Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-18
Further Stock Declines Show
ed Plight of Holders.
lNDUSTRIALS FEATURED
Furious and Earnest Liquidation
Started Breaks.
EXTENSIVE LOSSES SUFFERED
American Smelling, National Lead
and Amalgamated Copper Led
the Tumble.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, October lS.-Such further
declines took place in todays stock
market could be construed only indi-
eating the dire necessities of the holders
OF securities rather than as rejecting
upon the integrity OF the constituent
properties. The losses suffered were most
extensive in the Industrial issues. notably
In American Smelling and National Lead
together with Amalgamated Copper. u
rious and urgent liquidation was con-
Quoted IN these stocks and resulted in
pan'cky declines.
II goes without saying Almost that the
breaks In the securities named were ac-
companied by rumors rejecting upon the
soivency of number OF firms and indi-
viduals most closely identified with the
underlying properties and in fact as has
been the case previously. there was little
reservation insisted upon in the naming
of names
Other sharp declines in the industrial
group took place in American Locomotive
preferred. Federal Smelling preferred,
Sugar Refining and Western Union
In the railway list also there We're a
large number of material snrinkages in
va ues. but in that quarter of the market
there was little discussion OF general or
particular movements except within tech
meal lines The weakest features there
dian Pacific. the Hill stocks. Reading,
Southern Pacific and Union Pacific
Local Banking Situation.
Underlying the weakness In the gem
eral market. beyond any question. was
the great uneasiness which has been
aroused with regard to the status of
the local banking situation. although
1t would be only fair to say that the
approximations in this respect follow a
particular father than a general drift
AT the opening of the stock market a
ralrly steady tone prevailed. or at any
rate. slight advances in prices were
common at that time.
The markets tone then was due mainly
70 the assurances given by the clearing
mouse authorities that the affairs of the
national bank more less concerned
with the weeks fasco in United Copper
stock would be safeguarded II necessary
Dy the Joint action of the Clearing House
Association. Such steadiness as prevailed
at the outset of the trading w1s of short
duration Prices hesitated during the
nrst ten minutes of business after which
they weakened and subsequently, broke In
panicky fashion all along the line with
rs noted the most urgent pressure in the
Industrial group
Speculative sentiment was badly de-
ranged by the gradual extension of infor-
nation as to the state OF affairs DISCLOSED
IN question. as IT was commonly assumed
that what was true In that instance might
reasonably be assumed to be true in sew
oral other cases
Peremptory Calling of Loans.
Peremptory calling Of loans by a num-
Der OF financial Institutions intensified the
generalization OF the stock market and
led to something of furry In the money
market There were also plain enough
evidences that many large loans were
Deing iduidated through the inability Of
tne borrowers to restore depleted MARGINS
The execution of stop-loss orders was re-
ported IN all quarters OF the market
me London stock market sbowad q
marked improvement in ali denart-
mehts. but foreign houses were sellers
IN tne local dealings. even IL their oner-
atohs were altogether submerged in
dalton 'o iocai ilqui-
me preliminary estimates or tho
Prhcipal movements In currency dur
ing the week suggested that the hanks
would strike fairy even balance he
tween their gains from the subtreas-
out not the slightest degree Of Interest,"
appeared to be taken in the nrosnect
ior the bank statement