The daily morning journal and courier., 1907-03-26
TESTERDAT,S STOCK MARKET.
Defies Any Clear Analysis-Surface Facts Show UnbrIdled Impulse to Sell-Feverish Close.

sell-Feverish Close.
 New York, March 25.-To-day's stock market def1es any clear analysis. The surface facts upon which there is no room for dispute are that there was an unbridled impulse to sell securities and an almost entire paralysis of demand. That any urgent necessity was forcing holders of securities to part with them did not appear from any facts known to the public. The banks were not calling loans, and the withdrawal of credits by money lenders could not be scribed as the impelling cause of the slump. In fact, stringency of money was not the primary cause in forcing any liquidation. So far as the dread of failures at the coming stock carket settlements in London and Berlin was concerned, the situation was admitted | ly improved over last week. Early lprices of Americans reported from Lon don showed some violent rebounds from Saturdays closing level here, and Ber- 1 lin was reported to be buying American securities in London.
 Measuring advices from the highest quarters in the financial world abroad wenre received as to the improvement l in the situation. Large orders were executed in this market to buy stocks 1 for foreign account, but with hardly more than momentary effect on lprices. One particular in which Lon- don did offer an acutely depressing fas- | tor was in the disorder in her metal markets. Copper and tin both showed heavy declines, and speculative com mitments in the copper market were said to be involved. The large specu- lation in copper securities in this mar | ket has been based on the confident as- sumption of sound conditions in the metal market This confidence was shaken, and the metal industrials proved extremely vulnerable as con- sequence, including the United States Steel stocks. Large pooled holdings of the securities were believed to be touched by the demoralized declines. Holders of Amalgamated Copper and of United States Steel seemed to be suddenly awakened to the recollection of past performances in those securities following the quick transformation from the condition of great prosperity in their trades to acute depression and rapid shrinkage of earnings. The oper- ations of the bears are believed to have
 taken on the proportions of satur- nalla. Individual operations on the short side in at least one instance were believed to be of prodlgious proportions. These operations seemed to be entirely
 unopposed by interests
 | A striking feature of the situation, in fact, seemed to be the consensus
 among the larger interests that sup lporting measures would be futile to lcheck the selling frenzy. Engagements lof gold in London for import and addl- tional latitude allowed by the secretary of the treasury in the security for gov ernment deposits, although promising Ito help the money market through, were
 entirely ignored. Influential bankers
 characterized the selling as prompted
 by insane fear" Fears of coming lprostration of business and of the
 stripping of powers of management and
 control from corporations were alleged as principal grounds for the alarm. It
 was late in the day before prices reach
 ed the lowest level but the actual clos
 ing reflected nervous feeling among
 the shorts in the feverish rebounds
 caused by their rush to take profits
 Bonds were weak, but not notably
 active. The sales par value $S392, GOO. l United States bonds were unchanged
 on call