The Montgomery advertiser., 1907-03-14
THE STOCK MARKET

l ia
 New York, March ls.--The stock market was shaken Into demoraiiza- tton today by q course of liquidation which for violence and precipitation several years past The overwhelming outpouring. of stocks came as a gen eral surprise as extensive progress was shown to have already caused liquidation to maintain the present situation. Alarm for the adequacy oi available supplies to meet immediate or early requirements were acute to- day.. not only in New York but In London and in less degree in Berlin The eonstriction of credits fell on an unsuspected elevation of specuIa- tive accounts and they were indiscrim- inately forced to sale apparently at a sacrifice. Banking credits were prac- ticaily. withdrawn from the stock market and borrowers were called on to pay their obligation. At the same time bids in the market for stocks seemed to be withdrawn and prices were offered down points at a time be- fore the absorptive demand. The i'm mediate pressure on the money market which precipitated this series of events vas attributed especially to the large demands conyerging on the fifteenth of the present month. These include subscribtions to new Chicago and Northwestern stock. the new Pennsyl- vania not issue and several dividends of the Standard oil and consolidated gas. The banking situation was weak at the close of last week and the sub treasury has taken from the banks since that time upward of $4,000,00e surplus as it existed on Saturday. The customs collection of the government are running on very large scale, but the banks are taking advantage of the new limit of S9,000,000 on monthly re- ouirement of circulation to retire the full allowance and deposits of money at the sub-treasury for that purpose are increasing largely the withdraw- als from the banks. Meantime the treasury department has given no in timation of an intention to use the new discretionary power of the secre- tary to deposit customs receipts with the national banks. London already was upset by the money situation before the market opened foreigners began to unload holdings here in 2 way that started prices sharply down wards. The liquidation steadily gain. ed force through the accumulation oi influences which follow inevitably from @ violent decline in prices ane the market became quite demoralized A feeling of helplessness over any early market to insure the success this operation prompted by the spasmodit methods pursued. The acute weakness of the Hill and Hartman stocks in dicated that the semi-panic of toda, was the after growth of tho unbridIec speculation in those stocks entered or last fall and which has never beer SatlSTactorlly cleared up Tn the narKe since. Such a day as today must neces' sarily have accomplished much to. l wards that purpose. The violent rally in the latter part of the day indicated the cessation of the pressure but tht closing tone was exceedingly nervous and with some stocks at the lowest and others fast falling back to theii previous low levels. Union Pacific especially broke violently at the last an extreme II 3-S below yesterday: final price. The fall in the Hill stocki was almost as violent decline in Read. ing reached over 12. St. Paul, Northern Pacific, Amalagamated Copper and Colorado Fuel fell upwards of sever points. The range of losses for practi, caIly all active stocks ran from foul to over six points. The extent of the shock of such an enormous shrinkagt in values is not to be estimated i'm mediately. Even after the fall ir prices was checked. important after. effects of wide extent are to be look ed for. The nervous action at the mar ket at last left the opinion entirely at sea as to whether the worst has been seen there or not. Bonds were weak. Total sales par value, $2,443.00 United States bonds were unchanged on call.
 NEW YORK fyI,OsTNf5 STNfUx FTar