Omaha daily bee., 1907-03-14
SAME CONDITIONS IN LONDON AND BtRLll
HARRlIANs AND HILLS SUFFER MOS

tional decline in prices for several years
occurred on the stock market today. EN-
cept that money rates were higher and
that the tone on the foreign exchanges
were unfavorable, there was no news TO
account for the break in prices. The mar
. ket opened weak under the influence OF
lower prices for Americans abroad and the
drop In consols TO the lowest price since
IsSs At hrst the downward movement was
gradual and the selling did not seem Of an
urgent character, but as soon as the rate
for call money got above per cent, heavy
blocks Of stock were offered for sale, ap-
parently without regard to prices and the
downward trend OF quotations became pre-
cipitate. Breaks Of from y to point be-
tween sales were frequent and the buying
power was 90 limited that II seemed to be
difhcuIt in some weaker features TO exc
cute selling orders
II was noticed that weakness centered In
Reading. the Hartman railroads and the
Eill stocks, and the weakness OF the latter
was closely associated in the minds of the
professional traders with tho departure for
Europe today Of ], Pierpont Morgan. The
drop In Reading was as rapid and as sensa-
tionai today as was the sharp upward
movement In the same stock week ago.
but there was no more news to account for
today's movement than there was for the
former one.
CIos7n@ Prices Lowest of the Day,
After the decline had reached its full
momentum about midday there was rally
followed by another break, which in turn
was sucoeeded by a renswai OF the rally,
but the better tone did not hold and just
before the close there was final slump
with the list generally weak and prices at
or near the lowest of the day. Apart from
the higher money and the bearish feeling
abroad, there was nothing on the days
development of sufficient importance 70
cause such wholesale throwing over Of
stocks as took place. The general sen1-
ment in wall street. however. was peasi-
mistic, even the old superstition as the
thirteenth OF the month playing some part
IN the talk of the street Every unfav-
orable rumor was given oredence for
ftime at least. Reports of financial difhcul-
~ ties abroad were accepted as true and even
mRsnined.
The requirements OF the money market
vfthia the next few days were given
greater Importance. A good idea Of the
tone Of sentiment may be obtained from
the fact that when the news was received
that the secretary OF the treasury did not
intend to call for an immediate return Of
SsO.OOO,OOO Of government funds now in the
hands Of the banks, Il met with disbelief,
report given out in the hope of steadying
the market Ofncial confirmation was
quickly received. but up to the close 1t
was without effect upon the stock ex-
change trading There were some reports
that the general mercantile and CONNER
cial situation does not show as favorable
an outlook as 1t aid a few months ago,
and this attracted considerable attention,
ag Wall street Is always very sensitive to
a.,
foresseing therein threats OF diminution in
railroad trafno and In the revenues Of
other corporations. the stocks Of which are
traded in on the exchange. There was
nothing definite In these reports. but they
played a considerable part In framing the
general sentiment
big Demands for Funds.
The advance In the money rate was at
tributed to preparations by the banks to
h.lset heavy payments coming due the next
few Y 1davs. These included. besides the
reguf ar Interest payments due on March
10, ana installment OF S5O0OOOOO on the Penn
sylyaihia railroad note issue OF $4,000, 900
. and SSl6Oo0OOO for the Standard on dlvi-
dendk When the high rate was reached
thersI was considerable lending In the New
York market by out-ot-town banks and
this Vending played a considerable part In
the ldower quotations for call money during
the afternoon.
Inquiry after the close OF the market de-
veloped nothing 20 show that any OF the
stock exchange houses was in trouble. II
was said that brokers had had plenty OF
time TO prepare for the situation by call
ing on their customers for margins and
that the losses shown at today's low fig
ures were suffered by those who had held
on to their stocks and not by the brokers
At the low prices OF the day the more
important declines from last nights close
were as followsi Reading r25S; Union Pa
ciho. M; Great Northern. ~; Northern
Pacific II; Amalsamated Copper. ia; Chi
oaso q Northwestern. ~: Canadian Pa.
elno ~; 81. Paul, 7; Sugar, s; Baltimore
q Ohio, 5N; Atehison 5h; Southern Pa
cine 5A; Colorado southern, 4A; Pennsyl'
vania. aS.
London Market Lower.
LONDON, March iA-During the after.
noon eonsols fell to s4 1915 for the account
on the stock market and 70 81 Ills foI
money. both new records. hut subsequently
recovered s-l6 to SS8 for the account
Americans opened well and then weak
ened to below parity on selling orders from
America.
There was a further relapse IN Americans
= before the close and the market finishes
weak.
Money StrinGency in RerIin.
BERLIN, March 12-PTices on the BOurse
continued depressed today as a result o.
the unabated money strinEeney. While to
days trading began with a recovery m
prices because operators saw that yestsr.
days marked weakness was without cause
% tar as foreign markets were concerned
still quotations dropped later upon provin-
rial selhns orders and the downward move
ment gained a new impulse thereby. par
ticuiarly Industrial shares and munieipa
lOanA
New Norks influence upon the BOurs'
has been rather more favorable 80 far thii
week. but nevertheless the home mono,
conditions create nervous anxiety Lmonl