Daily press. [volume] (Newport News, Va.) 1896-current, 1907-03-14
WALL STREET GETS
VIOLENT SHAKING Up
Market Den0Pa|izsd by a Course
of Liquidation Which was
Totally Unexpected.
SPECULATIVE SENTIMENT IS WEAK
Banking Credits Practically With
drawn From the Stock Market and
Borrowers Are Called Upon to Pay
Their obiisations-The Total Sales
and Closing Quotations.
(By Associated Prcssl

NEW YORK, March 13.--Thc stock
market was shaken into demoraliza-
ton today by course of liquidation
which for violence and precipitation
had not been eQualled in New York
Tor several years past. The over
whelming outpouring of stocks came
rs general surprise, as extensive
progress was supposed to have been
already effected in the necessary Ii.
quotation 10 meet the present situa-
ton. This supposition had been fos-
tered by the action of the market for
several days past, but apparently the
exegcncies of the money situation
had been grossly underestimated.
Alarm for the adequacy of availa-
Die supplies to meet immediate OF
early requirements was acute today,
not only in New York, but in London
and, i'll less degrees, in Berlin. The
construction of credits fell upon an
unsupported extension of speculative
accounts, and they were indscrimi-
nately forced to sale, apparently at
any sacrifice.
Banking credits were practically
Withdrawn from the stock market
ana borrowers were called upon to
pay their obligations.
ket for stocks seemed to be with
drawn and prices were offered down
points at time before meeting any
aDsorptive demand. The immediate
pressure on the money market which
precipitated this series OF events, was
attributed especially to the large de-
mands cOnverging on the 18th of the
present month. These include sub
scriptions to new Chicago & North
western stock, TO meet a note issue
and several large dividends payments
including Standard Oil and Consoli-
dated Gas. Preparations for these
payments were in force today and
involved higher money rate from
the outset. The banking position was
weak at the close of last week and
The sub-treasury has taken from the
banks since that time upward of ST.
ooO,OOO, more than sufficient to wipe
out Tie surplus as 1t existed on Sat
urday. The Customs collections are
running on a very large scale but
the banks are taking advantage OF
the new limit of S9,000,0O0 on month
~ retirement OF circulation to retire
the fun allowance, and deposits of
money at the sub-treasury for that
purpose are increasing largely the
Withdrawals from the banks.
Meantime the Treasury Department
has given no intimation of an intefl.
ton to use the new discretionary
power of the Secretary to deposit
customs receipts with the National
banks. London already was upset by
the money situation before the mar.
ket open began here and as soon as
the New York market opened for
eigners began to unload holdings here
in way that started prices sharply
downwards. The liquidation steadily
gained force through the accumula-
tion of influences which follows in.
evitably from VIOLENT decline in
prices and the market became quite
demoraliZed. Seemingly the necessi.
ty for further drastic liquidation he
came recognized. A feeling of hone
lessness over any early market to
insure the subject of this opinion
prompted the spasmodic method pur
sued. The acute weakness OF the
Hill and Hartman stocks indicated
that the semipanc of today was the
aftcrgrowth of unbridled speculation
in those stocks entered upon last fall
and which has never been satisfacto.
rily cleared up in the market since
such day as today must necessarily
have accomplished much towards the
Nnrpose. The violent rally in the
latter part of the day indicated the
cessation of the pressure. but the
closing tone was exceedingly nervous
and with stocks at the lowest and
others fast falling back to previous
10 wlevels. Union Pacific especially
broke violently at the last, an ex.
IRENE II 3-S below yesterdays final
price. The fall in the Hill stocks
was at ost as violent and in Reading
reached over ~. st. Paul, Northwest
ern. Canadian Pacific, Amalgamated
Copper and Colorado Fuel fell up