New-York tribune., 1907-10-13
STOCK PRICES TUMBLE.
EOW RECORDS FOR YEAR.
Union Pacific Leads Decline Be
cause of Hartman Rumnor.

The stock market suffered its sharpest decline
Of the week yesterday many low record prices
for the year being made and the close being at
about the bottom. Heavy London selling which
is unusual Saturday was an unfavorable
feature but the principal influence aiding In the
decline was the telegraphed report that a policy
Of retrenchment was to be put into effect on the
Hartman system. which would result in the lay
ing off ot 10000 men.
This statement denied in the morning by
Mr. Hartman, but Union Pacific led the list
In weakness. falling in the first hour points
below Fridays close 10 11SB new low level
for this year. Southern Pacific declined to 755h
2n points under the preceding days last price
Amaigamated Copper and American Smelling
and Refining were attacked with vigor and
yielded under the pressure, and the United
States Steel Issues both touched new low levels
for the year.
The trading was IN excess of 625, 900 shares
for the two hours of business, or at the rate Of
more than 100000 shares for a full day. The
bears put out large short lines with confidence
and the closing out OF many stop loss orders
helped their cause. Many insuficently mar
gined accounts were sold out. the volume of such
selling being so large TO contribute materially
10 the Generalization which prevailed in the first
hour. There were the usual reports of coming
failures but nothing definite could be learned on
this point.
The bank statement showed a gain OF more
than 100000 in the surplus reserve which is
now nearly twice as large as a week ago, al
though far below the figures for the correspond
ing dates in the last two years. and the appear
enoe Of that statement, which was regarded as
decidedly favorable, was followed by a small
rally, in which many stocks recovered a point
or so. Then came fresh selling under which the
gains melted away, and at the close practically
all stocks showed net declines for the day, final
prices being at or almost at the lowest.
Especially severe losses were recorded for
some OF the inactive issues, which have Of late
been looked upon with much disfavor by bank
officers charged with the duty of examining Sc
curiies offered as collateral for loans. One Of
the disquieting developments OF the day was
the calling of loans by the banks, which seldom
take such action on Saturday.
Mr.. Hsrriman's denial Of the story from San
Francisco affecting his roads follows:
No such orders have been given nor are they
contemplated. We are going ahead and attend
ing 10 business and meeting our traffic de-
mands SIS sensible business men should.
II Is perhaps haroly necessary ror me 10 say
that We are not doing anything extraordinary
taking a lot of and costly work; but
taking all steps required to keep our
properties In shape TO handle our business eff
GENTLY and economically.
II is, of course. ridiculous on its face that
we are discharging men by the wholesale, be-
cause the volume OF our business is far heavier
than II was q year ago, and the prospects are
that it will continue to be heavier for the next
few months at least, which is far ahead
one can safely see.
The following table shows the high prices for
the year Of some of the leading issues, their
low prices yesterday and the extent of the de-
ciiles: