New-York tribune., 1907-08-13
STOCKS FRUSTRATED.
MARKET DEMOR4LIZED.
Ne7o LozC Records Registered and
More to Come, 1t Is SAID.

VI ORC ~ L Omt, IL 4S DUtJ-
A stock market collapse more severe than any
previous one since the panic days Of last March
occurred yesterday many issues making new
low records for a series of years. and the feel
ing at the close being that the decline had still
further to Opening prices We're below Sat
urday's close under influence of the big decline
of last week and the London advices of demoral-
izatiOn in American stocks the market there.
and for the first few minutes the general list sold
off sharply. Standard dividend paying issues and
stocks of the poorer sort alike yielding under the
pressure of selling movement so heavy that for
awhile the tape was fully five minutes behind
the market
In the course Of this break losses running
high five points from Saturdays last fig
ures were sustained. the principal sufferers nat
uraly being the higher priced stocks A small
rally soon occurred. followed by another break
around noon and another recovery
In the last hour came the sharpest collapse
of the session. which brought most of the issues
down TO their bottom prices from which some
rallied feeby at the end of the day on short
covering, final prices IN a majority of cases be-
ing. however. the lowest.
The New York Central among the favor
ite targets of the bears. being forced down in
the late afternoon 10 1o2. its lowest price in a
number OF years. and closing at 1929. net loss
for the day OF 2s. points Another issue which
Jared badly was Consolidated Gas, which opened
at 1es. 3 points under Saturdays close. and
closed at 103h. a net decline Of IA points.
Great Northern opened fractionally higher. at
1922 but fell to 1I7A and closed S4 points un-
der Saturday. at 1881. American Smelling and
Refining common closed last week at 9Sa and
opened yesterday at 979s, declining in the last
hour to 90 and closing 951s. net loss of 80
points Some OF the other noteworthy net de-
clines were Amalgamated Copper. ga points;
Union Pacific. ga. that stock closing at 125
after having touched 122; United States Steel
preferred .: Baltimore & Ohio. 51s; Brooklyn
Rapid Transit, ga Missouri Pacific. 3b Della
ware & Hudson. 51a Pennsylvania. 2is: Louis
VILE & Nashville 3A, and Northern Pacific. 41.
The Interborough- Metropolitan issues sank to
ne,y low record levels. The common touched
1nIL and closed II above that figure. net loss
OF half a point. The preferred opened y down
from Saturdays close. at 3S@A. and zen 10 20
closing there. It's net loss being 61z points This
stock has been receiving dividends at the rate
of per cent yearly.
The a. per cent bonds. however. in which the
transactions were nearly S7O0.OOO par Vaiue'
were the principal sufferers, dropping IL points
from, Ga at the opening To So In the last hour'
There was later q 4 point recovery ana tneh an
other decline of u, the close being at 6612'
The bears We're active from the outset ana
odaod IN their selling was a large amount OF
lioridation Many accounts were closed out be-
cause of exhaustion OF margins, and as the de-
cline proceeded a great many stoP-loss ORDERS
1yera reached the execution OF which gave i'm
Letus to the movement.
THE general tendency in the Street was 10 al
+ribu+e the market decentralization largely to
the recent utterances of Attorney Generai Bona
parte fntimating purpose To proceed against
corporations not heretofore the oD)ec's Oh gov
arnment prosecution. As these offenders were
ia pXpi3iued
uneasiness has been caused. as investors ana
speculators have no idea where the hShtnilS
is going to strike" next, and are selling TO siite-
guard themselves against the uncertainties OF the
near future. Leading bankers and brokers' also
criticized Yesterday the attitude of the admins
tration toward the Standard OIL Company, al
leQfng that the vigor of the attack upon that
great corporation. which they admitted TO nave
been conspicuously sinner IN the past WAS
unsettling confidence.
whatever part these considerations may play
In affecting market sentiment. an unquestfon-
ably bearish influence has been OF late the state
of the money market as shown by the small
surplus reserve of the Associated Banks OF New
York on the eve of the heavy demand from the
Interior for moving the crops and by the steady
hardening of the rates for time money Never
theIess despite the lengths TO which the de-
cline in stocks has gone. there is panicky
feeling I'm the Street, and none Of the rumors
of innending failures, common on days of
market crash was in active circulation yester-
dav Although, as already said. the general
impression is that prices are due to go lower
hafore Improvement sets in. various brokerage
houses reported yesterday certain amount of
buv,np, by the advance guard of bargain hunt
ers some of the orders having come from points
in the. interior.
Standard Oil was once more the feature of a
rroaIr c,,rb market, falling 40 points from Sat
rrdav,s close to 425. its lowest for many years.
on soIes of 1876 shares. AT the close the stock
Was 42O bid 450 asked.
In the following table comparison is made
between the lowest prices yesterday and In
March of number of representative stocks.
most of them large dividend payers: