Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-19
WILD DAY ON 'CHANGE.
Another Exciting Break in the
Prices Today.
EQUAL TO LAST THURSDAY
Heavy Liquidation During the First
Hour.
STIR OVER ALARMING RUMORS
Banking House Said to Have Suffered
Losses Made on Collateral of
Doubtful Value.
STIR OVER ALARMING RUMORS

NEW YORK, March 19.-Prices crumbled
AWAY during the first hour of trading in
the stock market today, and the precipi-
fancy of the decline recalled the market OF
last week and gave rise to renewed I'M
easiness. The greatest sufferers from the
renewed pressure were the Hill and Harrl-
man stocks, ST. Paul, Reading and Ameri-
can Smelling Union Pacific fell Z points
without any sign of support, Smelling, Az;
Reading 54s; ST. Paul, 3; Great Northern
preferred, A: Northern Pacific "A; Amalga-
mated Copper 32.; Anaconda, 33s; Della
ware and Hudson, 3, and many active
stocks between and 3. Selling for foreign
account was an important element in the
weakness, and fears were entertained that
trouble was brewing in some of the foreign
financial markets. 1t was believed, also,
that there was selling out of accounts that
were helped through the slump of last
week on condition that opportunity would
be taken of the first recovery in the market
TO reduce holdings.
Excitement Over Imminent Failures.
The break in the first hour was ascribed
to a variety of causes. chief among them
being a persistent rumor that one or more
failures are imminent. London sold about
$4,000 shares in the first hour, chiefly Erie,
Southern Pacific and Steel. Call money at
10 a m was easy at 4 per cent The excite
ment on the exchange today was quite as
great as that of last Thursday. Consider
able stock was thrown on the market at
any price 1t might bring.
Before noon it was announced that the
clearing house sheets of the members had
gone through. 1t was minated in unoffi-
cial quarters that several members mad
been carried over. and that affairs were
being Investigated by "a stock exchange
committee. Among the alarming rumors
of the morning was one affecting banking
house which is said to have suffered losses
made on collateral of doubtful value.
Liquidation Spent Its Force.
The pressure of liquidation spent its force,
and there We're rebounds and feverish fuc-
tuations Recoveries ran in Union Pacific
to 3, Reading. pa. Amalgamated Copper,
2l5. and the most active stocks, l to =. Be
lated declines were Delaware and Hudson,
7a.; Chicago and Eastern Illinois preferred
and the United railway investment stocks,
General Electric. IA United States reduc-
ton. 4; Republic Steel. preferred, 3a4, and
Northwestern, Illinois Central, Brooklyn
Transit and National Lead, 8. Bonds were
weak.
The market showed weak spots from time
10 time but the INSTRUMENTATION of the
first hour was not continued. Rallies from
the low prices of between 3 and points
for the weakest stocks occurred as time
passed. and nothing happened to justify the
fears that failure was imminent. The
market continued feverish, however, and
fell into dullness, owing to the supposltion
that assistance had been extended to avoid
a failure.
authoritative source that private settle
ment had been affected between at least
two stock exchange firms and their cred
itors 1t was also said that all danger of
day.
The dip in the market about the delivery
hour al 2:1j pm, seemed to be due to re-
newed fears that an unfavorable announce
mcnt was impending. Reading, Union Pa
cific Grand Northern preferred Amalga-
mated Copper and Smelling fell back to
the neighborhood of the early low point.
These stocks subsequently rallied briskly,
some OF them rising to the high point.
Union Pacific rebounded to 1876 and Read
ing to above 1Oi, and the whole market be-
came strong.