The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-20
The STOCK MARKET
IS VERY NERVOUS
=
Natural Consequence of Last
Weeks Decentralization
FOREIGN MONEY MARKET
An Unsettled Condition Continued
An Unsettled Condition Continued
Throughout the Days Trading and
the Close Was Irregular, But
Recoveries Were Made.

New York, March 19.-Today's nervous
stock market was regarded as natural
consequence of the decentralization of last
week, but weakness and uneasiness were
much more acute than expected, and
gave rise to fears at times that the mar
ket was breaking away from control
again and slipping back into frenzied con-
ditions. There are always some strongly
held accounts which are held through a
slump like that of last week mad protect
ed in spirit of assurance that they
can be closed out to better advantage by
waiting for the frightened selling of
weaker holders to be ended
The strength of these accounts is i'm
paired nevertheless to such an extent
that they are subjected to pressure by
brokers or bankers, or others concerned
IN helping to carry them to be closed out
at the first opportunity. Such a reac-
ton as that of yesterday following the
reduction of the short account adds to
the weakness of those held over bull
accounts, and the urgency for closing
them out. The selling during the first
pour today aroused the suspicion that a
very large movement of this kind would
bring out forced liquidation without re-
gard to the ability of the market to
absorb the heavy offerings. The identity
OF the source was not disclosed but ru-
mors became very explicit of a threat
ened embarrassment.
1t was supposed that only the rendering
of assistance avoided a failure A good
deal of anxiety was expressed also over
the money situation abroad. 1t was some
what remarkable that this anxiety was
fostered by the persistent abstention of
New York bankers from withdrawing
gold from foreign markets. The seeming
ly heavy sacrifices which are being made
III the New York stock market for lack
of credit facilities which the foreign ex-
change market indicates a power to Sc
cure, gave rise to the vague fear that
something worse than the New York
stock market condition is feared if de-
mands for gold should be forced on for
eign markets.
Gable reports were circulated in Wall
street today that the Bank of France
was lending gold to the Bank of Eng
land; that the English bank authorities
had requested New York bankers to re-
frain from bidding for gold in the London
market, and that Berlin was liquidat-
ing securities in London on a large scale
~ tUe same time money ana discount
Yates were easier in London. Money on
call here showed further relaxation and
the advance to a premium on New York
exchange at Chicago indicated the pro-
cess of remittances from that center to
this. Foreign exchange also was weak
in spite of the reported troubles of for
eign money markets. The easier tendency
extended to the time money market
here, rates for which were quotably
lower. The operations with the SUBJ
,treasury are yielding some gain to the
banks.
The further liquidation in the stock
market is a relief to the money market.
Another factor in the days uneasiness
came from the tone of intimations given
out by prominent capitalists in their new
accessibility to newspaper reporters.
These intimations though conveyed in
vague form were interpreted as evidence
of rancor amongst different groups of
capitalists. Insinuations that the stock
market had been raided as a measure OF
reprieval by one group of capitalists
having a grievanc against another, found
a place in some of the quoted utterances
published in Wall street news channels.
The unsettled market continued
throughout and the closing was irregu-
lar, although at substantial recoveries
and from the lowest levels.
= Bonds were weak. Total sales, par
value, $1,S92,000.
United States bonds were unchanged on
the call.