The Montgomery advertiser., 1907-02-26
THE STOCK MARKET
SPIRIT OF DESPONDENCY SWEPT ONEH
 SENTIMENT OF OPERATORS.
Selling Was Constant and Demand so smah as to be c Negligible Quantity, Except as Concessions In the Prices tn-
 covered Some Buying.

New York. Feb. 2s-The action of the stock market today gave full warrant TOT spondency had swept over the sentiment of the operators The selling was con- stant and the demand was so small as 10 be negligible quantity. except as the con- sessions in the price level uncovered some buying.
 This demand was not aggressive in char acter and interposed no effective obstacle to the continues droop of prices. The tax ing of testimony of E. H. Hartman be- was the subject of the universal discussion and the weakness of stocks was generally attributed to this cause. This ground or substance of tins testimony. which present. ed few facts. which have not been thor oushly canvassed and fully known for an indefinite period in the financial district.
 The speculative view of the occurrence was that It was to mark widespread pub tions under investigation a.sd to offer ma terfal fer some such disturbance of the pub lie mind and agitation of the public indg- nation as grew out of the legislative inves- tigaton of the life insurance companies.
 Wall Street sees in this prospect a supply oI tresh fuel for the anger against railroad shaping legislative measures and in direct ing public policy all over the country. The rear rear has gained ground in financial opinion ivy or the averting of coming industrial and financial depression is to be influenced timent on these lines.
 Last weeks events in the, stock market. aithough interrupted in mid-week by the served to sharpen the anxiety over the i'm dustrial outlook. The concern of discour- aeement in published utterancss amonE-- several prominent men in the railroad an" financial world last week was dgested ap- parently over the interval and became ef- leetive in promoting large dealings in to- sentimental so far as any public knowledge went or new developments bearing ths
 Weekly traffic reports by railroad off cials so far from showing any traces of reaction. reported a fIood-tde of traffic and prospect of enough to tax all availa- Die Facilities for an indfeinite time to come
 New York again refrained from biddlin~ Tor weekly arrivals of South African golA m London and the Bank of England secured all supplies at a price lower than last week Money rates here nevertheless are inclined to work higher. Large maturities are far- ing due Of loans made last fall during the period Of high rates and 1t is reported that interior lenders instead renewing are dis posed to call in their funds for use at home. The continued active demand for veopment.
 to resort to London for supplies to replenish tnelr banking reserves is commonly attrib- uted to the purpose to rush the sale of rail- road notes and securities in foreign markets which 1t is desired to keep tranquil for that purpose Ultimately. however, the pro- be beeus us or sucn foreign sales of securities will pc used Ter railroad and other improvements on American properties with the demand for materials and the employment of labor wnich this implies. survey of the days het losses shows severe impairment of values and prices in some important stocks are at the lowest of the year The notable suIterers were stocks about which clung suggestions of further financing Reading Baltimore and Ohio and Louisville and Nashville were explicitly affected by such
 The Western and NoSthwestern railroad stocks generally came within the special effects of the feeling growing out of the Harriman testimony The special stocks show the lossess extending to three points or over up to 5le in the Hill stocks Else where losses were generally from one to three points and last prices quite usually the lowest.
 Bonds were easy. Total sales par value Si,62SoO0. United States 2s. coupon advanc- ca F. the new fours, registered A, and the old As is per cent. on call
 NEW YORK CLOSING STOCK IJST