Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-18
DOWN LOWEST PRICES
Notable Declines Made on
'Change Today.
HEAVY SELLING ORDERS
Market Opened With Better Tone,
But Nervous.
BIG LIQUIDATION IN COPPERS
Railway List Fell Away to New
Low Records for 1oO7-Sharp
Weakness Elsewhere.
BIG LIQUIDATION IN COPPERS

NEW YORK, October 1S-Precipitate
declines to the lowest prices of the year
| In the stock market followed a meeting
| sentiment on the stock exchange being
disturbed by rumors as to the proceedings
of the committee. Statements were made
by several of those who participated in
the conference 10 the effect that except
for possible changes in the personnel of
the management of other banks than the
Mercantile National the situation was
satisfactory
All of those present at the clearing
house agreed in saying, however. that
the examination of the affairs of the
Mercantile National Bank had shown
that institution to be absolutely SOL
vent. with its capital stock unlInpaired.
1t was said also that rumors as to
other banks were incorrect; that to-
days meeting Of the clearing house
had shown that all of the New York
city institutions were fully able to
meet their obligations, and that ex-
cept for the possible changes in the
or two other institutions, the situation
was satisfactory.
The Clearing House Meeting.
The stock market opened with a better
tone than had been expected, and held
rather we'll until after the clearing house
meeting, when rumors as to the discus
sion at that meeting became a disturbing
factor. Under this influence prices be-
gan to drop very rapidly. and 1t seemed
that there was little or no buying power
in the market
At first the metal stocks suffered more
sharply. but a little later the railroads,
especially Union Pacific. Reading and St
Paul. fell away on heavy selling to the
| lowest prices of the year. In some In
stances quotations for the stocks were
tie lowest since 1903.
The sharp weakness in the metal stocks
was exemplified in sale of Guggenhem
exploration on the curb at 12O This is
500 per share lower than the last preced-
ing sale.
Prices Started Upward at Outset.
The early stock market today showed
some remaining traces of nervousness in
the reflection Of the embarrassme CEN
tering around the United Copper stock.
The steps taken toward correction Of the
affairs involved were a source of relief,
and the announcement that the clearing
house committee found the Mercantile
National Bank solvent and was prepared
to protect 1t was regarded with satiSfac-
ton. Prices Of stocks started upward at
the outset but selling of Amalgamated
Copper after an initial advance checked
the Ktse. The price Of Amalgamated Cop
per fell to 4SA, compared with 49ss at the
close yesterday and ss below yesterday S
lowest.
The announcement of the reduction in
the dividend for the quarter from 2 per
cent to l per cent came SO late yesterday
as to afford little opportunity for outside
operations in this stock to act on the in
formation. Selling today was believed to
come from those sources. The failure in
Hamburg which was announced yeSter-
day was taken more account Of today, and
was said to be more important than was
at first supposed.
One account Of 1900 shares Of United
Copper was sold out on the curb during
the early hours in six blocks of 5000
shares each at $12 per share. Two thou
sand shares of preferred. transferred at
the same time, brought SIS per share.
A Sharp Break All Around.
On the stock exchange there were inter
and the influence Of this was resisted by
the general list for time. but was over
come when pressure developed against
Union Pacific and Reading.
There was a sharp break all around
about noon. which carr ed down Ameri-
can Smelling rs to 63L4, Amalgamated
Copper sas, National Lead, 4a4. Union
Pacific S5s and Reading Northern Pa
ciic. Great Northern preferred. Canadian
Pacific Illinois Central, Anaconda, Rail
way Steel Spring preferred, American
Smelling preferred and American Sugar
to 2B. Rumors of the proceedings of the
clearing house committee were oisurb-
ing factor.
The market became extremely week just
before noon. and in short time the de-
cline became prccipitate. Under heavy
selling orders Union Pacific sold down to
11oA, American Smelling to 631s. Anal
gamated Copper to Az and ST. Paul to
1121s. These are all new low records for
the year. There was no news to account
for the drop in prices.
Another crash in prices carried smelt-
Ing down 9A the preferred 81, Union Pa
citic 5s, Amalgamated Copper 49s, Read
ing 41s. Sugar 4, Southern Pacific 31s. At
lantic Coast Line 3. and st. Paul. North