The daily morning journal and courier., 1907-03-11
STOCK MARKET FEATURES
THE BIG DROP IN PRICES AND
 THE OUTLOOK.

Wall Streets Rig Liquidation Has
 Not Made Easy Money-Other InfIa-
 tion-SOme Market Opinions.
 Will the big decline in prices in Wall street be followed by further declines and by lessening of business through out the country is a question uppermost just now among people interested in stocks and business.
 The market came near having a panic last week, and a good many think that the present low prices are panic prices"
 Stocks have discounted as great a and the most of the dividend payers, after last weeks break. are selling so as to return from to per cent.
 For several weeks the market has been In condition ranging from unset clement to demoralization and panic Stocks that have been held intact for years have been liquidated and are get ting down to prices that ruled when these same shares were on a non-divi- dend basis.
 Tn the market of the past week the fall in prices has exceeded the limits which conceivably could be set accord ing to the analyses of originating causes. Spectators who were involved in last summers manipulation in the western railway shares must have long ago taken their losses. The question of an over-supply of securities can no longer be considered serious. now that the yield on investment stocks has sunk even below the money interest rate. Nor is it at all reasonable to suppose that people who had not hitherto sold are throwing over their securities at the present bargain prices because of fears of what legislative hostility to- ward corporations may do.
 Wall street has done a great deal of liquidation but in spite of these cir oumstances the total loans of the New York city banks are nearly $45,000,0O0 larger than they wer two months ago. while the expansion among interior banks has gone on at rapid pace. To- tia bank loans the country over are ap- proximately $S5O0OOOOO greater than a year ago. The meaning of this is plain The country is suffering from many forms of imitation.
 Business as yet is not falling off. Bradstreet's report says: Trade con- ditions continue to improve, the tenden- cy in this respect being the direct an- tlthesis of that displayed in the stock market, where prices have been moving downward at rapid pace. This move nent has given rise to some pessimitic sentiments but it is noteworthy that consumption of commodities through out the country is going on at an enor- nous rate, and that high prices seem to have little, if any, effect on de- mand" R. G. Dun & Co.,, says: De pression in the stock market did not extend beyond Wd1 SlTeel, COlIllHOUlIy the speculative leaders, who continue ness continuing vigorous. The traffic conditions have improved somewhat, in- creasing the distribution of merchant disc, and spring sales of dry goods have equalled anticipations
 Some of the Wall street opinions are as followss
 Henry Clews, who has been caution ary bearish for months, in his letter says in summing up: "As for the fu- ture of the stock market, recent liqui- dation and the prospect of better mon etary conditions have not yet apparent ly induced a change of the attitude of and as perhaps indicating a we'll de- to depress values, although many of the worst features of the situation have been we'll discounted for the pres ent at least On the pronounced de- clines hereafter we now favor conser- vatiye buying of many of the good ac- tive Stocks, for quick turns at least. In fact, some of them can now be picked up as desirable Investments"
 Marshall, Spaker & Co.,: Above all other influences which have caused the withdrawal of confidence in values, the interstate commerce commission inYeS-