The Montgomery advertiser., 1907-03-21
THE STOCK MARKET
ACTION WAS ACCEPTED AS DEMON
 sTRATTON OF DHsTRUST.
Opinions are Much Mixed as to the heAatsvs Importance to be Allowed Sunors 1a the Present Stsua-
 fiou.

New York, March 2e.--The action of the stock market today was accepted as ue monstration of the profound distrus. ol va. ', ues which has resulted from the smash ID the securities market. There was vIo- lent rally at the outset from the depres- general yesterday that some important faii- ures were imminent as a eonsequenes ~ the stock market slump had supsiaeo 70 aay:s rnmors in fact. It became quickly obvious that the day which put up prices was of a strictly professional character ana tage of for the free marketing of stocks. In a few stocks this selling had the ep- pearance of forced liquidation and t was taken for granted that further closing out of crippled accounts was In progress. ~ was not this however, which Bad the mos discouragins effect on % speenraatyes rostrs,ioa of the demand at any level of prices thus Tar touched The supposition was induced that buying at the first declines ,sra wsisn sn1 which would be presumably taken out Q. the market was in fact designed simply first rebound from the violent declines
 Dealings of this kind and foreign account 'have proved disappointing and nave cons ss back upon the market in volume alaose equal to the purchase on the decline More over the demand on renewed oecanes proves much less effective than on tns l.ise sa downward movement seems to be feared more than the panic break for the sfeeSet feer.s lack of resiliency which it may snow. ,ns bysteries of the sources of enormous sAles and the corresponding losses which are pre- sumably from last weeks market as cuI- imitation of the previous hsayy s. deenns to eonf,ss the attempted explanation of the causes or the forced selling The grounds TOT tns . present conditions in the worries ,,nas1- stood. The point in the situation Wnicn is out of joint remains obscure.
 That the situation is out or 1oint mAses &ha "a more impressive in begetting, caution and eonsedVatism Opinions are much mixed as to the reiaslve importance to be allowed to sundry Iactofs in the present situation including hgntness of money in the strict sense which IS woria- wide and actual shortness Of capitai as uis- tinguished from money to meet nuse oe- mands for new outlay, a distrust on tha part of the capital of the credit or corpo- rations which ask for new supplies, the paIs played by the anti-corporation agitation m causing this distrust and the part played by the large output of gold in dislocatins previous relations in prices interest Es.ss .ss for financial and commercial operations In todays market there was, besides, some market with which 1t would still have to cantend in effecting any recovery. stocks which have lain dormant through all the disorder of the panic period, but which are nevertheless, subject to altered conditions of yalue and of credits were under observation during the day.
 Explosive possibilities were suspected in at least one such stock. Suspicion was q factor in the unsettIement which still hung about the market. The money market con- tinued to work easier, but the passing of April settlements both here and abroad ts somewhat dreaded.
 Sterling exchange continued to decline. broadening the apparent profit on the en- gagement of gold abroad for import The extreme fluctuations of the day from the opening high level to the depth of the re- action were weak and the days net changes in some of the most active stocks were limited to small fractions
 Bonds were irregular. Total sales par value s2.o02.o0o. United States bonds were unchanged call.
 NEW YORK CLOSING STOCK LIST.