The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-26

NEW YORK, fl March 25.---'T q sdayss.
stock market ldehes any clear analysis.
The surface facts u ION hich there u iss@ ils,@
no room for dispute, are Btha VI tn ere
wa s q an @un bridlcd impul Sc to- sell sefrss
curities and an almost entt ire para lysis 1
lufdcn,and d. The conseq que noes to- prizes ~
we're such as might be in1agi ned That
any urgent ecessity was forcin ngs ~ ho 81
ers of securities to part wi til 81 hem did
not appear from any'4facts known to-
1.-The public. Tie banks Were not az 81; sri
| ing loans and the withdrawal Of cred
Its by money lenders could ~ otsSs 2 eeIS eSS
/ ascribed as the impellillg cause OF the
| slump. or. course, the VIC lent 8d de- cline yl
| and the shrinkage in collateral caused
| a rendjustment} constantly Of loan s,Sanug2 ND
i this shrinkage, of couse, forced a w i-5F il-5
\ ncrablc holdings upon the market iils
4 the course Of tic fall. But stringcncys
Of money was not the prinar cause So
4 in forcing any Liquidation
So far as the dread Of failures at&
i the coming stock market settlemcntsi
i In london and Berlin was concerned
4 the situation was admittedly improved
l5ovcr last week. Ss Is
Foreign Prices Higher.
{! Early prices of Americans reported
4 from London showed some aviolen y reyA
& bounds from Saturdays closing eyels
{ here, and Berlin was reported to 3 be-
Il buying American securities in$4tLon-a
4 don Tcnssuring advices from % the
I highest quarters in the financial world
Z abroad were received as to the im-s
4 provement in tho situation. Bcrlin$wass
Z alleged to have completed necessary
. arrangements for tho April 1st settle
]. ments, which has been the danger
.J.~. ID {y&rv7
, ant house in London In financial diff
; lcultics were said to be disproyed by
the most careful vestigation. Large
orders were executed in this market
to buy stocks for foreign account. but
with hardly more than q momentary
n ! effect on prices. One particular In
which London did offer an acutely
: depressing factor was In the disorder
!, | In her metal markets. ~ S#49S SgS
Copper and tin both showed heavy
declines and speculative commitments
in the copper market We're said to be
! Involved. The large speculation in scop-
, per securities In the market has beon
. based on the confident assumption OF
i sound conditions In tho metal market,
. This confidence was shaken and the
metal, industrials proved extremely
( vulnerable as n consequence, includ-
y Ing the United States Steel stocks.
Large holdings Of these securities We're
believed to be touched by the democrat.
i lied declines. VI
!. / Bears Saturnalia.
: Holders of Analgamated Copper
G and of United States Steel seemed tc
be suddenly awakened TO the recollec-
a tion of past performances in those Sc.
Fl curities following the quick transform;
n alton from the5condition of great pros
!, pcrty in their trades to acute depres,
sion and rapidly shrinkage of earn
IN Ings. Tho operation of the bear con
tingent In tho market are believed I,
have taken on the proportions of /;
> saturnalia. II 8S3i i5l9 8b
Individual operations on the short sid
e In at least ono instance We're believe
to bo of prodigious proportions Thes
operations seemed to be entirely unop
,d posed on behalf OF the controllers or In
he sders In any property. A striking fea
rh ture OF the situation In fact seemed Z
ta he the concensus amongst the large
nj interests that supporting measures woul
NV be futile to check the selling frenzy En-
ty gagelnents OF gold in London import an
x additional latitude allowed by the Sec
dis retary az the Treasury In the securit
" for government deposits, although prom
,al sing 10 help the money market through
on were entirely ignored. influential nleltSt
,re tho banking world did not hesitate u
characterIae tho selling as prompted p
he "insane fear
es- information from commission houses Il
ns thn terms In which some or the sollln
ut. orders were couched gave color IN tilti
si. Fears of a coming prostration OF bus
III. ness ana of the stripping OF powers 4
manag ement and control trSm cospos4