The San Francisco call., 1907-03-15
New York stock Marker

NEW YORK. March Standardization was Of
voluminous character today such has not
May ?. 1901 when the development OF a cor
ner IN Northern Pacific preciptated one Of the
severest short panics ever seen IN the New
York market The extreme violence Of the
decline on that occasion Was due largely 10 the
fact thar II broke in abruptly upon the period
Of boon and rising prices. Iooays oemonstfs
tion wss radically different in that It succeeded
teng period Of liquidation ana severe oeciines
1n prices Not enly had much been accenl-
piished toward the necessary liquidation before
the present brtak- but the action OF the mar
ket had begun 70 reflect return Of coahdenee
grown up thar the worzf was over. The sud
den acute break Of renewed vcskuess todsL
ldespondency in speculative circles regsrding the
lefecrs Of the public agitation against corpora
tions, and the nearly universal frena ol lekls-
letiYe measures against the moSt extreme sen
sitiveness Of sentiment upon the subject Is
founded on suppositions Of what the great su-
thorities In the railroad and financial world
think upon the subject
Recent events have created the impression
that these authorities are in a condition Of keen
anxiety and even Of fright about the prospect
they have 10 face IN this matter. Some Of the
steps taken with the intention of sllaying ap-
preheneion upon the subject seem 70 have been
principally instrumental in sggrarating r. This
wss notably true Of 2 visit to Nashinston
svoweo purpose Of acting mediator between
the President and the railroad companies in an
effort 70 induce the President 20 tske some
steps n sllay public apprehension regarding the
credit of railroad companies. There was mo-
meutsry sense Of relief manifest IN the stock
market Of the early part of The week wllnout
sny clear idea being entertained Of the steps
- he taken. or the purpose that would Dc
served by them A vague supposition en-
tertsined that some stirring measure was 10
be taken ~ Washington which would put a
new face upon the matter. The panic broke out
upon the stock market today IN connection with
dispatches from Washington 10 brokerage houses
that no change of policy or Of administration
pesled strongly TO the speculative imagination
and fears as sweeping away the last bulwsrk
the onset ~ indignant public disapproFal, sno
even threatened conhscatton. Speculative opera
tors this view of the situation confirmed
IN the mysterious and overwhelming outpouring
Of stocks which they attributed 10 capitalists
WIN hold controlling interests IN the great rsil-
roads The suppOsirion that railroad capitalists
he1E +l,fs ,rs-o- +t,etr r,-ooorioue sffna+ior
hes been fostered By their attitude before the
r4hlf~ ana the Complaints and even appea Is
through public channels which they have been
making recently There came into the market
today also rumor that differences bad arisen
between Kuhn. Loeb g. Co. and r. H. HarTi-
msn. which had prompted call upon the CAPT
tslist 10 take up his vast holdings Of stock
with that firm. This rumor was denied. but the
fear Il engendered bad its part in the demorali-
zstion Of the day.
The excited market was accompanied by 3
rise in the call loan rate 70 p per cent, end
the time loan market was practically unouot-
able. This gave rise 70 fears Of 0verstrained
credits IN direction and another. rumors
pointing especially 10 the market for copper
Securities. Bankers asserted that the most ex-
haustive scrutiny Of conditions failed 10 show
anv threat Of er1ba rra ssnenf This Is consid-
cred the most remarkable feature Of the present
situation
The market had substantially recovered at
one time during the morning when the wild
liquidation In Union Pacific started the demor-
siization in the whole list. There were some
violent gyrations due n the rush N shorts 10
profits at various times. but the tone
Of the demora alizstion continued up TO the close.
The intended plan Of relief by the Tres sury
Department WIS not made known until after
the market closed. but very specific reports
were current - the intended situation about 3
O'Clock without appreciahly affecting the mar
kef
Some of the most conspicuous ~ the DAYS
declines we're. Union Pacific 25lz Reading.
222 Smelling p: Amslgsmated Copper. Iss.
Delaware and Hudson 1914 and st Paul,
Northern Pscihc Southern Pacific Great North
ern preferred Anaconda Pullman and BROOKLYN
Rapid Transit. 10 20 13h
Severe losses Of less amounts were universal
Bonds were but slightly afected by the acute
weakness Of stocks. but were generally lower.
United States bonds were unchanged on call.
New York Stock List
r. r. Hutton a Co. go California street
members OF the New York Stock Exchange
furnish the following list OF bond and stock
sale yesterday: