Show A SPIRIT OF despondency SLEEPS OVER WALL STREET testimony of E H harriman before interstate comme commerce arce commission subject of unusual discussion nev now york feb 25 the action of the stock market gave full warrant for the assumption as that a 1 spirit of extreme despondency had swept over the 0 of the operators T the he selling w was constant and tho the demand was ao so small as to be a neg lible quantity the concessions in the price level uncovered some buying ln this TWO demand was not aggressive in character and d interposed no effective obstacle t to the continuous drop of 0 prices the progress of the testimony af pf p I 1 E H harriman before the interstate commerce commission was the subject of universal discussion and the weakness of stock i was generally e attributed to this cause 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 directing public policy all over ove r the country he fear has gained ground in financial opinion that the stability of the count rys prosperity or the averting of coming industrial and financial depression is to be influenced fluen ced perhaps decided by the course of public sentiment on these lines last weeks events in the stock market served to sharpen the anxiety over the longer industrial outlook the concern of discouragement in published utterances among several prominent men in the railroad and financial world last week was digested apparently over the interval and bee became aine promoting large dealings in stock mar ket new york again refrained from baij bij ding for weekly arrivals of south african gold in london and the bank of england secured all supplies at a price lower than last week money rates here nevertheless are inclined to work higher laga maturities are falling duo due of loans made last fall during the period of high rates and it is reported that interior lenders instead of renewing are ire disposed to call in their funds for use at home the unwillingness of new york banks to resort to london toi for supplies t to replenish their banking reserves is glom commonly attributed to tile purpose to rush the sale of railroad notes and securities in foreign markets which j it Is desired to keep tranquil for that purpose ultimately 16 however wever the proceeds of such foreign sales of securities curi euri ties will be esedor edor us railroad and other improvements on american properties pert les with the demand for mate materials and the employment of labor which this implies A survey of the days net loss losses shows a severe impairment of values and prices in some important stocks at the lowest of the year the western and northwestern railroad stocks generally the special effects of the feeling growing out of 0 the harriman testimony these special stocks show losses extending to three points or over up to 5 alln in the hill stocks elsewhere losses ivere generally from 1 to 3 points aud and lat lal prices quite ustia usually lly the lowest c bonds were easy total sales par value U S 2 s coupon advanced 4 the new as registered ya and arid the old as per cent on call |