The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-22
WALL STREET
HEAVY UNLOADING O
O AT OPENING.
Declines of Two and Three Points on
Leaders the Rule-Few Exceptions
to General Slump.

NEW YORK, Oct. 22.-The stock
market opened in great disorder and at
wide declines in prices under a heavy
unloading of stocks in all parts of the
list. Losses in the principal active
stocks were quite uniform between 2
and 3 points. In excess of that decline
were: Reading Az, Canadian Pacific
50, Union Pacific 3h, Amalgamated
Copper 81, and Southern Pacific, Mis-
souri, Pacific. Delaware and Hudson and
American Ice about 3 points. There
was a handful of Isolated gains in con-
trast to the prevailing slump. American
Car preferred rising Ia and Sloss-Sheffield
Steel l.
II 4 .n.-The decline was stopped
momentarily when the supporting orders
were executed, ~Amalgamated Copper raj
lying 2 and a dozen or more stocks from
1 TO ~. Large sales were then made oil
the U. s. Steel stocks and the market re-
ceded again, but did not generally reach
the low point. Another rebound in prices
occurred. but the market showed the eff
fects of continuous liquidation in spots ana
was lowering around the low points at IL
o'clock. New York Central was sold eX-
tensiyely and touched 9S. Lackawanna
dropped 10, Westinghouse Electric 5, Della
ware and Hudson S%, Northern Pacific 4,
New York Central ga, st. Paul and Con-
solidated Gas 8, Atlantic Coast Lint ana
U. {. Steel preferred 2k, and Baltimore
and Ohio, Anaconda and Peoples Gas z.
Pullman exceptionally gained 2 and Corn
Products preferred ~.
IL m~.-Lquidation continued intermlt-
tently in heavy volumes through the
morning. This selling developed support
ing orders on a scale downwards which
regulated the rate Of the decline. There
were very wide drops in prices between
sales. The fall in prices, however, was
violent. L Northern Pacific 1t reached z
points. Delaware and Hudson, 6ss; Ameri-
can Ice, Westinghouse Electric, Union Pa
cific and Reading, 6; General Electric,
5H; Illinois Central and American Smelt-
ing, 5; Chicago, ST.. Paul( Minneapolis and
Omaha and Southern Pacific. Az; st.
Paul, Az; Great Northern preferred, 4,
and Louisville and Nashville, Atlantic
Coast Line, Northwestern. U. s. Steel
preferred. n the National Lead stocks,
3 to S&. Bonds were weak.
l D. m.-The first spasm of liquidation
was precipitated by the announcement that
the Knickerbocker Trust Company had
temporarily discontinued paying out cash
to depositors because it was unable to Sc
cure sufficient currency to meet the de-
mand. Calling Of loans evidently played a
pa Ii AAtA 4CAt('A tAAAAAo 0NA1
rate ran up to 80 per cent. Northern Pa
cific was carried down SIS, Reading TX,
Union Pacific ~. st. Paul 6R, General
Electric I. Southern Pacific, 6, Manhattan
81, Great Northern preferred and Metro
politan Street Railway s, Canadian Pacific
and Atchison AZ and Pennsylvania n
Peoples Gas 319. There were feverlsh raj
lies of a point or more at l o'clock.
2 p. m.-The market became much
quieter after the spell of liquidation
prompted by the closing of the doors of
the Knickerbocker Trust Company had
spent its force. Rallies of between 1 and
2 points followed. A feature was a sale
of 100 shares of Westinghouse Electric at
", following a sale at 81 earlier in the
day, and compared with 1903 yesterday.
New York, Chicago and st. Louis second
preferred declined 10. and Knickerbocker
lee 21As. There was a fall of 5 points in
General Electric, Z In American Locomo-
tive preferred and Consolidated Gas. 6 in
Wisconsin Central preferred, 81 In Peo-
Gas, and 5 in Union Pacific preferred
and Brooklyn Transit.
3 F. M,-The market closed generally
firm at the rally. The most extensive
rally of the day occurIed in the final hour.
when uncovered beaIk bought on an ex-
tensive scale. Delaware and Hudson had
sold 10 under last night; Union Pacific. so;
Minneapolis, st. Paul and Sault Ste Marie,
S1A; st. Paul, N; Great Northern pre-
ferred, 61s, and Atchison, 5s. The rally
ran from 2 to 4 points where losses had
been below the price previous to today.
There were a few renewed breaks In the
late dealings.