The Birmingham age-herald., 1910-03-12
|ES OF STOCKS TURN DOWNWARD h Spite of Good Support the
 Decline Is Decided LAST PRICES LOWEST
DeveIopments in the Market Tend to Show thnt the Bond Market Is OyersoId and stocks Suffer
 From This Condition

New York, March 11.-A certain amount of speculative disquiet was reflected m the stock market today and the vigorous supporting measures from time to tune were not sufficient to overcome the CT fects Weakness became acute in the final hour. The support was ascribed to the powerful banking interests which have in hand the Notation of the bond issues. the volume of which is constantly expanding.
 The amount of important financing that remains to be done, the hardening eff feet already produced on the money mar ket and the doubtful absorptive power of the investment demand for bond issues combine to form situation which is not viewed with entire satisfaction by the financial world The announcement that the St. Louis and San Francisco has re- sorted to an issue of notes secured by deposit of a proposed bond issue, thus post poning the marketing of the ultimate securities is a development taken to ndi- cate a growing oversupply in the bond market Last week the Baltimore and Ohio sold notes presumably to postpone needed financing of more permanent character. A small note sale by the Chicago and Alton was announced also overnight.
 An indigestion of new securities on the part of the bond market at this time might prove an inconvenent check to the march of prosperity. An outlet for the over-supply is found in the considerable blocks of the new securities which are placed with foreign subscribers, and which have served to keep down rates in the foreign exchange market and to avert an outgo of gold The statement of February agricultural exports empha- sized the importance of this beilef III the showing of decreases in every item or the table, the total reduction in values from February of last year rising to over sl400OO0O. The effect upon the money market of the increased demand for cred it's is seen in the higher rates Tor time loans and in the decreased demand for mercantile paper The weeks currency movement shows shifting in the tide of the interior movement away rom New York and New York exchange at Chicago rose to par today. The London money market also has it's own adverse condi- tions to contend with. The reserve of the Bank of England, already unseason- ably low continues to be drawn on
 The money outlook probably underlay the current depression in the stock mar ket although various other motives were advanced. At first there were fears or the labor situation at Philadelphia ana j the unfavorable copper statistics which were published yesterday Reports or crop damage came to view later, although the grain markets indicate that dennlte conclusions in the amount of winter wheat remain to be formed The rumor or J. P Morgan's death, originating in London, was circulated concurrently with its au- thoritative denial. Related selling or stocks from outside sources was attrlou- ted, nevertheless, to this rumor.
 The principal support of the market centered on United States Steel. The buying of this stock was very good Tn character and suggested resumption In the railroad list This did not prevent acute weaAness in Union Pacific. Anal eamated Copper suffered from the bad condition in the metal trade. There was a slump in the copper trading in the London market.
 Bonds were irregular Total sales, par value, s2109,0oo.
 United States 2s registered auVahceo k per cent on call.