The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-09
LIQUIDATION IS
DRASTIC IN STOCKS
Prices Plunge Lower Than for
Years
SOME BARGAIN BUYING
Week Has Been Singularly Free From
Rumors of Financial Embarrass-
ment, Though Wall Street
Is Rather Excited.

New York. March S.-There was furtner
drastic liquidation in the stock market
today and periods of excitement and
weakness during which prices plunged
downward to a level in many cases lower
than for several years past. At the same
time there was evidence from time to
time of an absorption of stocks of kind
to Indicate that prices have fallen to a
level where some demand is attracted of
an Investment or reimbursement char
acter. There has been more or less bar
gain buying in small lots all through the
weeks decline, such as is taken out of
the market to hold for an investment re-
turn But buying attracted by the in
vestment return of a marginal character
has been slower of development There
has been a notable lack also of buying by
banking and other large financial inter-
ests for purposes of support up to today.
The opening break in prices today ala
develop buying of this kind and the per-
ception of it was a prime factor In turn
ing the bears to cover and effecting the
following material recovery or rally. The
bears proved In the later market that
they had not exhausted their ammunition.
This did not prevent a growth or opinion.
however, that the period of active liuaul-
dalton was approaching its term Senti-
ment was much less easy today, even
during the early break, than for some
time past, and the confidence was more
general that the liquidation would run
its course without disaster or panic The
week has been singularly free in fact
from rumors of financial embarrass'
ments, although the extent of decline
makes the fact of enough losses having
occurred a matter of course The con-
vlctlon remains general that these have
fallen generally on the millionaire class,
and amongst those who could shoulder
the burden without consequences. 1t is
this conviction which gives the present
decline the name of the rich men
panic" amongst professional operators
Yesterdays weak closing paved the way
for the flood OF selling orders under
which the market was sWamped at the
onening. Gloomy sentiment was accentu-
ated Nv the discouraging views of the In
dustrial outlook, expressed by Il. X
Hartman in one of the,Yarious interviews
with him which appeared this mornlnS.
His assertion that If orders on mana Win
the United States steel corporation We're
not subject to cancellation their compile
tjon would develop the lack of demanu
was the occasion for the special drive
against the securities of the corporation
The severe decline In those STOCKS was
of substantial effect on sentiment,
Union Pacific also responded TO the pes
simistic utterances of its president with
a material addition to the reduction IN the
price caused by the 3 per cent dlVldehu
coming off. The persistent absorption OF
Reading and the support of it was fac
for in keeping the years uneasy and in in
ducine the extensive covering movement
of the day There was good accunluia-
tion also of the group of Morgan stocks
which broke violent yesterday, ana Soutn-
ern railway preferred rebounded Vlolent-
w when it became known that the dlVl-
dend rate was maintained. This checked
momentarily the decline In the general
market. which was resumed with the re-
neyed attack on United States steel.
The drop in prices at the last was much
the same as that of Yesterday, and the
closing tone was decidedly weak.
News was little regarded In the day S
movenents and very little of Importance
came to hand The indicated loss in cash
nv the hanks for the week pointed to
some suhsidence of the flow of currency
IN The interior. and New York exchange
az chicago rose from 25c to 15c discount
today. -, 49,
value 81 $4,000.
United States bonds were unchanged
an na11