The Montgomery advertiser., 1907-03-15
THE STOCK MARKET
HEAVY IfqurDArToN ALMOST CAUSED a PANIC.
sudden and Acute Outbreak of Renewed Weakness Owcd Most of Its Vio- lence to Feeling of De-
 euoudency.

New York, March l4.-Liquidation was of a volume and character today such as has since May 2. 1901, when the. development of a cotner in Northern Pacific precipitat- ed one of the ssverest short panIss eyer ,n seen violence of the decline on that occasion was due largely to the feet that 1t broke in prices Today's Reconsideration was raci- caliy different In that 1t succeeded pro lonsed period of liquidation and severe de-
 Not only had much been accomplished towards the necessary liquidation before as Bslas ss X s gsss S on
 Ssssn SSais ssr saS sns sow sp ths 1enewed ss Rsakness asn today @ owed most of it's violence to the feeling of desponasncy in speculative circles regarding the effects oi the public agitation against corporations and the nearly universal trend of legislative measures against them. -
 Speculative circles are not disposed to rely on their own information and deduc- tipns as to the extent and the signirieanee of these developments. The extreme sensi- founded on compositions Of what the great authorities in the railroad and financiai world think on the subject. Recent an events ats have created the impression that these au- gotfs " and even @ flight about the prospect they have 10 face In this matter
 Some of the steps taken with the inten- ton of aiiaying apprehension on the subject seem to have been principally instrumentai In aggfavatink it. This was notably true with d visit to washington early in the week of J. P. Morgan with the avowed Pnrpose of astns as ,,rn mediasoT s,ss nEse 1n an efoft to induce the President to take sor1e steps to allay public apprehension regard
 was a momentary sense of relief manifest in the stock market of the early part or
 the week without any clear idsa peing shs eh. purpose that would be served by them A vague supppsition was entertained that
 sSEsn 'sfkRs s Wsssinstoh whieh would put
 new face on the matter. The panic broke
 out on the stock exchange today in connec- l brokerage houses that change of policy or of administration was to ps expecfed .,,a ia
 Washiinstoni This a appeaaed ars ssrons ss sweep | Ing away te last buiwark of protection Tor
 the railroad companies from the onset oI
 an indignant public. disapprovai and even
 ratofs saw this view of the situation con-
 fifnned in the mysterious and overwhelming | outpouring of stocks which they attributed | to capitalists who hold controlling inter
 ests in the great railroads, The supposi- i ton that railroad capitalists held this opin- l ion of their precautions situation has been | fostefed by their attitude before the public
 and the eqinplants and even apPeais a,is
 been making recently. Thefe came into the excited market to-
 day also a rufnor that differences had aris. | en between Kuhn, Loeb and Company and | E. II. Hartman which had prompted call on that capitalist to take up his vast hold l lngs of stocks with that firm. This rumor
 was authofitativeiy denied, but the fear it 1 ehgenedered had its part on the demorali-
 zation of the day The excited market was | accompanied by rise In the call loan rate ! to 25 per cent. and time loan market was
 This gave fears of overstrained credits in | one direction and another rumor pointing | especially to the market for copper securi-
 .i-.. 1a5a... i. ..l.z,..... s.s.. s,. .,. .
 most exhaustive and painstaklng scrutiny of conditions failed to show any threat of mon. l ey trouble or embarrassment. in spite of l the enormous losses represented by the | shrinkage in quotations This Is consider | ed the most remarkable feature Of the pres- | ent remarkable situation
 l Undoubtedly discrimination against some stocks in e collateral for loans and their
 throwing out had much to do with the i eign troubles we're proved entirely unfound- ed by today's developments. The market l had substantially recovered at one time | during the morning when the wild liquid | ation in Union Pacific started the demoral- 1 ization in tho whole list There were some | violent gyrations due to the rush of shorts | times but the tone of the demoralization
 continued practically up to the close. The intended plan of relief by the treas
 ury department was not made known un- | til after the market had closed but a very
 Situation % about o'clock without ae appreeial dso | bly, affecting the market Some of the
 most conspicuous of the days extreme de- eliHes were Union Pacific 25h Reading
 2g%; American Smelling 21%; Amalgamat- | ed Copper 1S# Delaware & Hudson 19H i; St. Paul Northern Pacific. Southern Pacif-
 c. Great Northern pfd.. Anaconda Pullman Sloss-sheffield Steel and Brooklyn Rapid | Transit 10 to 1914 Severe losses of less | amounts were universal
 l Bonds were slightly affected by the acute l weakness of stocks but were generally
 lower. United States bonds we're unchatg- l ed on call.
 NEW YORK CI,OsINC3 gT0Cx TIsT