Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-23

ton on the part OF the shorts to COW
err. Mondays market is likely to be
a memorable one.
Special Cablegram to The Star.
LONDON March 23.-There was panic
In the stock market today, owing to reck-
less liquidation and nervous dread OF COM
ing settlement day Several failures are
expected to be announced on Monday The
American market was in state OF COM
plete collapse. Sales were pressed regard
less of prices. The greatest declines were In
Union Pacific, 81; Canadian Pacific "a
Illinois Central, Az; Erie, g. consols
dropped from sic to ~.
BERLIN, March 23.-There was panic
on the bourse here today, owing to yester-
davis advices from New York. Prices in
all departments suffered sharp relapse
mining shares losing 10 points. Baltimore
and Ohio and Pennsylvania declined B
ro,nts and Canadian Pacific II points.
NEW YORK. March 23.-Another demon
allied slump In stocks when dealings began
today revived a great part of the nervous
ness and apprehension prevailing IN the
manic period Of last week Yesterdays v1o-
lent break In the Fries and Canadian Pa
cific paved the way, to some extent, for the
action of the market today. The particular
weakness. however. seemed to find It's ori-
gin in foreign markets, although the unset
Element abroad was in part reflected from
the New York market The advance in the
Bank of France discount rate earlier In the
week has aroused acute uneasiness over
the coming April settlements, which are OF
Importance In all money markets. In Lon
don also a stock market settlement begins
on Monday. At that time the discrepancies
In p-ices of securities since the last settle
ment, two weeks ago. have to be made
good. This was held to account for the
particular weakness of Canadian Paclhc'
which holds an important place in the de-
partment of American securities on the
I.ondon stock exchange That stock sold at
16o and 1873 on the first sales here, compared
with 1G3Ls last night. Further offerings
broke the price to 155, an interval OF lis
points between sales being marked on the
declines.
Union Pacific Off.
Union Pacific at the same time ran OH
A. to 129 Reading and the Hill stocks fell
from 3 to 3l1. Colorado Fuel and American
Locomotive "a. Delaware and Hudson 2la
Amalgamated Copper and Anaconda 2b
and practically all of the most active stocks
from to 9 points Canadian Pacific re-
bounded points Immediately, and there
were other recoVeries of ! to points on
the rush OF bears TO cover and take profits
liquidation was continued. however, and
drove prices downward again. and the tone
was weak and fluctuations wild.
on the street IL was said that the early
selling of Canadian Pacific was for ac-
count of a pool which had been operating
extensively in this market and London;
that the resources of the pool had been
greatly weakened by the markets general
decline. and that as result IL had been
found necessary to throw over a large part
of it's holdings.
Rally Before Bank Statement.
There was a rally in the market before
the appearance of the bank statement. but
In the last half hour of the session prices,
with very few exceptions. touched the low
est level OF the day before, with fresh
outpouring of stocks from all directions
Union Pacific receded an extreme A.
Northern Pacific 5h. Great Northern Pre-
ferrcd Az. Southern Pacific and Illinois
Central 1. Amalgamated Copper 3Is. Louis
willie and Nashville. Consolidated Cas- In
terborough- Metropolitan preferred and
United States Rubber 3, Brooklyn Transit
and American Smelling 3A. and others
substantially lower than on the first Dip
The declines were contested at the lower
level. and shorts were disposed to cover
throwing the late market into a very fever
ish and unsettled condition The market
Monday promises TO be an intensely inter-
esting
Bankers with foreign connections reported
very discouraging advices from London and
Berlin. In London the curb was reported
to have continued business long after the
usual closing hour. On the Berlin bourse
conditions were said to be semi panicky by
local bankers
The feeling here after the close of the
market was one Of extreme depression.