The Montgomery advertiser., 1907-03-26
HAD VIOLENT SLUMP
GREAT SELLING MOVEMENT WITH
 OUT APPAREcST CAUSE.
Monetary Situation Did Not Seem to Attract Much Attention But Persons Wanted to Get
 Rfd Of Stocks

New York. March 2s There was a violent slump in prices on the Stock Exchange today, accompanied by ex- citing trading. but without news to ae- count for it other than q decline in metal prices in London and higher rates for call money
 The monetary situation did not seem to attract much attention, however, and according to brokers and members of banking firms there was nothing to explain the rapid melting away of prices except that holders of stocks wanted to sell, 9i1ena and apparently without regard to the price they got tor their shares.
 American Smelling was one of the weakest features, falling an extreme 131-4 points, but the U. S. Steel Cor poration shares and the railroads also made wide declines It was notewor- thy that throughout the day there was entire absence of the disturbing ru- n1ors of fortnight ago to the effect that important failures were impend- ing.
 Bankers generally said that no one was in difficulties, that brokerage houses had protected themselves with ample margins and that whatever might be the underlying cause of the recent precipitate declines in market quotations they did not believe that 1t was fear of any one falling to meet his liabilities.
 The market opened irregular with some stocks showing a rather strong tone, among them Canadian Pacific, which was up points. The huctua- tions were extremely nervous immedi- ately after the opening and 1t was only few minutes until the entire list had weakened and prices were breaking wildly The selling seemed to be urg- ent and there were wide defines be- tween sales. The volume of the sell ing orders was so great that 1t would have been impossible to check the de- cline even If there had been attempts Amalgamated Copper. United States Steel, Union Pacific, Northern Pacific and Reading went down without re- straint, carrying with them the gem era1 list without exception. Brokers everywhere had heavy orders to sell and the scene on the floor of the ex- change was one of considerable excite ment and confusion as the excited traders sought to execute their com missions.
 After the first demoralization there came a quieter period of trading and the market steadied itself only to give way again just as soon as the pressure to sell was resumed. Favorable fea- lures such as the better feeling in Eu- rope, the reassuring interview with Lord Rothschild, gold engagements in London and an announcement of fur- thsr Government aid to the money market which ordinarily would receive attention were practically ignored. Several times during the day the mar ket. showed signs of steadying but as soon as prices had rallied point or two another flood of selling made its appearance and the ticker resumed it's record of crumbling quotations.
 Toward the close of the day a buy ing demand apparently to close out short contracts appeared and gave prices a rally At the last the market was excited and irregular with quota tions better than the lowest but show ing wide declines from Saturdays fg- ures