The issuance of a strike order to flremen and engine men on western railroads was the only topic to receive much discussion in the days doings at tine stock exchange The professional element had the market all most wholly in it's own hands and sold stocks freely on the short side of the speculation. Even the buying, much Of it was from short sellers of yesterday who covered at the days declines, but pro- ceeded then to put out fresh short lines.
 It is an aphorism of professional op- orators not to go short Of the market on strike This rule is not always followed, but special reasons for it's nor-observance today were found in some of the technical conditions of the market. The rise in the call money rate to above per cent for the first time since the last week in Janu- ary, when the rate was receding from the strain of the annual settlements, of- fers one eontributary explanation of the action of the market The money market
 
 than week.
 The tendency was emphasized today by the sharp fall in prices and the impair nent of margins which resulted, bringing out calls for additional security, and in some cases displaying the call loans. The hardening tendency up to this time has been confined to the time loan department, influence by the steadying up of banking credits in the fiotatien of new bond is- sies Now the interior demand for cur rency has set in as a complication.
 The February trade statement shows also that the value of exports of mer- cllandise fell below the already reduced total of February year ago, while the striking expansion in important values also continues. As consequence there Is established an excess value of im- ports in that month for the first time since 1895. This showing that the persis tent rise in the London discount rates ex- plains the brisk rise in foreign exchange rates which went further today but re- acted when the call loan rate advanced. An advance in the Bank of England dis count rate Thursday is expected. and possible export movement of gold from New York came into discussion today.
 
 the influential interests, and the evidence of the rate for call money raises the ques- tions whether the desired incentive to sub scription to the new bond issues is no longer needed. or whether it is given up as impractical things. The railroads are arriving at the stage where an appeal will ba made by both sides to labor contro- versies for the mediation of the govern ment authorities.
 The precedent of the successful settle ment in the case of the Baltimore and Ohio trouble was regarded as a favorable augury for similar outcome of the other cases. The sudden reversal of that hope full feeling today was not explained on the surface of events.
 The professional bears who sold the market enlarged on the significance of the extent to which the recovery had gone after the severe decline of the first of the year A technical reaction was called overdue from this fact alone.
 The weakness was not confined to rail- roads which would be affected by the strike. There was disappointment for traders who had bought United States Steel for the dividend which came off yesterday. Instead of moving toward re- covery of the dividend, as was expected, the stock was one of the weakest of the industrials.
 Amalgamated Copper was even weaker and the metal suffered another decline in the London market.
 |t Further suggestions today of damage to khe winter wheat crop fo; med an element in the heaviness of the market. The slight recoveries at the end of the day were attributed to covering by shorts, and they were languidly held.
 Bonds were easy. Total sales, par value. &. .415. 900. United States bDnds were nm. Changed on call.