The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-24
Another SLUMP
IN THE M ] \ ! 1: I
'ort Day Called for Unusual
Activity Among the
Bears.
ALL PRICES SHOWED BREAK
Money Was Plentiful and Cheap
iii London and Trading Was
Small.

! NEW YORK. March 23-Another de-
morallzed slump In stocks when dealings
began to-day revived a great part Of the
nervousness and apprehension prevailing
In the panic period Of last week. Yester-
days violent break in the Eries and Cana
dian Pacific paved the way. to some, ex-
tent, for the action Of the market to-day.
| Tho particu weakness, however,, SEEM
ed to find its origin In foreign markets
although the unscttlcment abroad was In
part reflected from the New York market.
The advance In the bank Of France dis
count rate earlier In the week has aroused
acute uneasncss over the coming April
settlements, which ere Of Importance IN
all money markets. In London. also.
stock market settlement begins on Mol:-
day. At that time the discrepancies IN
prices Of securities since the last settle
mcnt, two weeks ago, have to be made
good. This was held to account for the
particular OF Canadian Pacific, which
holds an important place In the depart
mcnt OF American securities on the Lon
don stock exchange. That stock sold
| at lGO and 1853 on the first sales here, co M
pared with 163M last night. Further Of
ferings broke the price to los, an interval
| of ~ points between sales being marked
| on the declines. Union Pacific at the
same time ran of Az, to l29. Reading and
the Hill stocks fell from 8 to Sh Colo
! RADIO Fuel and American Locomotive 2Sl.
Delaware and Hudson 2L Amalgamated
Copper and Anaconda 21s and practically
all OF the most active stocks from to 2
points.
Canadian Pacific rcbounded 4 points Inn
mcdiately, and there were other rccoveries
| Of 1 to 2 points on the rush Of bears to
cover and take profits. Liquidation WAS
continued, however. and drove prices
| downwards again and the tone was weak
and fluctuations Wild On the street 1t
was said that the early selling OF Cana
dian Pacific was for account OF pool
| which had been operating extensively in
| this market and London; that the re-
| sources Of the pool had been greatly
| weakened by the markets general de-
cline, and that as a result it had been
| found necessary to throw over large
! part of its holdings.
| There was a substantial rally In the
| market before tho appearance OF the
bank statement. but In the last half hour
! OF the session prices, With very few
| exceptions, touched the lowest level of
| the day before q fresh oupouring OF
stocks from all directions. Union Pacific
| receded an extreme 4 ga. Northern Pacific
/ 51-2, Great Northern preferred 1872,
| Southern Pacific and Illinois Central &.
i Amalgamatcd Copper 3 Is Louisville and
NASHVILLE, Consolidated Gas. Interborough
Metropolitan preferred and United States
! Rubber 3. Brooklyn Transit and Ameri-
| can Smelling ga. and others substan-
1 TALLY lower than on the first dip. The
declines were contested at the lower level
i and shorts were disposed to cover, throw
| Ing the late market Into a very feverish
/ and unsettled condition.
Bankers with foreign connections report
4 ed very discouraglng advices from London
and Berlin. In London the curb" was
i after the usual closing hour. On the Ber-
| lin bourse conditions were said to be semi
panicky by local bankers. Tho feeling
| hero after the close Of the market was
i one OF extreme depression.