The Montgomery advertiser., 1907-03-23
THE STOCK MARKET
TURNED VERY WEAK DURING THE SESSION,
some Stocks Which Were Unfer Special Pressure Rrole Through tho Low Lev cl Reached in the FanAc Last
 

New York. March 22.--The stock market turned very weak again today. some ~ the stocks which were under special p,ess sure broke through the low level reacnea in the panic last week. This was notably true of the Fries and the weakness ef these stocks was of large sympsfnsiS6 n,Sss 6om el inant factor in the market was the conse- quences from the advance yesterday or the Bank of France discount rate
 The aggravating cause of the weakness of the Fries was. clearly enough, the an nouncement of the management to aoanaon fro fsss of s. as with the intended methods of financing the MorS by the proposed state legislation for control . 0i DaD,,c absrs as earrena % many runors of internal dissension in the company ana of disappcitmet at the results of improve Tsas operatea a in the % securities of the company freely and boldly. They were not opposed, now ever, by any speculative measures TOT the friends of controllers of the property had discouraging effect on view favorihs sh advance of prices.
 supposed large outstanding short interests which was talked of during the hardnenins period of prices yesterday the bears unoer- had good success in precipiitsting fresh lie- uidation In various quarters of the nsI ne Morgan group was especially affected when the entire lack of support in the Eries vas perceived The weakness spread to South ern Railway and to the whole southern Railroad group. The Hiils ana a aaE ,b. unusual effect in dragging down st. raai. Atchison and Reading. United states Steel was heavily sold but on a narrower price range than the low priced stocks
 The effect of the advance in the Hank eI France rate was heightened by the repors from Paris that a further rise was expected next week. The action is directed agaihst movement of geld to London and alse to Berlin. Its special interest to New fork is that payment for participation m note issues of American railroads is supposea 70 be involved in both these movements. This movement of capital out of France Is eyi- dently intensified by the wide discrepancy and the rate of return on these high grade note issues. The Bank of France under these circumstances evidently finds It un- terest rates so far out of line with the worlds average. even with the advantaGe considered of stability in the money ma.kss ,.sas of the universal rise in money rates that the action of the French bank is regarded as important rather than from any hkeh- centers being affected. Cables from Lon don reported some anxiety there regarding the outcome of the stock market settlement weeks currency movement indicated an in- crease of up&aFds of ee,00o.0oo in cash holdings of the banks, It is expected also week as it came late in the week will af- feet the average of the loan account this week as much as last.
 A strong bank statement is thus indicat- ed. The market closed weak and around the low point at severe declines, the effect of the break in the Fries being aggravat- ed by the slump in Canadian Pacific. Sonds were irregular. Total sales par value tl.Isz,- Ooo United States & registered declined Y per cent; the old As h, and the new Ss A per cent on call.
 NEW YORK CLOSING STOCK LIST.