New-York tribune., 1907-03-15

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Inc severe stock market decline OF the last
few days developed yesterday into real panic.
which In some respects surpassed in seriousness
the 9aric of May 9. 1901. the day OF the cul1ni-
nation OF the Northern Pacific corner On the
latter occasion the maximum losses were larger.
but there was a recovery which made the net
losses at the close smaller as &. rule. than were
yesterdays, while the peculiarly disquieting feat
ure of yesterdays market was the fact that no
resiliency was shown. final prices being the worst
Of the day. as those OF Wednesday had been
around the lowest Of that day. The relief meas
ures Of the Secretary Of the Treasury were not
made known in the Street until long after tho
close OF the market.
IKE opening showed little change from
Wednesday night. but prices soon began TO
yield. declines which ordinarily would be con-
eidered large for an entire session being quickly
scored.
A small rally occurred IN the second hour,
but little after noon came tremendous cut
pouring Of stocks, under which prices literally
crumbled away
Toward , o'clock a report spread that the
Secretary OF the Treasury would deposit S2O.-
OOOOOO in the banks. but speedy denial OF this
rumor came. and in the last hour the food OF
liquidation and short selling swept over the mar
ket in redOubled volume and destructiveness.
such enormous declines from the highest OF the
day resulting 24ss points in Reading. 2514 in
Union Pacific 1Tls in Delaware & Hudson. Is
in Northern Pacific. 129s in Southern Pacific.
141s in St. Paul. 1875 in Amalgamated Copper.
21 in American Smelling and Refining. II in
Great Northern. 91s in Pennsylvania and 10 IN
Sheffield. The final losses shown on the
day were in some instances less than these fig
ures. but the great majority Of the issues closed
practically at the bottom.
There had been rumors Of houses in trouble on
Wednesday. but all sheets were cleared yester-
day morning. These rumors persisted YESTERDAY
and the opinion was expressed IN good quarters
that this morning might bring one more suS-
pensions. The banks and trust companies. how
ever. reported a surprisingly general and prompt
response to their calls borrowers for addi-
tionaI margin on their loans. which led TO the
belief that the panic might. after all. have Ii
resulting failures.
AS 70 the banks themselves. the situation vas
satisfactory Clearing House officials. while
they had no formal conference. kept in clOse
touch with one another comparing notes and
striving TO place the possible weak spots IN
the market According to the president Of q
prominent Clearing House institution. how
ever. not a single bank had asked or needed
financial assistance.
brokerage houses themselves did not know at 8
o'clock lust where they stood The principals
were tired out after their anxious day. which
wss everywhere declared to have been the worst
in their experience. and their clerks had no less
arduOus time. The lights burned late last
night ir all Offices. the ONCE forces being busily
engaged in going over the books and sending
out overnight calls for margin TO customers
who were still long Of the market
Most OF the weakly margined accounts had
gone by the board before yesterday. and in that
fact is the strength of the present situation It
was n rich mems panic yesterday, the brunt Of
the losses falling operators who will be able
TO sustain them and whose losses represent IN
large measure the disappearance OF great paper
profits.
All dav long the triumphant bear party. ct
which the Rock Island group said to be- tho
leaders kept attacking the market. as they have
been assailing it with such success for many
weeks. The rise in the call money rate. which
In ,the late afternoon touched % per cent, gave
them renewed courage. just as 1t brought re-
newed fear into the hearts OF those long of
stocks.
The decline gathered headway as II proceeded.
the liquidation becoming more and more urgent
and extensive and mass Of holdings being
thrown over on the reaching Of the stop loss
orders on them. On the Stock Exchange ths
scene during the day was one OF constant ex-
element which watched by a large NUM-
Der Of visitors of both sexes IN the galley, AID
brokers' offices were thrOnged with customers.
including some bargain hunters. EveTywhers
in the Street were signs Of the panicky situation,
Restaurants commonly filled with the hungry On
the early afternoon We're yesterday half empty.
for instance and messengers We're buying sand
wiChes for employers TOO busy and too anxious
10 venture from their offices and heir tckers.
Various alarming rumOrs were in circulation
IN the course of the day. the most serious being
that Kuhn Loeb & Co. had broken with Mr..
Hartman and had asked him to take back Sc
curisies. This report promptly denied on
the highest authority but II did effective work
in depressing prices IN the interval between its
appearance and that OF the denial There was
also a rumOr that the Attorney General o. the
tinted States was to seek the Indictment Ot
Hartman and II was declared also that the adj
ministration had announced that its attituds
toward the railroads was unchanged. the Street
drawing the inference from this that the coming
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