Omaha daily bee., 1907-03-26
new YORK STOCKS ANDBONDS
Market Lower on Heavy Selling and NJ
remand from Buyers
LONDON METAL MARKET OtaORAuzEr
News Causes slump in AmaIgnmated
Copper and United states steel
slight Rally Near
Close.

NEW YORK, March 2.-Todays stock
market dened any clear analysis. The sur
face facts upon which there Is no room LOT
dispute are that there is undecided Impulse
10 sell securities and an almost entire
paralysis of demand. The consequences 70
prices were such as might be imagined.
holders OF securities to part with them ala
not appear. from any facts known TO the
public The banks were noI calbns I lOanS
lenders could not be escribed as the I'M
polling cause Of the slump. OF course ule
violent decline and the shrinkage IN col
lateral caused a readiustment constantly
of loans and this shrinkage, OF course,
forced vulnerable holdings upon the market
Of money was not the primary cause in
forcing any liquidation. So far as the dread
Of failures at the coming stock market
settlements in London and Berlin was con-
cerned, the situation was admitted 20 be
! improved over last week. Early prices OF
Americans from London showed some Vio-
| lent rebounds from Saturdays list and
Berlin was reported to be buying American
! securities in London Reassuring advices
| from the highest quarters in the financial
| world abroad were received as to the im-
provement in the situation. Berlin was
alleged 20 have completed necessary ar
/ rangements for the approaching settlements
which has been the dreaded point Rumors
/ Of an important financial house in London
being in financial difficulties we're said to
/ be proved by the most careful investiga-
| ton. Large orders were expected in this
| market to buy stocks for foreign account,
! but with hardly more than momentary
effect on prices.
one particular in which London did offer
an acutely depressing factor was in the
| disorder in its metal markets. Copper and
| tin both showed heavy declines and specu-
were said to be involved. The large spccu-
| lation In copper securities in this market
| has been based on the confident assumption
| Of sound conditions in the metal market.
| This confidence was shaken and the metal
| industrials proved extremely vulnerable as
| a consequence, including the United States
Steel stocks. Large pooled holders Of these
| securities were believed to be touched by
the demoralized declines. Holders Of Anal
! gamated Copper and of United States Steel
| seemed to be suddenly awakened to the
| recollection OF past performances in those
securities following the quick transforma-
tlon from the condition of great prosperity
In their trades to acute depression and rapid
shrinkage of earnings. The operations Of
the bear contingent in the market are be-
lieved to have taken on the proportions
| of a saturnalia. Individual operations on
the short side in at least one instance were
| believed to be of prodigious proportions.
These operations seemed to be entirely un-
opposed on behalf Of the controllers or out
of the situation, In fact seemed to be the
consensus among the larger interests that
supporting measures would be futile to
check the selling frenzy. engagements Of
gold IN London for import and additional
latitude allowed by. the secretary OF the
treasury in the security for government
deposits, although promising to help the
money market through, were entirely
lsn0Ied influential men In the banking
world did not hesitate to characterize tho
selling as prompted by insane fear" In
formation from commission houses on
which some selling orders were couched,
gave color to this characterization. Fears
OF a coming prostration Of business and of
the stripping of powers of MANAGEMENT
ana control from corporations were alleged
as principal grounds for the alarm. IL was
late in the day before prices reached the
lowest level, but the actual closing reflected
I nervous feeling amongst the shorts I'm the
feVerish rebounds caused nv tbeJr r,,st
to take profits
Bonds were weak. but not notably active
| Iotal sales, par value, So 1892 OOO limited
states bonds were UNCHANGED on call
Inc Following was the range II prices or
the New York Stock exchanFer - n ~ :. =