Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-14
Panicky Conditions Marked All
of the Days Dealings.
FOREIGN HOUSES BUYERS
Tremendous Volume Of Liquidation
Swept Market.
FLUCTUATIONS WERE VIOLENT
Money Rates and Conditions Furnish
ed Best Explanation Of the Dis
turbed Values-LowestR Records.
Special Dispatch to The Star.

Cpecidl Ol5pdtcR 10 Inc star.
NEW YORK, March Alt would be
merely to blink at the facts in the case
in describing the conditions which prevailed
in today's stock market to assert other
wise than that a state of panic existed.
This definition Of the days dealings might
be made also without any regard to the
net results of the transactions and ire
spective of the fact that some of the Or
missing. The Wali street community has
In fact given most remarkable demon
stration of intrinsic strength throughout
the trying days Of the present month, al
though there is no question and for that
matter no secret with regard to the enor-
nous and pitiable losses which have been
suffered. 1t was easier than it was yes
terday to point directly to the particular
source of trouble which led to today's de-
moralization.
The London stock market. after opening
weak, rallied in all departments and. pre-
vious to the opening of business on the
New York Stock Exchange, American
stocks were quoted in London at advances
from one to three points above parity with
yesterdays local closing prices. With the
course of the morning, foreign houses were
buyers here Of upward Of $1,000 shares Of
stocks.
In the early part of the day the market
was irregular rather than actually weak,
but soon after the noon hour tremen-
dous volume of liquidation swept into the
market under which such stocks as Union
Pacific, Reading, st. Paul and Amalgamat-
points each. Fluctuations throughout the
day were extremely violent, and even on
such rallies as occurred from time to time
the markets tone could not be described as
aught save intensely feverish.
The Loan Rates.
Money market conditions might be named
as furnishing perhaps the most direct ex-
PLANTATION of the severe unsettlement of the
stock market. The renewal rates on stand
ing loans were fixed at IL per cent and ini-
tial transactions in the money market were
arranged at 10 per cent. During the greater
part of the day the rates for loans on call
some special but insignificant transactions
at lower figures.
Sterling exchange continued weak, and
1t was rather indefinitely reported that
E25O,OOO gold had been withdrawn from
the Bank of England for shipment to New
York. The Bank Of England's rate of dis
count was left unchanged at per cent,
and the banks weekly statement showed a
proportion Of reserves to liabilities of 1888
per cent against 44.s2 per cent last week
and 47.5O per cent in the corresponding
week of last year.
Several failures, one of which was de-
scribed as important, took place upon the
London stock exchange in connection with
the progress OF the settlement there. The
pronounced weakness Of British consois was
again the most striking feature of the Lon
don stock market. ga " .~''s'
1t would be almost superfiuous to say that
in the violent downward plunges which
took place in one stock or another during
the day there was much gossip and con-
lecture with regard to the sources from
which came the urgent liquidation produc-
ing such declines
Rumors affecting the solvency Of firms
and individuals are an almost inevitable
concomitant of such stock markets as have
been experienced this month"; and, Of course,
the consequent uneasiness in this general
respect only served to intensity the ex-
treme nervousness which characterized the
day in Wall street.
One Of the most pronounced rallies which
the market enjoyed at any time came about
IL o'clock, when announcement was made
of the successful conclusion of the settle
ment upon the stock exchange clearing
house, but for obvious reasons uneasiness
was not wholly dispelled by this intelli-
gence.
Throughout the day Wall street listened
eagerly. for some intelligence from Wash
ington with regard to the attitude of the
administration toward the financial situa-
ton. Little comfort was received from that
direction, however, and according to adj
vices from that city the administration was
disposed to look upon the current course
of affairs in the market for securities as
bit Of speculative design and procedure.