The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-14

ny Il course OIL nuuludlloh WHICH
violence and precipitation had not
N equalled in New York for several
'rs past The overwhelming outpouring
stocks came as a general surprise as
pensive progress was shown to have
'h already effected in the necessary
Ndation to meet the present situation.
his supposition had been fostered by
action of the market for several days
- but apparently the exigencies of
the money situation had been grossly
underestimate. Alarm for the adequacy
of available supplies to meet immediate
or early requirements were acute to-
day, not only in New York, but in Lon
don, and In les degree in Berlin. The
construction of credits fell on an unsus-
pected section of speculative activities,
and they were Unfortunately forced
to sale, apparently at a sacrifice.
Banking credits were practically with
drawn from the stock market and Dor
rowers were called on to pay their obli-
cations. At the same time bids in the
market for stocks seemed to be with
drawn, and prices were offered down
points at time before the absorptive de-
mand ceased. The immediate pressure on
the money market which precipitated this
series of events was attributed especial
ly to the large demands converging on
the. 10Th of the present month. These in
clude subscriptions to new Chicago and
Northwestern stock. the new Pennsyl-
vania note issue, and several dividends
of the Standard Oil and Consolidated
Gas.
Preparations for these payments were
in force today and involved a higher
money rate from the outset The bank
ing position was weak at the close of last
week and the sub-treasury has taken
from the banks since that time upward
of $4 100, 900. more than sufficient to wipe
out the surplus as it existed on Sat
urday. The customs collections of the
government are running on a very large
scale, but the banks are taking advan-
tage of the new limit of 100000 on
monthly requirement of circulation to
retire the full allowance. and deposits
of money at the sub-treasury for that
purpose are increasing largely the with
drawals from the banks.
Meantime the treasury department has
given no intimstion of an intention to
use the new discretionary power of the
secretary to deposit customs receipts
with the national banks. London already
was upset by the money situation. Be
fore the market opened foreigners began
to unload holdings here in way that
started prices sharply downward. The
liquidation steadily gained force through
the accumulation of influences which
follow inevitably from a violent drain
In prices. and the market became quite
deI1oralized. Seemingly the absolute
necessity for further drastic liquidation
became recognized. A feeling of hope
lessness over any early market to in
sure the success this operation prompted
Nv 10
The acute weakness of the Hill and
Hartman stocks indicated that the semi
panic of today was the aftergrowth of
the unhridled speculation in those stocks
entered in last fall. and which has never
been satisfactorily cleared up in the mar
ket since. Such day today must
necessarily have accomplished much to-
wards that purpose. The violent rally
in the latter part of the day indicated
the cessation of the pressure, but the
closing tone was exceedingly nervous
and with some stocks at the lowest and
others fast falling back to their previous
10y levels Union Pacific especially. broke
violently at the last. an extreme 11ss be-
low yesterdays final price.
The fall in the Hill stocks was almost
as Violent and in Reading reached over
II. st. Paul, Northwestern, Canadian
Pacific. Amalgamated Copper anG Colo
RADIO Fuel fell upward OF points The
range of losses for practically all ac-
tive stocks ran from to over points
The extent of the shock of such an enor-
mo shrinkage in values is not to be
estimated Immediately. Even after the
fall in prices was checked important
after-effects of wide extent are to be
looked for. The nervous action of the
market in the last hour left the opinion
entirely at sea to whether the worst
has been seen or not
Bonds were weak. Total sales par
value, 81 554000 United States bonds
were unchanged on call.
Money on Call.
New York, March 13.-Money on call
strong and higher, 4d15 per cent; ruling
rate, Z; closing bid. 3lh; offered at 5; time
loans very strong; sixty days, per
cent; ninety days, nominally 6h six
months, 6.
Prime mercantile paper. 6d6A per cent:
sterling exchange weak, with actual bus
mess in bankers bills at asa. 15d4S4.20 for
demand and at 479.sOd479. SO for sixty-day
bills: posted rates, 1907 and 49,. Com
mercial bills, 4sols. Bar silver, $685.. Mex