The San Francisco call., 1907-03-14
New York STOCK MarKer

NEW YORK, March 13.-Tle stock market
AS shaken into demOrH lizarion today by a course
liquidation which FOR violence and preclpita-
10 had not been equaled IN New York for sew
-al years. Tic Overwhelming outpour Of stocks
me as r general surprise. as extensive prog
was supposed 10 have been already Effected
the liquidation 10 meet the present situation.
rs supposiuon had been fostered by the ac-
of rhe market for several days past. but
pparcutlT the exigencies Of the money situation
8d been greatly undcrestimated. Alarm for
ie adequacy OF Available supplies 10 meet I'M
.adiate early requirements acute today,
1f only in Aew York. bur n London and Berlin.
ie construction Of the credits fell upon an un-
SpecteG extension of speculative accounts and
lfv were ildscriminately forced 10 sale. ap-
rently at any sacrifice Banking credits were
actcaily Withdrawn from the stock market
ls The borrowers were called upon 70 pay their
1liEarlous- AT the time BIDS in the mar
et for stocks seemed 70 be withdrawn and
ices were ouered down points AT 9 time before
ab0rtiTe demand. The immediate pressure
the money market which precipitated this
rles OF events Was attributed 10 the large De
sands coHverging upon the 10Th OF the present
isnfh. These include subscriptions TO the new
licago and Northwestern stock. 10 the Penn
rania note issue and several large dividends.
Guiding tie standard Oh Prepare tlons Tor
.ase payments were an force today. and involved
higher money rate from IRE outset. The bank
y position was weak at the close Of last week.
id the Subtreasury has taken from the banks
tlat time upward Of Sf.00O.0bO.
London already upset by the money sit.
lfi0n before The marked OPENED mere and as
eon tie New York market opened foreigners
.eah 20 unload holdings mere in a wav that
.Gn steadily gained force through the accumua-
ion - Influences which follow inevitably from
violent decline in prices, and the market be-
amp quite lenOra lied Seemingly the absO-
1te necessity FOR further drastic liquidation be-
me recognized. A feeling Of hOpelessness Oyei
nv early market 10 insure the success Of this
fieration prompted tie spasmOdic method pur
uad. Tile acute weakness Of the Hi and Har
man stocks indica ted that the semipanic con
sion to-day was the aftergrowth Of the un
.ialed speculation il those stocks entered upon
fal and which has never been satisfac
nrilv cleared ND in the market since. Such
ar today must necessarily have accom- pli shed
fIIch toward the purpose The violent fall IN
.e latter part Of the day indicated the cessa
,reedingiv nervous. and with some stocks al
e lowest and others fast failing back % thcii
Herious low levels. Union Pacific especially
3kc violently at the last an extreme u ss be
yesterdays final price. The fail IN the HI
acks was almost violent and Readinl
HaDDed over j. ST Paul. Chicago and North
.ostcrn. Comedian Pacific. Amalgamsted Copper
A Colorado Fuel fell upward ~ points. Ths
uce N losses Tor practically al the active
f,clls ran from % over points The extcn
the shock of such an enormous shrinkage n
lues a not n be estimated Immediately. Over
ffnr fle fail IN prices checked impOrfan
ter effects of wide extent are 70 be looked for
lo nervous action Of the market the las
.-fr opinion entirely af sea as 10 whether ia,
Bonds were weak. Total sales lpar value)
.24 600
United States bonds were unchanged on call
Nesv York stock List
E o. Hutton g. Co.. $50 California street
embcrs OF fle New York Stock Exchange
~lish the following list OF bond and STOCK
les yesterday