The daily morning journal and courier., 1907-03-05
STOCK MARKET FEATURES
PRICES DROP FURTHER AND DEMORALIZATION APPEARS.

 New Low Records for the Year on Nearly All Active StOcks-A Fall from to 10 Points-Harriman and Hill Issued Notably Weak -- Many Calls for "AIore Marginv-One Billion Dollars Decline in Prices of Securities in the Last Six Months-The Days Gossip.
 Another demoralized decline in prices occurred on the stock market yesterday. number of issues suffered losses of to points, and almost all stocks sold at the lowest prices of the year. This renewed decline, following so slocely on the heels of last weeks collapse causes great confusion in brokers of 1ices. Wires were kept busy calling for more margin and receiving orders to sell at the market"-that is for what stock would bring
 For time the trading was on an enormous B scale, showing that liquida- tOAt DA 4pllS SlOCkS was gong on, and that 1t was no mere bear attack The qecllne was led by the Hartman and Hill issues, Great Northern and North ern racine, which declined from 4 to points each on Saturday, lost as much ground and more yesterday. Union Pa clhc, southern Pacific and other recoe.- hlzed Hartman issues were absolutely without support, and sank to new low records for the year.
 The big rush of liouidating sales brought out the theory that the Union Paclhc ring was entering on an aggres- slVe campaign for the fall; that they were emptying on the market regard jess ot price some Northern Pacific and Great Northern shares which were left Tn the Union Pacific treasury, and were stocks, including Union Pacific itself, which dropped 4 points. This theory had the advantage of being the only one proposed which came anywhere near fitting the situation.
 Towards the close there were num- erous abrupt recoyeries: but only a small part of the earlier losses was re- gained. Volume of trading on the stock exchange was very large reaching the highest figures since the third week of the year.
 Two more instances of shrinking of net earnings were given in the January statements of Erie and Norfolk and Western. Erie had a s754S4 gross loss to start with. and on top of that raised loss was $130,984. Norfolk had gross gain of SlS0T05, but an expansion of $215,5SS in charges made a net loss of $3f,SSS.
 There was sharp advance in ca1l money on late inquiry for such ac- commodation, which carried the price to $ per cent. in the last hour This re- fected some calling of loans by banks that made rather week showing on Saturday.
 The days work was part of the liqui- dating movement that has been in pro- press since January. The only differ- ence yesterday was in the urgent char acter of the selling. It was apparent that Great Northern and Northern Pa cfic were being sold by the banking in- terests who held $30.000,000 in market value week ago. This reacted on the general list.
 The street was fearful that law suits and other proceedings might be begun against the Hartman interests follow ing the suggestions of the Interstate Commerce commission, and this no doubt caused good deal of liquidation. The liquidation that is now going on is rapidly bringing prices to the lowest level in three years. In other words, wall street mas dlreduy QlScOunLeu, De- fore there is any actual evidence of it, an enormous shrinkage in business There has already been $1,000,000,000 of value wiped out in securities in the past six months.
 The extent of the two days break beginning Saturday, may be shown by few issues: Northern Pacific, for in stance, was down about Il, Great Northern 12, Northwestern s, Unior Pacific 5, and many others 3 to each More than a dozen were at low prices for the year, including Missouri Pacific Union Pacific Interborough, and Colo rado Fuel Missouri Pacific was at the lowest since 1901 The same was true of other Gould issues, including Wheel ing and Lake Erie,
 Interborough's break was attributed to prospect that dividends would be praised and to fear of adverse legisla- ton embraced in the new public utili. ties bill, which was expected to be in troduced into the legislature to-day.
 The passing of the Aldrich bill was 2 matter that Wall street seemed to have forgotten. It made no influence or money rates or an sentiment. The for eign buying was drop in the bucket
 The volumes of sales was the second heaviest of the year, falling only 70,00t shares below the 1,552,600 share tota of January IS, the day that witnessed the most demoralized collapse of the year.
 Anaconda was quoted on the dollar! and cents basis This is an opportunt lime for high priced shares to get dowr 10 seemingly low valuations Arount n Anaconda looks reasonable while il might appear absurdly high at 290.