The Birmingham age-herald., 1910-03-24
..fAVY DECLINE IN PRICES OF STOCKS Market Is Actively Bearish It and Selling Is General DEMAND IS VERY LIGHT Labor Troubles Have Greatest Bearish ETct Hut Fear of Further Tarih
 Tinkering In Congress Helps
 Depress the Market
DEMAND IS VERY LIGHT

New York, March 23.-1'he rly prom ise today of an inert holids market was not borne out by the l developments when increased pressure of stocks for sale carried prices comprehensively down. ward The yielding of prices was attribu- ted partly to the counter movement of the professional element in the speeula- tion which had demonstrated the apa- thetic demand at any advance in prices when they sought to realize profits.
 The traders have recourse when an at tempt on one side of the market proves unsuccessful to turn to the other side It was asserted at the stock exchange that large part of the selling of stocks was for Boston account and might be in the pursuance of speculative campaign. The unrest manifested by labor in many departments was advanced as one expla- nation for this selling.
 The decision for strike by New Ha ven employees was supposed to be fac tor in bringing this condition home to the minds of the New England sellers of stocks.
 The array of charges against the United States Steel corporation presented to the Attorney General by the American Fed eration of Labor was another factor in making the days sentiment. So also was the result of the election in the Fourteenth Massachusetts district of d congressman.
 The Boston selling was accompanied by professions of apprehension that revision of the tariff would be made an active issue of the coming political campaign with the traditionally unsettling effect on securities markets. The demands for stocks at any level of the market was extremely apathetic and when the selling pressure attained any force prices yield ed rapidly.
 The results of the New York city bond sale did not create enthusiasm as they were studied In their larger bearings. This feeling was emphasized by the re- newed decline in the price of New York city bonds, the new 44s receding to 10l. The average subscription having amount cd to 181 25 the days price thus repre- sented loss to the subscribers. At the same time the foreign exchange market was lower and bills sold were showed to be against the foreign subscriptions to the new bonds. The instability of the price, however. was an unfayorable in nUence on the days market owing to the importance that had been attached to
  vestment situation. The general bond market was unfavorablys affected and this operated against the success Of further financing to be effected by the railroads.
 An incident of the day was the declar ation of only the regular dividend on Pittsburg, Cincinnati, Chicago and St. Louis stock, although increase has been consistently rumored. The small decline. in that stock and others In the group which have been subjects of. sim liar rumors was noticeable.
 The early advance in Reading was ac- companied by rumors that the Baltimore and Ohio holdings of that stock had been sold. The recent acquisition of Hooking Valley by Chesapeake and Ohio has served to increase credence given to rumors of other deals.
 The persistence of the international money exchanges against London is subject of discussion and gives rise to the supposition that another advance in the Bank of England rate may be re- sorted to after the appearance of the April settlements are had and passed in order to attract funds to that center.
 Bonds were heavy. Total sales. par value, s4,S17 900. United States bonds wero, unchanged.