The sun., 1907-08-13
STOCKS LOWEST
FOR SIX YEARS

| tnat to-day the buyers will be more asser-
tive than the sellers, or that time may come
| IL is certain that some day 1t will have run
| its course and a normal condition will again
be establlshed. i hope that 10 is already
ended, but think 10 better that II run out
than that y be stayed by any pleas to any
one. IL will then be easier for the historian
or politician to ascertain the natural econo-
mic result OF policies advocated in high
circles.
There were rather persistent failure
rumors yesterday. but when names were
| mentioned they were mentioned very
guardedly; Many OF them, as Is the case
on every sharp decline, were doubtless pro-
| mulgated without foundation by bear
operators Practically all OF the others, no
doubt, TOOK their Inspiration from the quo
!. tations. As these were the worst for six
years, the rumors were natuWlly more
pientiful than on previous days OF the de-
chninG movement.
Apprenensons OF failures were as Keen
| IN the morning az at any other time OF the
uay. me break of 10 points at the open
ing following the sharp decline OF Satur-
DAY naturally produced fear that the sheets
would be mottled as they passed through
tne clearing house. AZ ii O'CLOCK they
were reported clear. Many loans were
called IN the course OF the day, but bankers
generally reported that borrowers had re.
sponoeo promptly 70 calls Tor addltional
security. In the majority OF cases II was
sald tnat the margins nad been protected
WITHOUT uemanu from the banks.
Inc DAY opened With disconcerting
reports from abroad. Inc London market
was nervous and unsettled. for the Continent
was asking Tor gold which London was
iosth 10 give ana berlin. whicn was seiiing
american STOCKS 1reeIy. was nervous over
tne condltion OF one OF It's banks. American
STOCKS dechned very sharply IN the London
market IN consequence. and very heavy
selnng orders were sent over from both
Donuon ana bernn TOT execution IN the
carry traoing mere
BROKERS on this SIDE had multitude
OF seiing orders. many OF which had ap-
peared In the Monday morning mail. Re
nection over the drastic anti-corporation
uevelopments OF the week had apparently
lntensined tne alarm OF investors, lhe
number OF selling orders 50 far overmatched
saw the lhpoes,Olnty OF executing tnem
az G prices even close 10 saturdays closing,
Inc rush TO execute them at the smallest
Possiple concessions from saturday prices
drought apout the most exciting opening
trading OF the year. About the same posts
dlnerent prices. me trading was on an
enormous scale ana the excitement intense
In the course OF the execution OF these
early orders Northern Pacifc had dropped
points below saturdays close: Canadian
racinc, IN whlch seihn9 ORDERS Tor London
ana berhn were particularly plentiful
was on points 10 los Soutnern racine
quIckly SOLO ooWh 10 wa lts lowest as y
per cent. s,och; Union accompanied
wNh drop 10 SO, 81 points below Satur-
uay closhg. New low records Tor the
year were made IN majority OF the active
stochs; ureat northern, lot instance, sell
ing peiow any price contained IN most OF
the BOOKS on stock statistics
me uriVe on tne copper ana sneiting
STOCKS was also noteworthy. In addition
10 Jne arguments ADDle1 10 ln0tlCe selling
oI Ine genera nst tnese we're anected by
reports oi business recession. A decline
III the pIloe Oh oar slNeI III Eonaoh was
All argument ior tne sde OF omeiters'
Tcn ,ha corporaslon pS very PIomlnent IN
L.e sNer rT !aue oi Ine ~orio. ometers
proke y. points under u 70 W.. new low
ne uenahu IoI copper was sald. hsd
come Tp 10 oe % %nnuGn Less snah the supply.
me copper .raue nau Iet the business
reacuoh Io gea'er extent tnan any
otneI. 1nueI Ihese aISuIneI.s ana the
general hquidatlon Amaigamated sold on
70 70 70, as conlPareu Nun closlnE price
Oh 4Ie on oa' wn,le leanaconua dropped
' points 10 ~ urahpy, reatlVeY IN
actNe copper s'ock; Iared much worse
losing l'* points III TINS ana dthesubsequent
trading
hitogelner at least Two score STOCKS
estanneheg new low RECORDS IN the early
tTaulng. ne nnaIkeI seefneo entre'y de-
moranzeu. rurcnas'ne power remained ior
30 - N''''
purchasing power. put IN some OF those
not 40 active specuiatively there was no
response Whatever to selling orders. Ire
general conollon was me closest approach
70 panic marker that mas been seen slnce
last week Monuay' when the uo~nward
movement oegan
support from lnsders IN many large cor
porauons was lnterposed at TINS Juncture
AS on Two occasions last week when de-
morahzauon accompanied the decline,
buying orders were sent in 70 prevent a
complete collapse OF prices Ihey were
very well distributed throughout the active
list ana the support was continued until
a prisk rahy showod tnat the Crisis was
over. ~ was tnen withdrawn as suddenly
az u had been injected, ana the market
was & asaln left TO take care OF Itself
mere 10 support, said one prominent
noor broker, "sufficient TO avert panic.
mere 10 none 70 hold up the market 20
absorb nqhdauon or TO stay falriy rapid
recession IN quotations
The market became dull and sagged in
the midday, trading but between ! and
o'clock under fresh exertion OF selling |
pressure sold on TO lower prices than had |
been made IN the feverish trading OF the |
morning. The trading was not so active |
In this second reactionary period. how
ever, nor did the market seem 40 demoral- |
lzed. The downward trend was melting |
away OF prices similar to that which |
brought such sharp declines on Saturday.
There were heavy offerings OF stocks but