Omaha daily bee., 1907-03-09
NEW YORK STOCKS ANDBONDS
Further Liquidation is Followed BY Ter DDS
Of Extreme Weakness.
UN)S PACIFIC AND STEEL LOWER
Drop Due Largely 60 Pessimistic
Interview OF II. II. Hartman
Rally Near Close Followed
by Decline.

NEW YORK. March s.-There was further
liquidation in the stock market today and
periods of extreme weakness during which
prices plunged down to a level In many
At the same time there was evidence from
time to time of an absorption of stocks
Of kind to indicate that prices have
fallen to a level where some demand Is
attracted of an investment or semi-in-
vestment character. There has been more
or less bargain buying in small lots all
through the weeks decline, such as Is
taken out Of the market to hold for an
Investment return. But buying attracted
by the investment return. but OF mar
ginal character, has been slower of develop
ment
There has been a notable lack also of
buying by banking and other large hnan-
cial interests for purposes OF support UP
TO today. The opening break In prices to-
day did develop buying of this kind, and
the perception of IL was prime factor
In turning the bears to cover and affecting
the following material recovery rally. The
bad not exhausted their ammunition. This
did not prevent a growth OF opinion, how
! ever that the period of active liquidation
was approaching its termination Senti-
ment was much less easy today even during
| the early break than for some time past
and the confidence was more general that
| the Liquidation would run its course with
| out disaster panic. The week has been
singularly free in fact from rumors of
! financial embarrassments, although the ex-
tent or the decline makes the fact of enor-
nous losses having occurred a matter of
Pcourse The conviction remains general
that these have fallen generally upon the
! millionaire class and amongst those who
! could shoulder the burden without ruinous
! consequences. 1t is this conviction which
J gives the present decline the name of the
! rich mems panic among professional
| operators.
Yesterdays weak closing paved the way
] Tor the flood OF selling orders under which
the market was 'swamped at the opening
! gloomy sentiment was accentuated by the
Encouraging views on the Industrial out
I'D hNF III
OF the various interviews with him which
appeared this morning. His assertion that
II orders on hand with the United States
steer corporation were not subject to can
cellation their completion would develop the
| lack OF demand was the occasion for the
| special drive against the securities OF the
corporation. The severe decline in these
stocks was of substantial effect on senti-
ment. Union Pacific also responded to the
pessimistic utterances of its president with
a material addition to the reduction in the
price caused by the per cent dividend
coming or. The persistent absorption of
heading and the support OF II was a factor
IN Keeping the bears uneasy and in Inducing
the extensive covering movement of the
uay; There was good accumulation also
OF the group or Morgan stocks which broke
violently yesterday and Southern Railway
preferred rebounded violently when II be-
came known that the dividend rate was
decline In the general market which was
resumed with the renewed attacks on
t mug las states Steel The drop in prices at
yesterday and the closing tone was decid-
eoIy weak. News was little regarded in
the days movement and very little of i'm
portance came to hand. The indicated loss
IN cash by the banks for the week pointed
TO some subsistence of the flow of currency
TO the interior and New York exchan9
at Chicago rose from rs cents to is cents
discount today.
Bonds were weak. Total sales par value
$1.7S6OoO United States bonds were nn.
. changed on call VII
1T The following wa. the range of prices on
the New York Stock EXCHANGE: