New-York tribune., 1906-04-28
STOCKS SHOOT DOWN.
MARKET SEMI-PANICKY.
Hill Stocks Lead Sharp AH-Around
Slump in Values.

A break in stocks which attained the proper
tions of a semi-panic occurred yesterday IN the
local market. It came unexpectedly after a
morning of comparative strength. and at the
close. which was at about the low level OF the
day its cause was still mystery, although the
prevailing belief was that IL was the enforced
selling of large operators holdings.
The market had opened well. responding to a
higher range OF prices from London. and dur
ing the first hour steady and rather mac
tive In the second hour IT began to show ds-
olining tendency. and around noon the collapse
came. led by the Hill stocks.
Great Northern had opened at 3071s. was S07A
ar IL o'clock and S01 at noon. Between IL and
o'clock it had plunged from 3ol to 2s1. 27 points
down from the highest of the day. and re-
bounded violently to 295. After further wide
fluctuations It closed at 291h. net decline Of
lax points. Northern Pacific. which had opened
at 209H and advanced TO 21O, broke in the noon
hour from 2O4A to 1e7, rallied. broke again in
the last hour to 1s5. is points under the best Of
the day, and closed at 10% points down from
Thursday at 197A.
Similar weakness was shown by many other
stocks, although the most severe declines were
in the two issues named. Colorado Fuel and
Iron. for instance plunged down from 54% to
45H. closing a point above the lowest. but more
than seven points below the preceding days
close.
Reading conspicuous pool stock sold down
from 127ss to 1214. rallying to 1891 at the
close. Union Pacific sank from 149x to 1451s.
closing at 1865. American Smelling and Rein
ing dropped from 154% to 149ss. ending the
day points down at $50. Delaware & Hud-
declined points and New York Air Brake
7&.
On the floor OF the Stock Exchange great ex-
citement prevailed the board members strove
to execute the food of selling orders which
poured in upon them. No less keen. although re-
pressed. excitement pervaded the brokerage Of
fees. which were thronged with customers. soma
groups watching with dismay the rapid crum-
bling OF prices and others. short of the market.
noting their gains.
Since the end of January prices have been
gradually receding. and in the last few days.
since the San Francisco disaster, the decline
has been especially pronounced. partial rallies
being succeeded by recessions to new low levels.
the large and continuous drain of money from
this centre to the Pacific Coast has given IN
creasing confidence TO the operators for the fall.
A good part Of the selling. however. has been
liquidation of actual holdings. and according
to common report. much of this liquidation has
been by fire insurance companies which have
disposed OF securities to obtain funds with
which to meet the heavy obligations in San
Francisco. The outgo OF cash to fortify the
banks of that city is believed to be nearly at an
end, but the news that $1.S00 900 had been sent
yesterday had a depressing influence on the
stock market, which not Offset by the late
announcement OF the engagement Of $4,000 900
gold in Europe.
Rumors were a1oat that an important fire
insurance company had found it necessary to
liqudate its business. but no confirmation OF
these reports could be obtained.
Another rumor. which found much credence
was that the break due TO the troubles of
a we'll known operator who for some time had
been carrying a line Of over hundred thou
sand shares and was unable to respond to de-
mand yesterday from his brokers for additional
margin and therefore sold out. This op-
orators line. according to the story. included
Great Northern and Northern Pacific and it
the throwing overheard OF his holdings
which caused the sharp drop IN price.
Still another rumor sought to ascribe the
break in Great Northern and Northern Pacific
TO a hitch in the negotiations by the United
States Steel Corporation for leasing the Great
Northern's lands TO the breaking off of
such negotiations. James ]. Hill declined to
discuss this rurnor. did Judge Gary. chairman
of the board of the Steel Corporation.
Asked to what the fall In Great Northern was
due, Mr.. Hill answered: "It wasn't Great North
ern; 1t the other fellow" meaning that the
position of his road sound as ever and its
prosperity as great.
The call money rate did not rise above per
cent yesterday. although the loans carried over
10 Monday. The indications from the known
movements of money during the week were for a.
poor bank statement to-day. and that was OF
course. contributing factor in the days de-
cline
Moreover, it appeared that the pools had been
obliged TO part with some OF their high grade
stocks to enable them to save their specialties
from slaughter, and the execution of stop-loss
orders as the decline proceeded must have rem
resented an important part OF the selling OF the
day. The total transactions were about ]. 100
900 shares. the largest for any day since Jan
uary so
The following table shows the maximum, de-
cline IN certain representative stocks from the
closing prices on April II, the day before the
earthquake in San Francisco TO the Iovv ,e,,eI
of yesterday:
Stock AnrSi II EoM; .
Northern Paeihc. ..........-. G20A IG5 s5n
Misso9rl racine. ;.........-.- s6H eoA