The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-03-26
NEW YoRk STOCK MARKET

WV AOAkEA !
New York, March 23-Securities mar
kets here and in Europe all were vio-
| emily agitated today and the declln" In
| American securities forced the average
level of prices within measurable dis
lance Of hat touched in the demOrll-
| lied selling on Thursday of last week
| Foreign markets were disposed 10
| assign the dominant influence on the
| situation to condition of the New York
stock market. The point at which
| fears of consequences from the New
| York Central converged. however, was
| London. This is owing TO the necessity
| of providing there for a fortnightly
| stock market settlements on Monday.
| The periodical settlements are The &C.
| casion for making good differences In
| collateral and other details caused by
| the discrepancies since the last settle
ment. The large interest OF the Lon
! don market in Canadian Pacific &c
counted for the slump in that stock
today. 1t was believed also that a stock
market pool which holds large blocks
of that stock, was called upO to sake
it up today and hat a large proportion
of the pools holdings were thus forced
upon the market. The stock broke an
extreme 8 is points II went lar TO
demoralize the whole list. The Kill
and Hartman stocks also showed
losses Of 4 3-4 to 5 ga points. A Sic
gular incident of the relapse was the
quoting of lower money rates in Lon
don and Berlin. There was N urgent
demand for money here. either. The
bank statement. however, was dl5Gp-
pointing, both in showing less thar the
expected gain in cash and less than the
expected scaling down OF the loan item.
An increase in loans of upwards OF
$40, OOO.0 900 by the largest bank alone
largely affected the showing, practical
ly all the other banks reporting q
loan contraction. Heavy movements
of gold were reported between different
centers abroad, suggesting a scramble
amongst markets there for the supply.
Foreign advices reported an exDeCta-
ton that New York would take Mon
days arrivals of South African gold IN
London. Foreign exchange moved up
wards, however, in this market. n
hasty profit taking by the bears seemed
to be almost wholly responsible for the
demand which rallied some stocks rom
the lowest prices, but the market Closed
feverishly irregular. Total sales OF
bonds par value $1,100, 900. The stock
market Of the week has shown the
usual after-effects of such a damaging
storm as swept it last week. The con
vulsive rebound of Friday and Satur-
day of last week clearly was due 10 the
scramble to cover OF professional Dear
operators, who had reCklessly persisted
in selling stocks down to the lowest
depths of the %inordinate declines OF
, Thursday. 1t was to be expected nat
the higher range of prices thus offered
} would be taken advantage of to close
out accounts which We're carried safely
through the panic plunge IN prices,
but which nevertheless were consi1ef-
> ed SO far crippled a. to make the lend
ers of money disinclined to carry them
< This renewed liquidation was violent
. at times, and was accompanied by very
circumstantial rumors OF financial chi
barrassment of brokerage houses anc
of crippled firms being helped to avoid
bankruptcy.
These reports failed in all cases o
veriication by any event n this lac
T, in itself had a quieting effect on tn
market and checked the bears. TIL
market has continued unsettled ant
quick to lake alarm at n whisper o
unfavorable developments. The uneas,
;. state of speculative sentiment wa
largely due to the confusion OF opln
ions as to the exact causes Of the stoc1
market slump and the Interior cor,se
H. quences to be looked for.
, On one point opinion has been con
sistent and persistent. That IS, tina
:. the bulk of enormous liquidation whic
was thrown upon the market and tn
consequent losses We're ATTRIBUTABLE
Il, 10 individuals and groups of lars
wealth. In some quarters the suppCs1
ton was held that large controlling il
q terests in the great railroad SyStcLl
Y; | themselves were involved and a pet
dant to this theory was that he les
% | informed following Of this class WI
the principal sufferers, the latter SUI
e position taking form in rumOrs OF tt
<. losses of a so-called social pool, MAJ
0; I'D of wealthy individuals not close
G. connected with financial administer
ton of the corporations themselves.
Total sales today $4,000 shares.
c AND OTHER BONDS.