New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

Genuine liquidation helped By professional SELL
ing pressure. the latter catching many stop
orders Of commission house accounts brought
about a condition of panic on the Stock Ex-
change yesterday. Extensive declines were made
in active and inactive Issues carrying prices to
new low records for the year, in the greater
number of securities to the lowest point touched
in the last five years. and in some cases TO d
level near the low points made in the Northern
Pacific panic Of May @ 1901 No news develop
ments affecting adversely the industrial situation
Of the country accompanied the downward
movement there were no failures among Wall
Street banking houses, no trouble Of importance
was reported in the foreign markets and no
reasonable excuse outside of speculative and
monetary conditions could he advanced for the
volume Of selling that practically swamped the
facilities Of Stock Exchange machinery A
weakened speculative position was again used
oy the bear element 70 hammer prices. and the
success of the movement was reflected in maxi
mum losses that ran from : 10 % points in
the active list with the heaviest declines in
Reading, the Hartman shares, the copper issues.
Northern Pacific. Great Northern St Paul Mis-
souri, Pacific, American Smelling Brooklyn
Rapid Transit. Consolidated Gas. Delaware &
Hudson, Louisville & Nashville Missouri Pacific.
New York Central and Pennsylvania declines
in Louisville & Nashville to 2O& in Union Pa
ciie and Reading. When the selling movement
was at its height shorts covered actively
throughout the list. hut the volume of actual
liquidation was heavy that the buying by
the bears made no impression upon values be
yond a point so. which was shown in some
Of the final prices Wall Street had the report
that certain stock market interests were gun
ming for a prominent railroad hnancier The
course of Union Pacific was seriously studied
before and after the close Of the exchange. Call
money was as high % per cent.
Tie decline of the last two days naturally has
created a feeling Of the gravest concern in many
Wall Street quarters. but so far this sentiment
has not extended beyond the confines of the
speculative and banking community A panicky
and hysterical condition exists in Wall Street,
and big interests who are being affected by the
decline are appealing Washington for assist
ance. asking for declaration from the Presi-
dent that the administration does not intend to
drive the railroads out Of business or for some
statement that will bring the public back TO
the market to the end that current panicky
downward movements may be brought to an
end. The public needs no reassuring statement
from the President because the public knows
that there is nothing in the attitude of the ad-
ministraton regarding the country's business
that industrial conditions are sound and that
the troubles in Wall Street are almost entirely
a Wall Street affair. If investors throughout
the United States become alarmed over the de-
cline that has taken place in securities the effect
on business in general VIII be bad but there is
no indication that the great army Of investors
in this country intend TO throw over solid Amer
lean railroad and industrial stocks and bonds
owing to the speculative panic that is carrying
investment securities to a most attractive buy
ing level. The fact that the decline yesterday
reached the proportions of a panic without the
announcement of failures among Wall Street
houses practically was without precedent in the
history of the Stock Exchange, but while no
trouble Of this sort developed it was thought
that there might be something Of the kind in the
course OF the week as a direct result of tn,
slump in quotations in the last two days one
reason for the strength Of commission houses is
found in the fact that they have not been car
rying stock for the so-called public on small
margins. Accounts that have been on margin