The Birmingham age-herald., 1911-03-20
REACTION SETS IN ON STOCK MARKET Changing Character Shows Increasing Tendency NO FINANCIAL NEWS Only Few Events Affected the Mar ket Last Week-Pacific Pur-
 poses of War Maneuvers
 Are Doubted

New York, March 19.-The changinf character of the stock market last weel bore witness in several ways to a re- actionary tendency. of increasing mo mentum. Professional maneuverinl early in the week brought about a wig orous upturn but the movement lacked the basis of rational enhancement of prices and was short-lived. Tn, state of intense dullness into which tn, market then fell was an intimation o greater caution in speculation and witt it came speedily a scaling downward of prices.
 - The market was strong at the open. ing or the week in contrast to the pre-. vious Mondays on which the possi. oility of supreme court decision in the antitrust cases brought about a con. dition of nervous weakness. On the fol. lowing day important advances were attained and speculation was liveliel than on almost any previous session of the year In spite of the supreme court decision affirming the validity of the corporation tax law. The i'm. pression that the market was tempor- arily in almost an impregnable posi- ton was spread by the tranquility with which the decision was received The bull. movement. however attracted lit tie public buying and at the same time weakened the technical position by forcing extensive short coverings The outcome was a tagging and gradually weakening market.
 Conditions in general were favora ble to contraction in speculation and low CT prices. Official statements of the pacific purposes of the administration in massing troops on the Mexican bor- der were received with perhaps less confidence in their finality by Wall street than by the country at large.
 While the financial community en- tertained no forebodings as to the out come it was felt that a proper degree of calculation should be exercised in market operations until the situation was cleared definitely. Reduction In operating forces by a number of large corporations and suspension of work by others, coupled with the order for 2 strike of miners in Ohio and Pennsyl- vana and turbulent labor conditions ir this city brought the labor question or the WnOle to LIle lore. 1UHpItSSlOI gained ground that labor must under go its share of liquidation in common with the similar movement elsewhere.
 The pamphlet report of the United States Steel corporation for 1910, while showing greatly increased earnings foi the common stock also dealt with the check received by that industry in the later part of the year. The general tenor of the report was well received even though it failed to find immediate reflection in the stock market. It seems reasonable to assume that this mos' important industry has successfully overcome conditions which are not like ly to present themselves again in the current year.
 There were two financial events o1 international importance during the course of the week.
 The placing of a large block of one year notes in Paris and the acceptance by the Paris stock exchange Of the shares of the Philadelphia company of Pittsburg on equal terms with those accorded home securities. Rumors that other American stocks would be sim ilarly listed were apparently based on negotiations now pending.