The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-03-29

improved Over Last Week.
New York, March 25.-TOday's stock
market defies any clear analysis. TIE
surface facts upon which there Is no
room for dispute are that there Was
an uuDIidled impulse to sell securities
and an almost entire paralysis Of DC
nand. The consequences to prices we're
such as might be imagined. Tat any
urgent necessity was forcing holders Of
securities to part with them did cot
appear from any facts known to Ale
public. The banks were not calling
loans and the withdrawal Of credits by
money lenders could not be absorbed
rs the impelling cause of the slump.
OF course the violent decline and the
sLrinkage in collateral caused a read
Justment constantly of loans and this
shrinkege Of course forced Vulnerable
holdings upon the market III tie course
OF the fail. But stringency of money
was not the primary cause in forcing
any liGuidations. So far as the dr":,d
OF failures at the coming stock market
settlements in London and Berlin WIS
concerned, the situation was admitted
~ improved over last WCs!! Early
prices Of Americans reported from
n ~ .I.nW,E Cnn,o yin1C1t ,.,I(. ,,,I,.
from Saturdays closing Lever here and
Berlin was reported to be Buying
American securities in LOnEOn. RcaS-
surfing adHiues from the highe&1 Guar.
terS in The financial world abroad were
I"CoiVrd As to the improvement in the
situation. Berlin IVES alleged TO have
completed necessary arrangements for
the April list settlements which has
been the danger point dreaded. Rumor
OF an important house in London IL
financial difficulties were said to be
aisproyed by the most careful investi-
cation. Large orders were executed i'll
this market to buy stocks for fCraigu
account but with hardly more thar a
a1Omentary effect on prices. One par
ticuiar in which London did offer an
aCutely depressing factor was in the
disorder in her metal markets. Copper
and tin both showed heavy declines
ana speculative commitments in the
copper market were said to be involv.
ed. Ehe large speculation in copper
securities in this market has been bas-
ed IN the confident assumption +
sound conditions in the metal market.
This confidence was shaken and The
metal inhustrials proved extremely vul-
heTable as a consequence including the
United States Steel stocks. Large hold
Tags OF these securities We're believed
to be touched by the demoralized de-
CliHes. Holders of A~malgamated Cop
per and of U. S. Steel seemed to la
Suddeaiy awakened to the recollection
OF past performances in those securities
following the quick transformation
tram the condition of great prosperity
IN their trades to acute depression and
rapid sArinkage of earnings. The Oper-
atlonS of the bear contingent in the
market are believed to have taken on
the proportions of a saturnalia. Indi-
VIdual operations on the short side in
at ieaSt OF instance were believed TO
be OF DrOdigous proportions. These
operations seemed to be entirely unop-
posed on behalf Of the controllers or
insiders in any property. A striking
feature Of the situation in fact seemed
to be the consensus of opinion amOngst
the larger interests that suDD0rting
measures would be futile to check The
selling frenzy. Engagements of ecId
in London for import and additional
latitude allowed by the secretary Of
the treasury in the security for govern
ment deposits, although promising to
help the money market through were
entirely ignored. Influential men in
the banking world did not hesitate 70
characterize the selling as prompted by
insane fear. Information from COM
MISSION houses of the terms in which
snMe of the selling orders were couChed
gave color to this. Fears of a coming
prostratiOn of business and of the
stripping of powers Of management
a control from corporations were al
legged as principal grounds for the
alarm. 1t was late in the day before
prices reached the lowest level but the
actual closing reflected a nervous feed
ing amongst the shorts in the feyerish
rebounds caused by their rush to take
grofits.
Eondon. March 25.-The break in