The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-23
ANOTHER BREAK
IN THE | {. Market A ! K J
Many Stocks Made q New Low.
Price Level iii the
Sluinp.
ERIE LED {: > /. THE 4 PLUNGE !!
Bears Raldedsthc Whole List and
Slaughtered tic Opt.
inistics.''

NEW YORK, Marcl, 22.--The stock
b market turned very weak again to-
day. Some Of the stocks which were,
under special pressure broke through
N the low level Ereacl,ed in the panic last
2 week. This was no tab1y true OF the
0 1cries.s and the weakness Of those stocks
was OF large sympathetic effect on tho
whole list. Tho other dominant fac,
tor in tho market was the consequences
feared from the advance In the Bank.
OF Franco discount rate. Tho agra
waiting cause OF tho weakness Of Me
sIcrins was. clearly enough tho an
nounced intention OF the management
v to nbapdon tprojectcd bcttermcnts III
7 the State OF New York from fear oil
Ss the interference with The intended
methods OF financing the work by the
" proposed State Legislation for the con-
trol6of public utilities. @ IL
Z Instead OF the turn against the sup.
posed large outstanding short Interest,
which was talked OF during tho hard J.
ening period Of prices yesterday. tho
s bears undertook fresh operations on q
large scale. and had good success IN
precipitating fresh liquidation in va
rious quarters of the list The Morgan
3 group was especially affected by tho
B entire lack Of support in the Eries,
road and to the whole Southern. rail-
( road group The Hills and sHarrlmans
also were acutcly affected, and had
the usual effect IN dragging down ST
4 Paul. AtchisOn and Reading. United
& States Steel was heavily sold, but OIL
h a narrower price range than the other
q low priced sharcs. The effect OF thc
advance on the Bank OF France was
q heightened by reports from Paris that
n a further rise was expected rv,xt week.
4 The5actton is directed on the face of
81 affairs against movement Of gold
TO London and also to Berlin. Its Hpe-
l#cial interest to New York Is that
Il payment for participation in note issues
a of African railroad companies are sun
4 posed to be involved in both these
N movements. :5S5
&{S{5I rs expected also that the drastic
market liquidation of4last week. rs It
81 came late in tho week. will affect the
Z averages of the. loan account tits week
4 as much as last A strong bank state-
VI 1nent Is thus indicated. ~ III
The market closed weak and around
& the low point atAscvere: I'd ectincs, the
effect OF the break In the Eries being
\ aggravated II by the slump in Cannd an
II Pacific. IN 53i3 zs :i 3s
Bonds were IRE GUAR Total sa les,
q pa r lue, 900. United States Is,
ST re 81 stcred. declined / . ]. the old IS,
.38 51 s, and the new S IA per cent. Of,
!, call III 81 III Ss Z Il, 4
Total sales stocks to-day $4,000
4 shares, a x q .l8 s
NEW :E Y. y DIRK March IN one y, on
5,55 call firm 1-2@i 3-4f per cent: ruling
rate. 1-2;;8 closing bid. q 10 I; offered
II at at -. Time ltans strong: sixty
= days 8 1-2 per cent, and ninety days,
81 % q & IL per cent; six months, per
Il cent Prime mercantile IA per, s q Ell,
per. cen e. Sterling exchange strong,
AAsRt S4.ss55 a s4.ss6o for d emand and, =,
III $4,000 q $4,000 III for sixty a day ttllH
Posted rates, $4,000 $3.50 1-2t and
*i,S4 q $3.50, Commercial Bills,
tA.1S 5-S. s3 Bar silver, g Il g ~ NJ xica
dollars, 81 3-S n lsS j -