The Washington herald., 1907-03-24
WALL STREET NOTES
London Much Unsettled; New
York Feels Effect.
CANADIAN PACIFIC WEAKEST
Loss of IS I-2 Points in Two Days,
While Berlin RepOrts Decline OF N
Points in Same stOck-IlIinois Gem
traI Makes New Low Record for
Year-Bank statement Diszppeints.

New York. March ss-The closing ses-
sion Of a week OF generally declining
prices left the market at the low point OF
the week, and with the average Of prices
very little above the closing on the day Of
the panic. It had been expected that the
panic rally, which marked the close Of the
preceding week. would be followed by q
gradual sagging In prices until two-thirds
or three-fourths OF the gain has been lost,
That is the traditional action of the mar
ket in days succeeding a panic But it
had not been expected that there would
come a decline comparable to that which
actually occurred, so that the feeling at
the close yesterday was Unexpectedly de-
pressed and anrighted.
Fears Of trouble here were renewed as
result OF the continuance Of the de-
cline. but. as before the quotations sup
piled the only justification for them. 1t
was different with apprenensions OF tTeu-
bic in the London settlement. which be-
gins Monday, The London market yes
terday was badly unsettled, and the curb
was reported demoralized.
Prominent international bankers ad-
mitted that failures were anticipated, and
though none Of these was expected to be
of considerable consequences. they empha-
sized the fact that London's situation is
probably weaker than New York's. Here,
il was said. the enormous liquidation has
brought about some improvements. In
London. on the other hand. the liquidation
has not been as & eat. and heavy selling
OF stocks for London account was consid-
cred by many bankers to be inevitable.
AS on the previous day, shares active
on the international list were features Of
particular weakness. IT, as seemed prob
able on the preceding day, the bear at
/ tack was concentrated on these shares
/ for the purpose Of uncovering long ac-
counts held abroad or held for foreigners
/ in this market. the result gave another
/ instance Of conspicuous ability In the
management Of the bear campaign. Not
only London, but Berlin and other conti-
mental centeFs. threw over stocks Ia
/ greater quantity. probably than in any
other tR 0 hours since the decline began.
The result Of the days dealings IN
/ Canadian Pacific was a loss OF 5ss points,
making a loss OF 1874 points for the two
days. Berlin reported a decline OF Il
points in that market. In London, prior
/ to the New York opening, there was
sharp decline, and the opening here was
at SIS points of the previous closing. The
wide fiuctuation at the opening was on
! transactions aggregating but 200 shares
and indicating, as the event proved, that
I the market for the stock here was very
narrow. The aggregate OF transactions
was g ,430 shares. with a large number of
these for Canadian account II was the
evidence Of Canadian and European liqui-
dation, rather than other liquidation IA
/ the stock for New York account, that dis
/ turbed the local market. for the long ac-
/ counts of New York specialists I'm the
stock are reported 10 have been closed
/ out many weeks ago.
J Minneapolis St Paul and sault ste.
Marie, 4 favoTite with most Canadian
! specialists, lost points on the day.
Whether the selling Of Great Northern
was by holders on this or the other side
| of the Atlantic was a question that
/ greatly interested the street Those who
/ held New York responsible insisted that
Il had never been shown that the hold
! ings Of a steel pool formed just before
/ the first melon-cutting had been entirely
/ disposed OF. They considered it likely that
there might still be some OF these pool
/ holdings ready for the market and they
also declared that some men who had
/ held 10 Great Northern through all the
! 40 points decline we're now becoming dis
! couraged.
/ In circles rather close TO the Great
/ Northern IL was denied that the iiquida-
I tion came from either source, and the
! consensus of the ordinarily best informed
on the stock vas that most Of the selling
/ had been traced to Canada and London.
Transactions in the stock were small but
| support seemed almost entirely lacking.
/ The loss for the day was 4A points, fG~
/ the two days 1895 points, and the closing
price was below that of the day Of the
panic
Illinois Central, at 1856. the closing and
/ low price OF the day. made a new low
/ record for the year. In the panic il sold
no lower than 140ls. Yesterdays closing
was at a price $40 share below that at
which the Hartman party turned its
holdings into the Union Pacific bag.
Though the bank statement showed an
J II
at all as favorable as had been fore
shadowed by the kncwn movements OF
money. The reserve was considered not
too large. in view of the approach OF
April / payments. and there were appre-
tensions Of very tight money conditions
/ for the coming week.
Call money in the past week has been
very easy, but time rates have ruled srm
at 81 for sixty and ninety days, and
there has been very little doing in loans
of longer maturity. Bankers said, how
ever, that money would doubtless be
very easy after the April / payments
were over, and there was q concurrence
i in the belief that the money conditions
/ here were more favorable than in Lon
don or Berlin. The stringency is prev
alent everywhere, but many information
al bankers were Of the opinion that there
win be easy money here before that con
dtiOn is reached in London.
BOSTON STOCKS.