The Montgomery advertiser., 1907-03-05
THE STOCK MARKET

New York, March 4.-Prices proke ssnea wash violence in the late dealings on the t'ors, s.oSx market today and the s,datson msrke,sd sas seing in force. The early action of the masaes ns,, ass gave an impression of bear attack. tse snns was s, haaoneninr ana there were points of resistance in the early decline, but tne whole list was swept into the aoMnms,u ,sat,,s as the futility of efforts at support were re perceived and stop loss orders we.,.Ia,, were u1, covered on the decline. the supposso,ue p so,oe large liquidation of what are ealeo ln vestment holdings going on Inese tha ports caused a gloomy feeling over m, sne , whole Industrial and business outlook They were accompanied by some rumors rs caih h,,, lated to deepen the gloomy feeling pu. 9i stance, it was affirmed that efforts were being made to secure the canceiatVsh .ta some of the orders on the DOCKS ot d.iive cry owing to the disinclination of the con tractors to accept the deliveries. WIS WIS asserted also that the Pennsylvania sah st road was seeking to abrogate some or us orders for freight cars, prompted oy xs, re vised view of the outlook Tor tIn,, tra,itv, ny, These reports were without con1irmation vhi inquiry in official quarters It was herald, ed abroad that a powerful ear party hau @ been formed in the speculation, ha"e .esi ag of men previously influential in the stees and allied industries. The supposltion 9I this leadership induced some large iol lowing on the selling ,s. sue wes in inc Hill stocks, with the Hartman stocks m sympathy. The rapid downward course ,dation of Hartman holdings of the Hill stocks and of market reprisals for griey- ances believed to grow or. of the harri- ,r formation furnished for the purpose or that investigations Another source Ii weakness was the alleged % %neeas or ona the high rates they would be obliged 10 pay for it. Reports of net earnings oL T,at, raa roads for January coming to hand snoWeu the inroads resulting from the increase Tn wages that went into effect on Jan. l. This effect of the growing cost or opers ations of railroads and the difficuity oI Securing capital for the betterments which alone would avail to increase coss brought into consideration naturally the n tegrfty of dividends. number Of pre- ferred stocks on which the diyidends nave a comparatively narrow surplus of earn on comparatively light dealings. The cu- initiative effect of these considerations anu the growing weakness of the market ha9 demoralizing effect on the market ana the fall became rapid. The early resist ance was in the department or speciai- ties for the most part ana aInonsss sse,nnd ,n9 to be accumulated with a persistence into the afternoon. The coppers and Cniteo London sent higher prices at the opening. prompted by a favorable view of the pass age of the Aldrich currency biii rms seemed to be without effect In this mar ket Large coming shipments of gold from the Bank of England to Brazil were re- trial outlook was reported from Berlin
 Money here grew easier on call with the progress of the liquidation, but time loans were strongly held. The Saturday bank statement was believed to indicate shift in the currency movement fin favor or the interior. The closing was feverish ana as unsettled and the rally due to covering or shorts was poorly held.
 Bonds were weak Total sales par value. s1,714,o0o: U. s. bonds were all un- changed on call.