Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-03-14
Slump From Yesterdays Prices
as Marked as the Drop on
That Day
WHOLE LIST IS AFFECTED
All Active Stocks Drop From One td
Eight Points-source Of TroubIs
Supposed to Be in London, Whers
Money Is Needed-RaIIy at Noon ls
Short Lived.

New York, March 1.-THE stock exs.
change opened active and Irregular.
Most of the opening changes We're
fractional, but Reading was up and
u. Algamated copper showed a de-
cline of ~.
Soon after the opening, the trend
of prices turned sharply downward.
some active selling below the low point
of yesterday. Individual stocks are
unloaded at rapid declines, indicating
a continuance of the forced liquidation-
The struggle between the opposing
forces at the opening was stimulated
by news from London, where sharp
rebound occurred after period Of ex-
treme nervousness and the announcer
ment of two failures. The supposition
that the worst was, thus disclosed at
the center prompted some aggressive
support at the opening here and q
number Of leading specula tive stocks
started one or two points higher than
last night. Fluctuations were very
feverish and violent for time, and
.he trend of the market was not clearly
perceptkble until Union Pacific made y
downward plunge of 81 below yester-
days closing. Amalgamated Copper
fell az points, Great Northern pre-
ferred 3A, American Locomotive and
Sloss- Sheffield Steel 3A. Delaware -
Hudson 5A, Atlantic Coast Line and
sugar 8, Brooklyn Rapid Transit Z ~
Pressed Steel Car 5. Northern Pacific
|2A, and many active stocks one to tWa
points. Stocks, (which had opened
higher were swept to lower levH with
the general list. U. s. steel was
|liquidated in enormous volume,
The renewed slump in the market
naturally gave rise to further uneasi-s
ness over the consequences OF ,contin-
ued melting away Of prices. On tn0
other hand it was matter for satts-
faction that the Bank Of England had
refrained from advancing its discount
rate in spite Of the continued fall In
the sterling exchange rate at New
York An advance in the discount rate
in London to above the bank rate In
dicated continued pressure on that
money market, which is believed to be-
largely responsible for the pressure for
liquidation lin the New York markets
Advices from the interior also showed
large Withdrawals of money from New
York to meet local demands there. 70
was reported also Mat interior banks
were scaling down credits extended TO
New York stock market borrowers
which had cen outstanding on large
scale for many months. Supporting
measures became effective again dur
ing the course Of the first hour and
sharp recoveries followed.
A Short Lived Rally.
"A substantial rally occurred during
the second hour, due to relief over the
absence of any money difficulty al q
consequence of the heavy fall in prices.
Bonds were comparatively little Affect
ed by the violent fluctuations in stocks.
At noon another precipitate move
ment developed and drove prices Tor
some market leaders to the lowest point
of this year. Ama1gamated Copper sold
at 81, Reading at 106, Union Pacific at
1891, and st. Paul at 134.
The bottom dropped out OF prices
soon after noon, following slump OF
8 points in Union Pacific. Enormous
blocks were thrown, onto the market
for what they would bring, breaking
prices a point or more between sales.
Delaware & Hudson dropped SIX, Gem
trail Railroad Of New Jersey 8, Reading
and Amalgamated Copper ~, st. Paul
5, Great Northern preferred 5, Smelt-
ing 6h, National Lead g. Northern
Pacific AZ. and other declines thruout
the list.
Panicky conditions swept over the
exchange this afternoon, led by a drop
of 171s points in Reading. Prices ran
off without check. and demand had APP
parently become exhausted. The whole
list slumped without any manifest
point Of resistance, and Union Pacific
ran off IA points before there was
quick recovery from the lowest figures
in some shares. but the market con-
tinued feverish and erratic.
Circulation rumors OF break in
the relations between Kuhn, Loeb &
Co., and E. H. Hartman, altho denied,
was IAN influence In the weakness or
the market.
At 2:45 Union Pacific sold at 125A. .
decline OF 20 points from last night.
The market closed weak, with trad-
ing highly excited and erratic.
&