The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-24
CALLED POOL, =
Broke MADHEa
Holders Of Canadian Pacific Had
to Throw Stock Over
board.
BANK STATEMENT WAS BAD

IRumor Is That pinch" Effected
Only Large Operators and the
Millionaire Pool
I NEW YORK, March 2s.-securities
markets here and in Europe all We're
Violently. ngitated to -d;>T. ana the DE-
cline in American securities lorceo
ithp average level of prices within
m 81 s,irablo distance or that touched
AM the dcmorallaed selling on Thurs
day OF last week. Foreign markets
were disposed to assign the dominant
Influence in the situation to condl-
tion Of the Ngw York stock Market |.
file point at which fears OF cohso-
ID uences from the New York condl-
ton converged, however, was LONDON.
This is owing to the necessity Oh pro
Riding there for q fortnightly STOCK
market settlement on Monday. The
periodical settlements are the occa-
Zion for making good differences
In collateral and other details caused
by the discrepancies since the last
settlement Tho large interest oil Tue
london market In Canadian PACING ac-
counted for the slump in that STOCK
to-day. It was believed also that
stock market pool. which holds g
large block Of that stock. was called
t,pon to take it up to-day and mat
4 large proportion of the pools hold
2}nrs were thus forced upon the mar
5ket, The stock broke an extreme =
points and went far to denorail2c 5lile
Whole list The Hill and Hartman an
stocks also showed losses OF IA Co
& IA points. A singular incident of
the relapse was the quoting Of lower
money rates in London and Berlin:
There was no urgent demand tori
money here, either. The bank state
n,ont. however, was disappointing botn
in showing less than the expected
gain in cash and less than the eS-
pected scaling down OF the loal
Of s10.oO0,o00 by the largest bank alone.
3largely affected the showing, practi
lcally all the other banks reporting
n loan contraction. Heavy move
rnents of gold were reported between
5Hifrerent centres abroad, suggesting
+ scramble amongst markets there Tor
the supply. Foreign adVlces feporteu
an expectation that New York "ouid
take Mondays arrivals OF South Afrl-s
IAN rold in London. Foreign exchange
moved upwards, however, in this mar
iket The hasty protit-taking BY the
hears seemed to be almost wholly re-
snorsible for the demand which raj
lied some stocks from the loves"
nrices. but the market closed lever
8ishly irregular. >,
100000.
y The stock market Of the week has
shown the usual after effects of such
{ n damaging storm rs swept u last
week. ,,.,,
and saturday OF last week clearly was
v due to the scramble to cover OF prs
fessional bear operators, who mad
rccklessly persisted in selling stocks
down to the lowest depths of the In
Il ordinate declines of Thursday. 1t was
10 be expected that the higher range
f Of prices thus offered would be taken
advantage of to close out accounts
which were carried safely through
the panic plunge in prices. but which
nevertheless were considered SO far
crippled as to make the tenders OF
4 money disincined to carry them. This
renewed liquidation was violent at
times. and was accompanied by very
circumstantial rumors OF financial en-
karrassmcnt of brokerage houses anC
Of crippled firms being helped to avoi6
bankruptcy. These reports failed IN al
cases of notification by any event. ant
this fact in itself had quietng eff
feet on the market and checked tn,
bears. The market has continued un
settled and quick to take alarm u
any whisper CT unfavorable develop
ments. The uneasy state Of specula
tive sentiment was largely due to TIL
confusion of opinions as to the exact
ness OF the. stock 1iiarket slump an,
the Interior consequences to be locke
FOR.
On one point opinion has been con
sistent and persistent. That Is that tn
bulk OF enormous liquidation whic
was thrown upon the market and til
x consequent losses Were attributable t
individuals and groups of large wealth
In some quarters the suppositlon wa
held that large controlling interest
in the great railroad system them
selves We're involved. and a pendant t
this theory was that the less in
formed following of this. class ,ver
the sufferers. the latter suppositio
taking form in rumors of the lossc
Of so-called social pool, made u
OF wealthy individuals not closely cor
Accted with financial administered tic
OF the corporations themselves.
Total sales to-day $4,000 shares
NEW YORK, March 23.-Money :
call nominal; time loans duh ar
STEADY; 60 days 6 1-2 per cent.
days and six months per cent. hi
Close: Prime mercantile paper cas- i
per cent; sterling exchange firm. wi
actual business in bankers bills
!l.s35o g s4s56O for demand, and
$asl9g s4.1plp for sixty day bill
Posted rates $3.50 S4.s4 IL. Cor
rercial bills S4.78 3-4@s4.1g. Bar :;
yer 6b5-S. Mexican dollars n 2.
Government bonds steady; railro,
5 bonds easy.
RICHMOND STOCK MAnI1ET.
+ 81 3 nirbp