Omaha daily bee., 1907-03-23
NEW YORK STOCKS ANDBONDS
Market Turns Weak and Some Issues IroT
Below Recent Low Level
ERIE GROUP LEADS THE DEclN
Hills, HRrrimana, ST. Paul, AtchisOn
and Reading Are ALSO Acutely
Anected-scarcity of Cap
itaI world wide.

NEW YORK. March 22-The stock mar
ket turned very weak today. some stocks,
which were under pressure, broke through
the low level reached In the panic last
week. This was notably true Of the krtes
and the weakness Of those stocks was OF
large sympathetic effect on the whole list.
The other dominant factor In the market
day. ''-' ''''9' '-'''-
The aEgravatIng cause Of the weakness
Of the Eries was clearly enough, the an
nouncement Of the management 70 aoan-
don proposed betterments In the state Of
New York from fear Of the interference
with the Intended methods OF financing the
work by the proposed state Hesitation for
control of public utilities. Back Of this
open explanation there were current many
rumors OF internal dissensiOn in the COM
pany and Of disappointment at the results
Of improvements already made, The bears,
In fact operated In the securities OF the
company very freely and very boldly. They
were not opposed, however by any pro-
tective measures for the securities In the
market. This supine attitude Of the friends
| or controllers Of the property had dis
couraging effect on any views favoring an
advance In prices. Instead Of the turn
/ against the supposed large outstanding
/ short interest which was talked Of during
/ the hardening period Of prices yesterday,
/ the bears undertook fresh operations on a
| large scale and had good success in pre-
} ters OF the list. The Morgan group was
| especially affected when the entire lack Of
support in the Eries was perceived. The
! weakness spread to Southern railway and
| to the whole southern railway group. The
Hills and Harrimans were also acutely af-
fected and had the usual effect in dragging
| down St Paul Atchison and Reading
| United States Steel was heavily sold, but
on a narrower price range than the lower
priced shares.
The effect Of the advance IN the Bank Of
/ France rate was heightened by reports
from Paris that further rise eX-
pected next week. The action Is directed
against movement of gold 70 London, and
also to Berlin. Its special interest 10 New
York that payment for participation in
note issues Of American railroads are sup
posed to be involved IN both these move
ments This movement of capital out Of
France evidently Is intensified by the wide
discrepancy between the ruling interest
rates in Paris and the rate of return on the
high grade note issues. The Bank of
France under these circumstances, evil
IDENTIFY finds II unwise to persist in keeping
home interest rates so far out of line with
tage considered Of stability in the money
market for business and trade. Ii is as a
recognition Of the universally of the rise
in money rates that the action or the
French bank is regarded as important
rather than from any likelihood of banking
reserves In other centers being affected
Private cables from London revealed some
anxiety there regarding the outcome oil
the market settlement next week EST
, mates OF the weeks currency movement
: Indicated an Increase of upwards of s. 600, %
e in cash holdings Of the banks. II is ex
, pected also that the drastic market liquida
ton Of last week as It came late in tn
j week Will AFFECT the averages of the LOAF
account this week much as last. Z
, strong bank statement is thus indicated
, The market closed weak around the Low
point, at severe declines the effect Of tn
break in the Fries being aggravated b,
the slump in Canadian Pacific.
i; Bonds were irregular Total sales, pa
: value, h,792,O0O United States Is, regis
tered declined 4. the old As u and the ne,
n IS per cent on call
The following was the range Of prices o
the new YORK Stock exchange: