Los Angeles herald., 1907-03-15
Panic in Wall Street
Is Narrowly
Averted
New Low Records Set
for Many Leading
Stocks
Southern Pacific SIumps ga and
Union Pacific 20 3-4 Points Dur
ing the Day-Many Ru-
mors Afloat
BY Associated Press.


NEW YORK, March 14.--Under the
effect of 25. per cent money and the
generally pessimistic sentiment deve-
oped as a result of the recent heavy
decline, trading on the stock exchange
today reached a stage of demoraliza-
ton bordering on actual panic.
The worst period of the day was
shortly before the closing of the stock
exchange session, although there was
an extremely violent falling off in
prices between IL and 1 o'clock New
low records for the year and in some
instances for several years were es-
tablished in the active speculative is
sues under precipitate selling, with
the market apparently without buyins
orders than those of the bears to cover
their short contracts and realize their
profits.
The closing quotations showed the
following declines for the day in lead
ing shares: Amalgamated Copper,
TN; American Smelling. 1915; st. Paul,
1874; Consolidated Gas. z; Delaware &
Hudson, 19A General Electric, 91s;
Great Northern, 51s Minneapolis, ST.
Paul & Sault Ste Marie, 6B Missouri
York Central, 6; Norfolk & Western,
IA Northern Pacific, 8; Pennsylvania,
61s Reading, 20A; Southern Pacific,
5% Twin City Rapid Transit, s; Union
Pscific, 20% United States Steel, 3B i;
and United States Steel preferred. 8. In
most instances even these figures do
not represent the extreme declines.
Reading closed points above the low
est and Union Pacific Az above the
lowest of the daV
Total Sales Large
The total sales were 2,719,9O6, the
largest total on any day of the recent
trading.
The announcement of government re-
lief for the money situation was not
received until after the close of the
stock exchange.
other than higher money and the
generally bearish feeling there was
nothing to account for the markets
weakness unless it was the nervous
ness of stock market traders as to the
attitude of the national administration
toward the railroad corporations.
Just before the midday break ru-
NOR was circulated and was given Gre
dence to the effect that a banker who
had Just returned from Washington
had reported to his friends that the
president had declared that his views
as to the railroads had not changed
and that he saw no reason to change
them at this time. For several days
Wall street had taken the view that
the heavy decline had not been with
out effect in Washingtonu and that a
modification of the attitude of the
president and the interstate commerce
commission toward the great trunk
lines might be looked for.
Causes Disappolntment
Great disappointment was expressed
at the news credited to the banker
quoted as authority for thes statement
that there will be no such change. The
banker himself when approached on
the subject by newspaper men said he
did not care to be quoted further than
to say that he believed the adminis-
tration thoroughly understood the
financial situation and the conditions
as they applied to railroads and in
dustrial corporations.
Rumors in circulation during the
afternoon that government relief
might be looked for, official confidma-
ton of which was received after the
close, were without effect on the stock
market trading. None Of the reports In
circulation yesterday as to foreign diff
ficulties received confirmation today,
and, In fact, the London market
showed advances for American securi-
ties.
This fact, however, was without ef-
feet on the New York exchange, except
sfor short time after the opening of
trading.
Business on the New York exchange
started rather quietly, apparently in
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