The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-03-22
NEW YORk STOCK MARKET

- ~ 49, 4 IN 49,
stock exchange houses, was embarl&ss-
ed by losses sustained in the last lew
days, combined today TO make the
stock market sensitive ana teSerlsh
throughout the day. Losses on the
slump during the opening nour raAged
from 4 10 I points. Union Pacific head
ing the list with Il loss Of 7 IA, Great
NUrthcn preferred, Smelling, Rea"lng
and ST. Paul suffering losses OF tive
points and upwards and Northern Pa
cific railroad. A reaction followed
quickly in which part OF the early loss
was made up, but the market continued
weak and alternate periods OF decline
and reaction followed during the rest
of the day. Alarming reports as 10 the
stability of two unnamed commission
houses contributed largely to the con-
ditiOn and prices We're extremely 'IIeS-
ular. active stocks showing pronounced
gains while 1t the same moment others
We're recording sharp losses.
The passage Of the delivery hour at
2:15 D. m. without the anticipated an
nounCenent Of failures restored some
confidence and this with active GOV
erin@ restored confidence somewhat
and there was a violent demand in the
last hour when many OF the active
stocks re2ained their opening eve At
the close there was a sharp recession
from this rally.
TOday'S nervous stock market was
regarded as a natural consequence OF
the decentralization of last week. but
the weakness and uneasiness were
much more acute than were expected
and gave rise to fears at times that tile
market was breaking away from con-
troll again and slipping back into fren-
lied conditions. There are always
some strongly held accounts which are
held through a slump like that Of last
week and protected in a spirit of as
surance hat they can be closed out to
better advantage by waiting for the
frightened selling of weaker holders
to be ended. The strength of these
accounts is impaired, nevertheless. TO
such an extent that they are subjected
to pressure by brokers ar banks or
others concerned in helping to carry
them to be closed out at the first op-
portunity. Such a reaction as that Of
yesterday, following the reduction oil
the uncovered short account, adds t
the weakness Of these held-over bull
accounts and to the urgency for clos
ing them out.
The selling during the first hour to-
day aroused the suspicious that a very
large count of this kind was being
forced to liquidation without regard to
the ability of the market to absorb
the heavy offerings. The identity of
the account was disclosed but rumors
became very explicit of d threatened
embarrassment. 1t was supposed that
only the rendering Of assistance avoid
ed a failure. A good lea of anxiety
was expressed, also, over the money
situation abroad. 1t was somewhat
remarkable that this anxiety was EOS
tered by the persistent abStentiOn of
New York bankers from Withdrawing
gold from foreign markets. The SEEM
ingly heavy sacrifices which are being
made in the New York stock market
for lack of credit facilities, which the
foreign exchange market indicates a
power to secure, give rise to vague fear
that something worse than the New
York stock market condition is feared
if demands for gold should be forced
on foreign markets. Reports were cir
culated in Wall street today that the
po1,E of ~ ronoo MO lonAino cold 70
the Bank of England, that the English
bank authorities had requested New
York bankers to refrain from bidding
for gold in the London market and thar
Berlin was ~liquidating securities in
London on a large scale. At the same
time, money and discounts We're easier
IN London. Money on call here showed
further relaxation and the advance to
d premium of New York exchange at
chicago indicated the process Of remit
lance from that center to this.
forelsn exchange also was weak IN
spite OF the reported troubles of for
elgn money markets. The easier ten
dency extended to the time money here
rates for which were ouotably. lower.
The operations with the treasury are
yielding some gain to the banks. The
further liquidation in the stock market
is a relief to the money market also.
Another factor in the days uneasiness
came from the tone of the intimaticns
| given out by prominent capitalists in
their, new accessibility to newspaper
| reporters.
These intimations, though conveyed
in vague form, we're interpreted as evil
dence of rancor amongst different
groups of capitalists. destinations that