The Montgomery advertiser., 1907-03-06
THE STOCK MARKET
STOCKS TOOK STAND AGAINST SELL
 ING PRESSURE.
Early Rally, However, Proved Only . Breathing Spell and the Bear Movement Gained in
 Great Volume.

New York. March 5.-It looked for a time today as though stocks had made apd %b,s saSs Sss tns forced prcss
 proved only a breathing spell and the rather larger volume and more precipitate in it's character than that of yesterday, with panicky break at the last. Tne fall in prices was notable for an absence of news to account for it. The volume or the fall however. gave rise to plenty or rumors of money difficulties. to when sne plausible color. No announcements of any embarrassment reached the pubnc. now ever. The enormous and rnexplained sell ing to Atchison was the active influence in turning the prices downward. it was asserted that . long-standinE confluence that an increase in Atchison dividend was to be made had been abandoned by speculative party very heavily inVoived with the stock on that assumpuon. .p1ar,ds ade of shares and the prices declined rapidIy in spite of the execution of some very largs buying orders %nisn snr snnport nna rhe The Interest of the ignored Atchison selling TOT time and held it's rally we'll The com plexion of the market changed when the Hartman stocks began to come out free- ly again. especially Southern Pacific. hu- mors wera current that dstermnnatIon had been reached to reduce the divioend on that stock Rumors of this kind were actively circulated throughout the uay, pet were entirely without official sanction sse.oo ol I've information in the early rally Tn the tne market was the large demand for the HiIi stocks at advancing auotat,ohs. renorts we're current that arrangements had been per fected by private arrangements TOT tax these stocks which were ocerhanging the market The Hartman holdtngs or the Hill stocks it was alleged, were incluoeo m some such arrangements. statement with an appearance of inspiration was given out during the day denying yester- days rumors that; the Hartman nonolnss ss meet a note falling due at an early day for the purchase of Baltimore Ohio stock for the Union Pacific treasury Tnere was apparent accumulation of Reading going on also which were effective in forming spec ulative sentiment for the moment Ins prices represented the lowest level of the early part of the day The selling at tne opening was large as naterai eonser tsnda,, and the reduction of speculative accounts which was thus necessitated. London was also a considerable seller or stocks , ners' The resistance of these clements Of weak ness all the more impressive ana sen timent had become decidedly reassureo oy midday when violent liquidation in Atchi- son upset confidence again. Money was slightly easier. both on call ana on tirls' but this was attributed largely to the ef- feet of the stock market liduidation. Chi cago reported the largest shipments of currency to the interior during Feoruary on record. and the impression, was gen eral that closer money conditions were in prospect The conviction that with this prospect the only effective relief was to be had by stock market liquidation and q release of funds to meet the universal pressure for money and capital lay at the bottom of the general disposition to get out of stocks The demoralized tone at the closing left much anxiety for the future course of the market. The special weakness of stocks which have been held in the Union Pacific treasury gave an impression that that company's holdings were being iicutdated. Atchison fell an extreme points Rapid Transit 6h Southern Pacific and Louisville and Nashville 5. and the general list up to over points The pun stocks were the only ones in the list to save anything of the early gains.
 Bonds were irregular. Total sales par tered advanced h. and the coupon 1 per cent. call.