The Birmingham age-herald., 1912-05-04
DEPRESSION SHOWN
 IN STOCK MARKET
Weakness Centered Chiefly Around Standard Rail-
 way Shares /

New York, May 3.-That portion of the speculative public which so stubbornly re- sisted the rise of the past two months in the stock market today seized upon the sudden reversal in the railroad labor sit
 uetion, together with batch of unfavor- able railroad reports, to depress prices.
 The selling was neither extensive nor precipitate until the final hour. when of
 ferings fairly overwhelmed the market
 and prices fell away until they represent ed in some important instances lowest prices of any day in the past fortnight. The declins was accelerated by moderate duplication on the part of discouraged out sieers. who seemed suddenly to awaken to the belief that manipulation rather than actual conditions was the primary factor in the long sustained rise. In addition to the unfayorable refiuences referred to these were other developments of a deterrent character. Including over- night advices from the flooded Mississippi section, which pointed to further damage to cotton and other crops running into the millions Of dollars On the other hand. scme encouragement was offered by the official statement from Washington deal ing with this countrys exports of manu- factures during the year. Figures already availab ble indicate that these shipments will go far beyond the Sl,000,00o,V00 mark, the total for the first nine months ag- gregating $750,Ge0000. of which more than one-third is represented by steel and iron, with copper next in volume.
 In the early part of today's operations the selling and resultant weakness cen tered chiefly around. the standard railway shares. with acute heaviness in Union Pacific. Later the movement spread to Reading. Iehigh Valley, Baltimore and Ohio, New York Central. Louisville and Nashville and other assured dividend pay CTS. Missouri Pacific and Erie. among the minor issues. also reflected degree Of pressure, the former apparently de- irving no immediate benefit from its pro- posed refunding plans.
 Among the more speculative industrials Jnited States Steel was persistently of- fered for sale relatively high trans- actions. Dealings in Steel and Reading comprised the great bulk of the day s business, with the usual liberal mixture
 of Union Pacific. Amalgamated Copper
 ant American Can. Both Can common and the preferred ascended to new high
 records in the early part of the day, but yielded in company with virtually all
 other pressures to the downward move-
 ment at the close.
 No known developments accompanied
 the fall of prices, but rumor was busy
 with the status of affairs between the railway managers and their employees The
 demands of the firemen, supplementing
 those of the engineers, came as a com
 plete surprise
 Nothing in the local monetary situation
 was responsible for today's severe set
 back in stocks. Forecasts point to 8. cash
 gain by our institutions and April bank
 exchanges, the best this year, support re-
 cent statements that general trade con
 ditions are improving. Another cash trans
 fer of currency to San Francisco was
 made
 or the many railroad reports for March
 submitted in the course of the day that
 or Chicago, Milwaukee and St. Paul was
 most unfavorable, showing loss of in-
 come on the main line of $309000 and $1S5,
 GOO on the Puget Sound division Chicago.
 Burlington and Quincy lost almost $500, 000 ir net, Atlantic Coast Line $2S5, GOO. the
 St. Louis and San Francisco system
 s252,00o, Delaware and Hudson s11O,0o0 and
 Denver and Rio Grande $S5, 600.
 Bonds were heavy in sympathy witt,
 stock. Total sales, par value, E, 3.0o0.
 Panama Ss registered advanced k on
 call.