The Birmingham age-herald., 1910-03-10
l EIGHT DECLINE ' IN STOCK MARKET Speculative Sentiment Is Con-
 fident and Cheerful. GOOD SUPPORT GIVEN
Operations Center in n Few stocks Led by Union Pacific, New York Central 'sind Steel, But Prices
 Ease or at Close.

New York, March 9.-The semblance at times today of great strength and anina- ton in the stock market is not borne out ' by analysis of the movement. which re- suited in net declines for the day. Spec ulative sentiment, nevertheless. was cheerful, and confidence in values was well maintained. which doubtless fulfilled the purposes of the supporters. That concerted support was responsible for the movement of prices was the impression given by the acton of the market.
 Operations centered markedly in few stocks. Of which Union Pacific, New York Central and United States Steel were the conspicuous examples. The raising of the dividend rate on New York Central to , per cent was In accordance with oxpecta- lions formed by the previous liberal dis hursements by subsidiary companies, in- clucing the recent per cent extra divi- dend on Lake Shore stock A further sharp rise in New York Central, with the expected good news out, warranted favorable view of the general speculative Z $usition, bringing out moderate pressure sAof realizing sales. That large sales to realize were made under the cover of the advance was shown by the uneven and tagging response of the general list to sfhe advancing tendency and the later 1iateral reaction. The quick sale made Of bonds of d minor road in the subsid- iEry Lake Shore system WAS an incident of the days rise in New York Central. That other financing by that company is intended. which will be helped by the strength of the stock. offers further ex- planation of the protection given to it's movement.
 The wider advance in Union Pacific was a direct outgrowth of the New York Central dividend action. Union Pacihc holdrigs of New York Central are not i.age enough to make the increased dis hursement of great importance to It's in- come but its variety of treasury hold ings and the infeTences implied in gen era policy of dividend increases on these holdings appealed to the speculative spirt. These infererces were of moder- ate stimulating effect on the general list.
 A sharp fall in foreign exchange rates vas an incident of the day that Is i'm rortant, in view of the expanding de- fnands on the New York money market Foreign participation in the new pond issues coming out makes supply or eX- change and meets the continued demands ' tar remittance. In the stock market, Lon don was a large seller here again, in spite of subscriptions to new bond ls- sues The opening decline In prices was caused by that selling. The coppers and United States steel were notably ar tfected. It was from that depressed level ifbat the latter advance set in. That f[..ct and the final sharp setback due to req trent realizing account for the com ,,aratively narrow net changes on the fav. The premium for the new A. per cent New York city bonds, established in the outside market where they were cealt in when issued" had strength enins effect on other issues. The news or a movement towards an important com bination of the automobile makers was adopted as possible explanation Of the 6jsappearar ce of Sl0,000,C00 bank cash dis closed by last Saturdays bank state ment.
 The course of news from labor contro- xersies was net liked. and the report or inc resolution in favor of a general strike hv inc Pennsylvania State Federation Of Labor caused a material reaction in the final hour, and the weak closing
 Bonds were firm, Total sales, par value, $b434,000
 call.