The Montgomery advertiser., 1907-03-15
BORDERED ON
 PANIC STAGE Sensational Decline in
 Prices. A PEssIMISTIc SENTIMENT New Low Records Reached On Wall Street Market. other Than HisA Money and general Bsarish Feeiins Drop was caus- ed by Reports of Adverse
 Lex,siation.
 

New York. March 14. --Under the err feet of twenty-five per cent money anu the generally pessimistic sentiment oe veioped as result of recent heavy decline. trading on the stock exchange todav reached stage of demoraliza- ton bordering on actual panic
 The worst period of the day was shortly before the closing of the stock exchange session, although there was an extremely violent falling on m prices between 12 and 1 o'clock, New low records for the year and in some instances for several years were es- tabiished in the active speculative is- sues under precipitate selling with the market apparently without buying or ders other than those ox the bears 10 cover their short contracts and realize their profits. The closing quotations showed the following declines for the day in leading shares:
 AmaIxamated copper, II 3-4: Ameri- can Smelting, f6 1-s; St. Paul. l3 1-4; Consolidated Gas. T; Delaware and Hudson, 1s IA; General Electric. 1-2: Great Northern, 1-2; Sault Ste Marie, 6 7-S; Missouri Pacific 1-4; National Lead, 12 s-4: New York Gen. trai. 6: Norfolk and Western. T 1-4: Northern Pacific. 8; Pennsylvania, 1-2: Reading. 90 3-4; Southern Pa- cific, s s-4: Twin City, 5; Union Pa ciac. 20 s-4; United States steel. sl-s and pfd. {.
 Tn most instances even these figures do not represent the extreme declines as Reading closed two points above the lowest: and Union Pacific Ia above the lowest of the day. The total sales were 2,7is,sds, the largest total on any day in the recent trading. The announcement of government relief for the money situation was not re- ceived util after the close of the stock exchange.
 Other than high money and ees the general bearish feeling there was nothing to account for the markets weakness unless it was the nervous ness of traders as to the attitude of the national Administration toward the rnfiroads Just before the midday break fufner was circulated and giv- en eredence 10 the effect that a banker who had just returned from Washing ton had reported to his friends that the president had declared that his view towards the railroads had not changed and that he saw no reason to change them at this time
 For several days Wall street had taken the view that the recent heavy declines in securities had not been without effect in Washington and that modification of the attitude of the president and the Interstate Commerce Commission toward the great trunk lines might-be looked for Great dis appointment was expressed at the news credited to the banker quoted as authority for inc statement that there would be no such change. The bank CT himself when approached on the subject said he did not care to be uuo- ted further than to say that he be- lieved the administration thoroughly understood the financial situation as 1t applied to railroads and idustrial cor porations.
 Rumors In ejaculation during the af- ternoon that government relief might be looked for official confirmation of which was received after the close, were without effect on the stock mar ket trading. None of the reports in financial difficulties received confirma- tion today.
 Business on the exchange started rather quietly apparently influenced by the better prices in London but be- fore II o'clock a heavy selling move- from one to four points. Union Pacific led the early decline with break Of three and one-half points to i42, and Amagalamated Copper followed with drop of three and three-fourths to g5, United states Steel offered more resis- tanee than most of the stocks and af- ter selling at thirty six 1t rallied to above thirty-seven, hoping to steady the balance of the list,
 Business Fell Oef.
 As prices steadied there was a falling off In business and the market remain ed relatively quiet until between l2 and o'clock when the bears centered thelr efforts on Union Pacific. Reading and Copper. The whole list was affected by the rapid falling off in these shares and the scene on the stock exchange became one of wild confusion. There seemed to be no support to the market and trading became demoralized This downward movement seemed to spend it's force in a short time however, only to be succeeded toward 1:30 o'clock by the widest trading that has been seen on the exchange since the Northern Pacific panic of 1901 Reading fell rapidly to below par, getting down as low as 96 l2 while Union Pacific went to 131. St Paul to 130 and Copper to e7. At this time the traders thought they had seen the worst of the day but still more sensational declines with the most excited trading scenes came just before the close of the market. Brokers who had called on their GUS toners and who had not received sat isfactory response threw over their stocks almost without regard for the -prIces they would bring and 1t was in this slump that the extreme low prices were reached, copper selling at 80. At- chison at S2 5-6; Baltimore and Ohio s5; canadian Pacific 167; St. Paul f25: Penna IA; Reading 9t; Southern PacI- fic 69 3-4 and Union Pacific l2O IA.
 MOrawetz Talks.
 Victor Morawetz. chairman of the Atehison, Topeka and santa Fe Rail- road. had the following to say as to the causes of the present depression in financial circles:
 T am satisfied that the present de- Dression on the Stock Exchange is caused almost entirely by the senti- meat and vague fears. most of which are unfounded. Speculators for a de- cline have taken advantage Of this con- SIfIon of mind and have used every trick and artiflce in order to depress values with the result that many weak or timid holders have been led to sell at a sacrifice
 ~Fears are entertained by many that railway steeka and bonds havs ceased te Do a safe investment bse&uas Of ths