The Montgomery advertiser., 1907-03-09
THE STOCK MARKET
FURTHER DRASTIC LIaUiDanipNs
 AND EXCITEMENT PERIODS
tsvideuce from Time to Time ., e" Ahsorutiou of stocks to indicate
 Prices Reached Low

New York. March s.-There K
 further drastic liquidation lh ke stock market today and perloas Enh citement and weakness during ,ai prices plunged downward to frai in many cases lower than for a.a years past. At the same time sIe was evidence from time to tiihs oh = an absorption of stocks of a nilo so
 dicate that prices have falien m level where some demand is attaclsu of an inyestment or semi inves ment. There has been more or less ea,a sha buying in small lots all throusL tne week. $ decline, such as is taheh the market to hold for an 'hVese''ss's s,Ae return. But buying attracted oy sne Investment return of a marglna. nal. cnaa acter has been slower of dev9lo opmeh.: There has been notable lack also ol buying by banking and other iaf ss financial interests for purposes v support up to today. The ehhrns h,,Ys ing of this kind and the pefSepuol of 1t was a prime factor in turling ane bears to cover and affecting ne , dUa- lowing material recovery raj tns bears proved in the later marEel snas they had not exhausted then amIhu- hilton. This did not prevent growth of opinion, however, that ths pyIaoa of active liQuidation was approacning it's term. Sentiment was tnUch icss ,,a. easy today even during ue early
 
 confidence was more general tnat tne liquidation would run its course Wltn- out disaster or panic. Ihe week has been singularly free, In fact from " mors of financial embarnassmenl.s. l.s. although the extent of decline makes the fart of enough losses having oc- cured a matter of course The con victlon remains general that tness have fallen generally on the hiilloh- aire class and amongst taose who sH1 nn hurlen Mifn0ut ruinous consequences. It ii tEls con viction which gives the present ae- cline the name of the rich men panic" amongst professional oserators. Yesterdays weak closing paved the. way for the flood of selling orders nn- der which the market was swampcd at the opening Gloomy sentiment was accentuated by the discouraglnB views of the idustrial outlook e%presseo Dy E. H. Hartman in one of various in- terviews with him which appeared this morning, His assertion tnat IT orders on hand with the Uhfted states Steel Corporation were nos supJect to cancellation their completion would deyelop the lack of demand was the occasion for the special drive against the securities of the corpefation. The severe decline In those stocks was or substantial effect on sentiment un- ion Pacific also responded to the pes simistic utterances. The persistent absorption of Reading and the sup port of it was a factor in keeping the bears uneasy and in inducinS the extensive covering movement or the day. The drop in prices at the last was much the same as that of yes. terday and the closing tone was de cidediy weak. News was. little re- garded in the days movement, and very little of im-ortance came to hand. The indicated loss in cash by the banks for the week jqtnted to some suhsidence of the flow of currency to the interior and New York exchange at Chicago rose from twenty five cents to fifteen cents discount today.
 Bonds were weak. Total sales, par value, $1,T36,000. UnitedStates bonds were unchanged on call