The Birmingham age-herald., 1907-02-26
DESPONDENCY OVER THE STOCK MARKET ling is Constant and De- k mand is Small RRlMANS TESTIMONY Jas the Subject of Universal Discus sion and Weakness of Stocks
 Is Attributed to This
 Cause.

New York, February 25.-The action of the stock market today gave full warrant for the assumption that a spirit of ,ex- treme dispondency had swept over the sentiment of the operators. The selling was constant, and the demand was so small as to be negligible quantity, eX- cept as the concessions in the price level uncovered some buying This demand was not aggressive in character and inter- posed no effective obstacle to the con- tinuous drop of prices. The progress of the testimony of D. H. Hartman before the interstate commerce commission was the subject of universal discussion, and the weakness of stocks was generally attributed to this cause. This ground of reasoning did not take first account of the substance of this testimony which prsented few facts which have not been thoroughly canvassed, and fully known for an indefinite period in the financial district.
 The speculative view taken of the oc- eurrence was that it was to mark a widespread public realization of the na- ture of the transactions under investiga tion and to offer material for some such disturbance of the public mind and agi- tation of the public indignation as grew out of the legislative investigation of the life insurance companies Wall street sees in this prospect a supply of fresh fuel for the anger against railroad and other corporations which Is active in shaping legislative measures and in direct ing public policy all over the country.
 The fear has gained ground in financial opinion that the stability of the coun- trys prosperity, or the averting Of com ing industrial and financial depression is to be influenced, perhaps decided by the course of public sentiment of these lines.
 Last weeks events in the stock market, although interrupted in mid-Week by the adoption of the three-day holiday recess, served to sharpen the anxiety over the industrial outlook. The concern of dis couragement in published utterances amongst several prominent men in the railroad and financial world last week was digested apparently ocer the inter- val and became effective in promoting large dealings in today's stock market. The influence was sentimental so far as any public knowledge went of new de- velopments bearing on the question. Weekly traffic reports by railroad offi- cials, so far from showing any traces of reaction reported a hoodtide of traffic and prospect of enough to oVertaX all available facilities for an indefinite time to come.
 New York again refrained from bidding for weekly arrivals .of South African gold in London, and the Bank of Eng land secured all supplies al price lower than last week. Money rates here never theless are inclined to work higher. Large maturities are falling due of loans made last fall during the period olehlgh rates, and it is reported that interior tenders, Instead of renewing, are disposed to call i,, 1,af, a home. tinued active demand for money in bus- mess is argued from this development
 The unwillingness of New York banks to resort to London for supplies to re- plenish their banking reserves IS com monly attributed to the purpose to rush the sale of railroad notes and securities In foreign markets, which it is desired to keep tranquil for that purpose. Ul- timately, however, the proceeds or sucn foreign sales of securities Will De used for railroad and other improvements on American properties, With the ueHlaie for materials and the employment ol labor which this implies.
 A survey of the days net losses shoWs a severe impairment of values, and prices in some important stocks at the lowest of the year. The notable sufferers
 were stocks, about which chung sugges- tions of further financing. Reading balti- more and Ohio and Louisville and Nash vile were explicitly affected by such ru- mors The Western and Northwestern railroad stocks generally came within the snecial effects of the feeling growing out of the Hartman testimony. These spe- call stocks show the losses extending to 2 points or over, and up to 51s Tn the Hill stocks. Elsewhere losses were gen erally from to 3 points. and last prices quite usually the lowest.
 Bonds were easy. Total sales' par value. s162S,0oO , i, ..o.
 Tinted States 2s coupon advanced F per cent the new As registered A per cent and the old As IS per cent on call.