The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-24
VIOLENT AGITATION
AGAIN IN STOCKS
Decline Forces Level of Prices
Almost TO Lowest
CANADIAN PACIFIC SLUMP
Foreign Markets Assign Dominant In
fluence on Situation to Influence
of New York Stock
Market.
CANADIAN PACIFIC SLUMP

New York, March 23-Securities mar
kets here and in Europe all were vio-
lently agitated today, and the decline in
American securities forced the average
level ~ prices within measurable distance
OF that touched In the demoralized selling
on Thursday of last week.
Foreign markets were disposed to as
sign the dominant influence on the situa-
ton to the condition of the New York
stock market The point on which fears
OF consequences from the New York con-
dltion converged, however, was London.
That is owing to the necessity of proyid-
ing there for fortnightly stock market
settlement on Monday. The periodical
settlements in that market are the &C.
casion for making good differences in
collateral and other details caused by the
discrepancies since the last settlement.
The large interest of the London market
III Canadian Pacific accounted for the
slump in that stock today. 1t was be-
leved also that a stock market pool
which holds large block of that stock
was called upon to take It up today, and
phat large proportion or the pools hold
lngs were thus forced upon the market.
Inc stock broke an extreme points
ana went far to demoralze the whole
llst. The Hill-Harriman stocks also
showed losses of AZ to 81 points A sin
guar incident of the relapse was the
quotlng OF lower money rates in London
ana Berlin. There was no urgent demand
Tor money here, either. The bank state
ment, however, was disappointing, both
IN showing less than the expected gain in
cash and less than the expected scaling
down OF the loan item. An increase in
loans of upwards of $4,000, 900 by the Iarg-
est bank alone largely affected the
showing. practically all the old banks
reporting a loan contraction Heavy
movements of gold were reported between
different cities abroad, suggesting a
scramble amongst markets there for sup
ply Foreign advices reported an expec-
tation that New York would take Mon
days arrivals of South African gold in
LONDON. Foreign exchanges moved up
wards, however, in this market
The heavy profit-takng by the bears
seemed to be almost wholly responsible
for the demand which rallied some stocks
from the lowest prices, bat the market
closed feverissl and irregular
Total sales of bonds, par value, $780,
000
The stock market for the week has
shown the usual after effects of such a
The convulsive rebound of Friday and
Saturday of last week clearly was due to
the scramble to cover of professional bear
operators who had recklessly persisted
in selling stocks down to the lowest
depths of the inordinafe declines Thurs
day 1t was to be expected that the high
er range, of prices thus offered would be
taken advantage of to close out accounts
which weres carried safely through the
panic plunge in prices, but which never
theless were considered so far crippled as
to make the lenders of money disin-
clined to carry them. This renewed liqu-
dalton was violent at times, and was ac-
companied by very circumstantial rumors
of financial embarrassment of brokerage
houses, and of crippled firms being helped
to avoid bankruptcy. These reports
failed in all cases of Notifications by any
event, and this fact in itself had a quiet
ing effect on the market and checked the
bears
The market has continued unsettled and
quick to take alarm at any whisper of
unfavorable developments. The uneasy
state of speculative sentiment was large
1y due to the confusion of opinions as
to the exact causes of the stock market
slump, and the Interior consequences to
be looked for. On one point opinion
has been consistent and persistent--that
is the bulk of enormous liquidation
which was thrown upon the market, and
the consequent relapses-were primarily
attributable to individuals and groups of
large wealth In some quarters the sup
position was held that large controlling
interests in the railroad systems them
selves were involved in principal or in
theory and the immediate following of
this class were the principal sufferers,
the latter supposition taking form In
rumors of the losses of so-called pool
made up of wealthy individuals closely
connected with financial administrations
of the corporations themselves. Some ex-
PLANTATION of the violence and of the I'M
resisted nature in the drop of prices
might be found in the assumption that
wealthy but unsKilful operators had been
over-extending their holdings for long