The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-26
VIOLENT SLUMP AND
Exciting TRADING
No News to Account for Stock
Generalization
DECLINE IN LONDON METALS
Higher Rates for Call Money Also
May Partially Explain Excessive
Weakness--Smclters
Lose 1874.
DECLlNEIN LONDON METALS

New York, March 2j-There was a vio-
lent slump in prices on the stock eX-
change again today, accompanied by eX-
citing trading, but without news to ac-
count for it. other than decline In
metal prices in London and higher rates
for call money.
The monetary situation did not seem to
attract much attention. however, and ac-
cording to brokers and members of bank
ing firms there was nothing to explain the
rapid melting away of prices, except that
holders of stocks wanted to sell them,
and apparently without regard to the
price they got for their shares.
1914 Down.
American Smelling was one of the
weakest features, falling an extreme 1874
points, but the United States Steel cor
poration shares and the railroads also
made wide declines 1t was noteworthy
that throughout the day there was entire
absence of the disturbing rumors of a
fortnight ago to the effect that important
failures were impending. Bankers gen
orally 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 mar
ket quotations they did not believe that
it was fear of anyone falling to meet
his liabilities.
The market opened irregular with soma
stocks showing a rather strong tone.
among them Canadian Pacific. which was
up . points. The fluctuations were ex-
tremely nervous Immediately after the
opening, and it was only few minutes
until the entire list had weakened, and
prices were breaking wildly. The selling
seemed to be urgent, and there were wide
decline between sales. The volume OF
the selling orders was so great that II
would have been impossible to check the
decline, even IL there had been attempts
to support prices.
Slump Unrestrained.
American Smelling. Amalgamated Cop
per. United States Steel, Union Pacific.
Northern Pacific and Reading went down
without restraints, carrying with thein
the general list without exception. Brok-
ers everywhere had heavy orders to sell,
and the scene on the floor of the exchange
was one OF considerable excitement and
confusion. as the excited traders sought
to execute their commissions.
After the first Generalization there came
a ouieter period of trading, and the mar
ket steadied itself. only to give way again
lust as soon as the pressure TO sell was
resumed Favorable features such as the
better feeling in Europe, the reassuring
interview with Lord Rothschild, gold en-
qapenents in London and an announce
n,ent for further government aid to the
money market which ordinarily would
receive attention, were practically ig-
nored Several times during the day the
market showed signs of steady growth
but as soon as prices had rallied point
or two, another flood Of selling made Its
appearance. and the ticker resumed Its
record of crumbling quotations.
Small Rally.
Toward the close of the day buying
demand. apparently to close out short
contracts. appeared, and gave prices q