Omaha daily bee., 1907-03-14
new YORK STOCKS ANDBONDS
Market Ia DsmOraliysd by Wholesale and
Violent Liquidation.
ACTION DUE TO DEMAND FOR MONEY
same Conditions Prevail I'm Berlin
and Observation-Disclosures and Hin
Issues Lose Twelve Points
During Session.

NEW YORK, March 12-The stock
market was shaken into decentralization to-
day by a course of liquidation which for
violence and precipitation, had not been
equalled I'm New York for several years
past The overwhelming outpouring OF
stocks came as general surprise, as eN-
tensive progress was supposed TO have been
already effected IN the necessary liguldation
to meet the present situation. ms SUI
position had been fostered by the action
~ The MARKET Tor several DAYS past. but
apparently the exigencies OF the money
situation had been grossly underestimate
Alarm for the adequacy OF available cash
supplies to meet immediate or early re-
quirements was acute today, not only IN
New York but in London and in less de-
gree In Berlin. The construction OF credits
fell upon an unsupported extension or saie
apparently at any sacrifice. Banking cred
its were practically withdrawn from ihe
stock market and borrowers were called
upon TO pay their obligations At the
same time bids in the market for stocks
seemed to be withdrawn and prices were
offered down points al time before the
Rbsorptive demand. The immediate pres
sure upon the money market Whlch pre-
tributed especially to the large demands
converging upon the fifteenth Of the present
month. These include subscriptions to new
| Chicago g. Northwestern stock to Penn
| sylvania note Issue and several large divi-
dends. including the Standard OH and the
1 Consolidated Gas, Preparations for these
/ payments were in force today and In
voived a higher money rate from the out
set. The banking position was weak at the
! Close OF last week anu INC Us y
has taken from the banks since that time,
| upwards Of N000O00, more than sufficient
| TO wipe out the surplus as 1t existed on
/ Saturday. The customs collections of the
| government are running on a very large
scale, but the banks are taking advantage
Of the new limits of 100000 upon monthly
| retirement of circulation to retire the fun
| allowance and deposits Of money at the
/ subtreasury for that purpose, are In
Sreaslng largely the WITHDRAWALS from tne
| banks. Meantime the treasury department
/ has given no intimat!on of an intention to
/ use the new discretionary power Of the
| secretary to deposit customs receipts with
| the National banks London already was
| upset by the money situation before the
market operations began here, and as
| eigners began to unload holdings here In a
way, that started prices sharply down
The liquidation steadily gained force
| through the accumulation of influence,
which follows inevitably from violent de-
cline in prices. and the market became
| Lutte necessity for further drastic nquida-
! ton became recognized. A feeling of hope
! lessness over any early market to insure
the success Of this operation prompted the
spasmodic method pursued. The acute
weakness of the Hill and Hartman
| stocks indicated that the semi-panic of to-
day was the aftergrowth of the unbridled
! speculation in those stocks entered upon
last fall and which has never been salts
tactorily cleared up In the market since
Such a day as today must necessarily
have accomplished much towards the pur-
pOab. 1ue NiOleul rally IN Inc latIer D0rl
of the day indicated the cessation of the
pressure, but the closing tone was ex,
ceedingly nervous and with some stocks al
the lowest and others fast falling back t.
| their previous low levels. Union Pacific
especially, broke violently at the last, ar
extreme llSs below yesterdays final price
The fall in the Hill stocks was almost a,
violent, and In reading, reached over u
st. Paul. Northwestern, Canadian Pacific
Analgamated Copper and Colorado Fue
fell upwards of points. The range o.
losses for practically all active stocks rar
from -FOUR 10 over six points. The extern
OF the shock of such an enormous shrink
age In values is not to be estimated i'm
mediately Even after the fall in prieei
was checked. important after effects O
wide extent are to be looked for Tn,
nervous action of the market at the las
!ert opinion entirely at sea as to whethe
tne worst had been seen there or not
oBnds were weak Total sales par value
S2584,OO0 United States bonds were I'm
changed on call.
} The following was the range of pricas O,
the New York Stock exchange: