The Montgomery advertiser., 1907-03-26
THE STOCK MARKET
DEALINGS DEFY Al ANY CLEAR AsAIr-
Holders to Part With Securities Did Not Appear on the

New York, March 25.--Today's stock mar ket defies any clear analysis. The surface facts on which there Is no ro0m TOT ,1,1,sa als. to sell securities and an almost entire pa- ralysis of demand. The consequences to prices were such as might ss ,na imaglnsd hnsS- CTS of securities to part with them did not appear from any facts known 70 the
 and the withdrawai of credits by money lenders could not be ascribed as the fmpell- ing cause of the slump. Of course. the eral caused readjustment constantly of loans and this shrinkage of course forced valuable holdings on the market in the
 But strinxencx of money was not the primary cause in forcing any Hquidation- So far as the dread of the coming settle ment In Berlin and London was concerned.
 the situation was immeasurably improved over last week. Early reports from Lon don show violent bounds from Saturdays closing level and Berlin was reported to be buyins American securities in London; he- assuring advices from the highest Huthorh- ties in the financial world abroad were re- ceived as to the improvement in the situa-
 tion. Breiin was alleged to have compiet- ed necessary arrangements for the approach ing settlement which has been the dread point one particular in which ondon did offer an acute depression on the market the disorder here in the metal market; Copper and tin both showed declines ana speculative commitments in the copper mar ket were said to be involved The Iarse speculation in copper securities m tnis mar ket has been based the confident as sumption of sound conditions in the metal market. This confidence was shaken ana the metal industrials proved extremely vui- nerable as consequence incluuing the oht- ed States Steel stocks.
 Large pool holdings of these securities were believed to be touched by the demor. aiized declines. Holders of Amalgamated Copper and of United States Steel neemeo to be suddenly awakened to the recollection of past performances In these securities iol- lowing the quick transformation rom tne condition Of great prosperity on their raaes 10 acute dprssion and rapid shrinkage or earnings The operations of the bear con- tingent in the market are DeneVed .o pc taken on the proportion of saturnalia
 Individual operations on the snort s,ae ln at least one instance were believed to oe of prodgious prouortions Ihese opera- tions seemed to be entirely unopposeo on behalf of the controllers or outsiders Tn any property A striking feature or the sitS nation in fact seemed to the consensus among the larger interests that supporting measures would be futile to check the sell ing frenzy. <.. ,..- port and additional latitude allowed ny the Secretary of the Treasury In the security 1or government deposits, although promising 10 help the money market through were gre hsnS- ing world did not hesitate to characterl1e the selling as prompted by an insane iuror. Fears of a coming prostration or ouslness ment and control of corporations were aI- legged as principal grounds for the alarm: II was late in the day before prices reached the lowest level but the actual closink se in the feverish rebounds caused by tneir rush to take profits. .,
 Bonds were weak but not notably active. Total sales par value $33s2,O0O. united states bonds were unchanged on call.
 NEW YORK CLOSING STOCK LIST.