New-York tribune., 1907-10-24
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.
net changes, follow:

What with one large trust company refusing
TO open its doors. the depositors OF another
prominent banking institution clamoring for
cash. the suspension Of a big industrial
poration, the closing of the Pittsburg Stock Ex-
change and call money loaning at 125 per cent
and little to be had even at that figure. the
stock market had a situation TO face yesterday
which was almost unparalleled in this countrys
history. That il refused TO become absolutely
paniclIy and stood up with surprising strength
under such serious conditions ought to go
/ long way toward restoring confidence.
/ There were heavy and sensational declines in
| certain issues to be sure and many new low
prices for the present year and movement were
recorded but there were firm spots. notably
Amalgamated Copper. American Smelling. the
| United States Steel issues, Pennsylvania and
New York Central, and there not that
reckless outpouring of securities at panic prices
which marked the trading on Tuesday. Toward
the close a moderate rally developed and.
though the market decidedly nervous
throughout and specialties suffered extreme de
clines. the market leaders did not sustain as a
rule losses of large proportions.
Union Pacific the weakest Of the spec
ulative favorites and sold down to a new low
mark Of 1o7A right at the opening but it was
worthy of note that it did not sell again as low
as at the opening. and closed at t0Sb, suffer
ing net loss of 37s points Atchison and Bal
timore G. Ohio were also weak, losing and 3 Il
points, respectively. and closing near the bot
tom. st. Paul and the Fill stocks, on the other
late, despite the fact that both Northern Pa
cihc and Great Northern were at new low
marks ut the opening. American Sugar was
active and weak, selling at par for the first
time in years and refusing to rally substan-
TALLY. Canadian Pacific also made a new low
point at 153. as did Southern Pacific at 65h
Both, however, showed good rallying powers
and the net losses small. Pennsylvania
and the New York Central stood out like bull
warks during the entire session. the former
nfr1tr Anar
IS. Anaconda. too. strong in sympathy
with the other mining shares, and was up 3.
on the day
The comrlou and preferred SteeIs were firm,
the common gaining "a over Tuesdays closing
price. after Ipaking a new low record at 217a and
the preferred losing only rs. The other favorito
Morgan issue. Erie common. did not do so we'll
however. showing more weakn ess than for some
time. 1t established low record for the
year at 1612, but closed at IS. The first pre-
ferred lost 3 points. Delaware & Hudson was
weak, rejecting it was understood, sales on ac-
count of the failure of Mayer & Co. on Tuesday.
It sold down to 128, a low mark for the
movement and 991 points below its high figure
for the present year, 22712 At It's low point it
showed gross decline for the day of II points
but it rallied smartly and was only 6H points
down for the day.
The heavy declines In Westinghouse. General
Electric and New York Air Brake stocks had of
course, a natural basis I'm the announcement
from Pittsburg that the Westinghouse Electric
and Manufacturing Company would go into ths
hands of receiver, with most of its allied and
subsidiary concerns The tightness Of money
was given as the reason The fact that the
Pittsburg Stock Exchange ordered closed
made New York practically the only market open
for the Westinghouse securities. The stock opened
at 62, off 177s points from Tuesdays close and
ON heavy liquidation declined steadily and with
out rally to 341a. closing at 50. with a net da-
cline for the day of a. q points. General Elec-
trio broke II points and then recovered 7, los
ing II points for the day. New York Air Brake
opened at TO- off Is points. and closed at u.s.
down 10 points for the day.
At the close of the stock market $200, 900 was
loaned at 125 per cent and at least s5,OO00OO
more was wanted 1t was thought that manv
OF the brokers would have to fall back on the
mercy of the banks unless they succeeded in
finding accommodation after the close of the
market. The banks do not like to have to take
care of customers under these conditions but
doubtless win do where II is necessary