The San Francisco call., 1907-03-26
New Yorl. stock Market

NEW YORK March 25--TOday's stock market
dehes any clear analysis The surface facts
stst there was unbridled impulse 10 sell securi-
ries and an almost entire paralysis OF demand
The consequences 10 prices were such as might
he imagined. That any urgent necessity was
forcing holders Of securities 10 part with them
did not appear from any facts known 70 me
public The banks not calling loans, ana
80 zrithd-avrsI of credits hv money lenders
could not be ascribeo as the impeling cause o.
the slump. or course the violent decilne Aho
the shrinkage in collateral caused redaJustment
constantly OF loans, and this sbrinkage, OF course
forced vulnerable holdings on the market IN the
course OF the fall. But stringency OF money was
not the primary cause IN forcing any nquloAuon
50 far the dread OF failures 81 the coming
stock market settlements in JondOn anc Berlin
vse concerned, the situation was admittedly I'M
,.-o~.6 orsr ieef xreek Fsrlx prices Of Ameri-
reported from London showed some Flo-
lent rebounds from Saturday closing level nere
and Berlin was reported be buying American
securities 80 London. Resssuring adTices from
the highest quarters in the financial world abroad
were received as TO the improvement In the sit
ustion. Berlin was alleged 10 have completed
necessary arrangements for the approaching set
tlement which has been the dreaded point
Rumors Of an important house IN LONDON Delng
sn fnanciai diffcultfes were said 70 be disproved
hr the most careful investigation. Large orders
were expected in this market 70 buy stocks FOR
foreign account but with hardly more than .
momentsry eject on the prices Copper and TIE
both showed heavy declines. and speculative COM
ments IN the copper market Were said 70 be III
Volred. The large speculation in copper secuIs-
lies IN this market had been based upon the
confidential assumption OF SouuQ conollQu6 ~
the metal market. This confidence was shaken,
and the metal industriais proved exceedingly
vulnerable as a consequence, including United
States Steel stocks. Large pooled holdings OF
these securities were believed 10 be touched By
rhe demorslized declines Holders OF Amalga-
msted Copper and United States Steel seemed
70 be suddenly awakened 10 the reaction Of past
performances IN those securities following the
quick transformation from the conditions OF
great prosperity in their trades 10 acute depres-
operations Of the bear contingent IN the market
believed 10 have taken on the proportions
~ q eatuTnalia- Industrial operations on the
short side in ~ least one instance were believed
n be of prodieious proportions. The operations
seemed 10 be entirely unopposed on behalf Of the
controllers here outsiders in any property A
striking feature OF the situation seemed 10 be
the consensus among the larger interests that
such measures would be necessary 10 cheek the
selling frenzy. engagements OF gold IN London
for import and additional latitude allowed by the
Secretary of the Treasury IN the securities for
Government deposits although promising 70 heln
nored. influential men in the banking world did
not hesitate 20 characterize the selling as
prompted BY insane fear Information from
commission houses. in which terms some Of the
selling orders were couched. have given color TO
this characterization Fears Of coming pros
frstion Of business and the stripping Of pow
erE Of management of this control from corpora
tioDs were alleged principal grounds for the
reached the lowest level. but the actual closing
reflected nervous feeling among the shorts IN
the feverlsh rebounds caused by their rush 10
take profits.
Bonds were weak, bot not NOTABLY active To-
tal sales par value. s.. 3e2 900. United States
bonds we've unchanged on call
New York stock List
T. r. Hutton a Co.. $50 California street
neTnbers Of the New 0rk Stock Exchange. fur
nish the following list Of bond and stock sales