The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1907-03-15
Crushing Decline in Prices Marks
Trading at New York.
ALL STOCKS ARE HIT HARD
AmaISamated Copper and Hartman
Shares Among Worst Sufferers.

New York. March 14.-Under tho
effect Of rs per cent money and the
generally pessimistic sentiment do
veaoped az result of the recent heavy
decline. trading on the stock exchange
today reached a stage Of demoral1za-
ton bordering ON actual panic. The
worst period Of the day was shortly be-
fore the closing of the session, al
though there was an extremely vio-
lent falling off in prices between 12
and o'clock. Nominal records for
tins year, and in some instances 9oc
several years were established in she
active speculative issues under pre-
cipitate selling, with the market ap-
pagontly without buying orders other
taan thoa Q Of the bears TO cover their
aaaort contracts and realize their
PROFITS Tho closing quotations showed
taa following declines Tor the day dn
leading ahares
Amalgamated Copper. 17A; Anegi-
can Smelling, 161s; st. Paul, 1sM:
Consohdated Gas. z; Delaware e
EEadSon, 1914; General Electric, s1d:
Great Northern. 51a; Minneapolis. st.
Paul 6 ut. Marie. 6N; Missouri Paei-
ac, TX; National Lead. 1291; New
Eark Central. 6; Norfolk g. Western.
79h; Northern Pacific. 8; Pennsylvan-
ia. GAs; Reading, 2esa; Southern Pa
ol6c, 5N; Twin City Rapid Transit.
S; Union Pacific, 2OA: United States
steel, 3As; United States Steel pre-
ferred, 4.
lin most instances even these figures
do not represent the extreme declines.
MS Reading closed points above the
lowest, and Union Pacific AZ above
the lowest of the day. The total sales
were 2.71e.9oe.
Business on the exchange started
rather quietly, apparently Influenced
by the better prices in London, but
before II o'clock a heavy selling
aaovement was in progress and pricee
lost from / to points. Union Pa
oaf1c led the early decline, with o
break of S1s points, to 142; Amalga-
mated Copper followed. with decline
oa sA, to 95. United States Steel
aefered more resistance than most Of
the list, and after selling at SO, raj.
lied I'd above 81, helping to steady
the remainder OF the list. AS prices
sheadied there was falling or in
basineSs, and the market remained
relatively quiet until between IL and
1 O'Clock, when the bears centered
their efforts on Union Pacific, Read.
ing, and Amalgamated Copper. The
whole list was affected BY the rapid
falling of in these shares, and the
scene on the stock exchange became
one of wild confusion. There seemed
to be absolutely no support to the
market, and the trading became de
moralized.
Many Closed Out.
This downward movement seemed
to spend its force in short time
however, only to be succeeded TOWARD
1880 o'clock by the widest trading
y that has been known on the exchange
since the Northern Pacific raid o.
1901. Reading 1ell rapidly to below
par, getting down as low as 961s
while Union Pacific went to Isl, St
Paul Ito 130 and Amalgamated Copper
to 81. At this time traders though
they had seen the worst OF the day
but still more sensational declines
with the most excited trading scene
came just before the close of th'
market. Brokers who had called o.
their customers and who had no
received response threw over thei
stocEs almost without regard for tn
prices they would bring. nd it wa
in this slump that the extreme 10y
prices were reached, Amalgamate
Copper selling at 80, Atchison at s25s
Baltimore & Ohio at 95, Canadian Ps
cific at 167, st. Paul at 125, Pennsy
vanih at ia, Reading at 81, Souther
Pacific at 69A and Union Pacific q
12o1A. After the most urgent sellin
had been accomplished there wer
sha1 1p rallies in a number OF th
shares, most OF the leaders closiE