The Montgomery advertiser., 1907-08-19
POLITVlANS
 RESPONSIBLE Financial Outlook Is
 Gloomy. NUMEROUS LIQUDATIoNs
Securities Have Reached Very Low
 Ebb.
Restricting Campaigns Against Cor porations by Congress and yari- ous states Are Given as
 Causes of Situation.

New York, Aug. 1S--The decline in prices which has been in progress for some time past continued during the past week. with many securities reach ing their lowest in many years. Sue cessive waves of liquidation during the last few months has swept away the profits of years and has made the stock market extremely sensitive and yul- nerable to America
 The contributing causes to the sitti- ation have been a., are the fears of luther restriction campaign against corporations by the next congressand the legislatures of various states, high CT rates for money with reduced sunniy of available funds, apparent indiner- ence to the decline in stock prlcea on part of interests with large capital tn- vestments at stake, visible signs CT weak spots in the trade situation and monetary conditions that preclude any hope of Immediate aid from Europe for American enterprises.
 The week began with the market un- der a cloud. Liquidation had not run it's course even after the ten and hffeen points decline of the proceeding week. The heavy reduction In loans the pre- vious Saturday hardly compensated TOT the large loss in cash and, with another government report on the Standard oil Company published on Monday morning, Wall street began the week nervous and apprehensive. Combined with this were the expressions of cab inet member, concerning the proposed plan of prosecution of corporations managers who Violate the law As result holders uf securities did not know how long their shares would be immune from attack. Fears of fur ther proceedings against corporations made the capitalist back of them in- different as to the out come and 1t was obvious that they were giving no sup port to the market. This indifference was a valuable asset to the speculators for the decline and they offered prices down with continuing success.
 News developments helped to play into the hands of the element work ing for lower prices. The strike or the telegraph operators while not vNry disturbing to business. caused annoy ance and the most was made of 1t as an nnfavorable incident. More legiti- mate, however, as aunufuni ton Tor lawr CT prices was the failure of the Pope Manufacturing Company and the ap- prehension created of similar emoar- rassment in other quarters.
 An example of the state of the mon ey market is given by the fact that the Consolidated Gas Company, which is dominated by Standard Cdl interests, was forced to borrow on one year notes at seven per cent A large amount of money was loaned for six months at seven per cent. Call loans were surprisingly low. but this re- flected merely the desire of lenders to keep their capital in hand.
 The shrinkage in stocks has been sufficient to allow income yields to keeping prices with preventing inter est rates. Many substantial properties sold during the past week from $15,- 900. .OO0 to S25,000, ,000 less in market value than on the first of August. and prime railroad stocks at present dfvi- dend paying have begun to return i'm vestors from six to seven per cent. whereas they offered a yield of but four to five per cent not so many months ago.