The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-19
PANIC PRICES
IN WALL STREET
Stock Market in a Condition
Bordering on Demoraliza-
ton Most of the Day.
COPPERS LEAD THE SLUMP
PURGING PROCESS NOT VET
COMPLETED.
COPPERS LEAD THE SLUMP

New York, Oct 1S.-The fall in prices
In some stocks today equals that i'm somt
of the panic periods of the past. The
market was at times in a condition bor-
dering on Decentralization. Conditions at
no time. however, slipped into actual
panic, although there was ruthless
slaughter of values that bore a close re-
semblance thereto. At no time, however,
Was the whole list embraced in the
slump. There were points of compare
tive resistance throughout, but these
grew less as the day progressed and the
weakness spread throughout the market.
Another feature of the market, compared
with the slumping periods or the past
Is the comparatively small volume OF
trading, dealing for the day rising put
little over a million shares. compared
with 100000 to over 100000 shares IN
similar periods of past markets.
This is the result OF the retirement from
Wall street for many months past OF
some of the big semi-prOfessional specu-
latiYe plungers, whose manipulative tao
tics made up much of the total of great
days I'm the past. The knowledge OF this
fact has fostered a suspicion that mar
ginal holdings of stocks had diminished
TO unimpOrtant proportions. The expe-
rience of the past few days goes 10 cor
rect this impression. There was a brief
experience of cheerfulness after the mar
ket opened when prices advanced slignt-
ly and hopes were entertained that the
Copper had been discounted in the trad
ing yesterday and that the announced
sOlvency of the Mercantile National bank
after investigation by a clearing house
committee had removed that subject
from the realm of disturbing factors.
This shOrt-lived CLEAN OF sunshine was
the last of IL that was seen during the
day. Prices rallied feverishly at times in
in the pauses in liquidation but there
was no feeling of confidence at any time
that the purging process was yet com
pleted. The weakness at first was pretty
closely confined TO the copper stocks.
The condition of the copper industry was
given responsibility for this for a time,
and continuance of the decline in the
price of copper indicated that the point
of effective responsibility for this indi-
Gated that the point OF effective demand
had not been reached yet With the
prospect thus afforded of possible COM
plete shutdown of production by the
Amalgamated properties and the recol-
lection OF the successive reductions which
occurred IN the dividend on the stock in
1908, the disposition to get out OF hold
ings seemed to be general. 1t was evil
dent that urgent pressure on the part
OF money lenders was a factor in the
crash of American Smelling and the
forced liquidation in the stock was asso-
ciated with the cleaning up process going
on amongst the banks.
II was an inkIing of the fact that the
clearing house authorities were discussing
the affairs of some other banks that
caused the general weakness In stocks.
The knowledge OF this fact deprived re-
assuring statements on the subject of
their effect. The objective point of the
efforts of the clearing house authorities
becoming more defined, however, and re-
stricted to the field of newer activities
in banking on the part of forces general
ly recognized for conservatism, better
impression of the situation gained some
foothold. Restricted as was the field of
reimbursement sought In the banking sit
uation, however. the fact that the bank
ing position was under criticism at all
and was the sufficient explanation of the
disuuiet painted on the record OF the
days stock market.
The grain markets also reflected the
scaling down OF credits employed in spec
ulation. Some influence was attributed
TO reports that yesterdays Hamburg
failure was more important than was at
first supposed, presenting so close a par
aIlel TO the local situation as to appeal
TO sentiment. The German bourses were
not seriously disturbed. The strong re-
turns of the Imperial bank of Germany
was regarded with satisfaction. Call
money loaned at the stock exchange as
high as 10 per cent. but this was regard
ed as due to discrimination between Dor
rowers and collateral rather than TO any
greater tightness in the money market.
Estimates of the currency movement
showed the movement still away from
New York on balance, but 1t did not ap-
pear that this would be more than, If so
much as. the gain of $4,000 by the
banks on sub-treasury operations. The
closing tone was weak and unsettled. in
spite of the considerable rally OF the last
hour.
Bonds were lower, but were not notably
affected by the liquidation of stocks. To-
tai sales, par value, S2.414000.
United States As declined 4 per cent
on call