The Birmingham age-herald., 1907-10-14
NATURALIZATION
 IN STOCK MARKET
Reaction Follows Stringency In
 Money Market
LOWEST PRICES OF YEAR
Denial By Harahan of Intention to Cut Down Forces Did Not Have Helpful Effect Upon the
 Situation.

New York, October l3.-Events in last weeks stock market ran into demorallza- ton by the end of the week, as Il culmi- nation of growing uneasness over the liquidation. and the fears of coming bus mess depression and reaction as an out come of the money stringeney The pub lication on Saturday of an alleged order by F. II. Hartman to cut down expenses in all departments Of railroad systems under his control, accorded so well with these fears that the effect was acute and was but little modified by the sub sequent denial of such an order by au- thority of MT. Hartman himself.
 The lethargic demand for securities was no new feature in the situation last week, but for some time past it has core sponded with an almost equally torpid state of the selling, so that occasional attacks on the market by bear operators had small success in dislodsing offerings. In this respect the market of last week underwent a marked change and the sell ing was urgent. The consequence was seen in a range of prices for a long list of securities which is the lowest for the present year, and therefore, for q number of years past.
 The frmness of the New York money market with loans on call touching per cent, every day until Friday, and with time loans for some periods com manding as high as per cent, dscour- aged holders of securities on margin. especially those of the low-priced non dividend paying class, which were con spicuous in the weeks declines Tenders of money in which these stocks figured as collateral were disposed to restrict creditors with the manifest declining tendency of prices and the calling of loans precipitated the fall in prices.
 The tightness of the money market ex- tends to commercial credits and discus sion was very persistent in the financial district of the chances of over-eXten- sion in some enterprises which might re- suit in dangerous conditions from the difficulties of the money market. Statis- tics of failures for September and for the quarter gave food for this discussion. the September liabilities rising to SIS. 1885, 275. against g., 6j5955 in September of last year of which ,S34 were of manu- featuring concerns, compared with $2,569 Gi2 last year. The figures for the quarter show corresponding contrast and stress is laid on the difficulties growing out of provisions for extensions which had been financed with temporary loans for which renewals could not be secured. AL most invariably then was the accompany ing condition of large contracts and or ders on hand which promised good profits could the sources be found for execut- ing them. Anxiety for the consequences to few orders was the natural conse- quences of this situation. This was sharp ened by the prevalence of these rumors of large reduction of working forces by many important manufacturing concerns. Some of these rumors were officially de- nied, but the stocks immediately affected were notably unresponsive to the assur- ances and continued to join violent de- clines.
 Many annual reports of railroad com panies made their appearance during the week and were distinguished by the uni form complaints of the dearness of ma terials and labor, and the harassments of strict legislation, and the decrease in net earning power which follows.