Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-13
WALL STREET PANICKY
Another Sharp Break ia Stock
Prices Today. 8
Renewed HEAVY SELLING
About 45o,0 900 Shares Changed Hands
in First Hour.
FOREIGN MARKETS ALSO UPSET
The Severest Losses Were in the High.
Grade Railroad Stocks,
Notably Western.
FOREIGN MARKETS ALSO UPSET

Z.
NEW YORK, March 13.-Another breab
in the stock market soon after the be.
ginning Of operations today revived the
nervous feeling prevailing during the weak
period of last week. There was no new
development to account for the heavy SELL
ing, but it was generally attributed to
the immediate needs of the money market.
The 18th Of the month calls for some
very large dividend payments and for stock
and note subscriptions, and 1t is supposed
the banks were obliged to call loans to
provide resources for impending require-
ments
Foreign markets also were upset by tho
money situation, liquidation in Berlin and
London having a reflected effect cher. Vest
| ern railroad stocks were the weakest, but
declines up to 2 points and over were
general all through the list. Some of the
more conspicuous losses were Great North
ern preferred, tx; Northern Pacific, e.
Northwestern, s; Union Pacific, 5; Canadian
| Pacific Az; Reading, 4; Delaware and
| Southern Pacific, 3; st. Paul and Colorado
Fuel, On; United States Steel 2ts, and SO
on.
High Rate for Call Money.
About 45O, 600 shares changed hands in the
first hour. Call money opened at per
cent, within a fraction of the highest rate
| of the year. Time loans for short periods
were quoted at per cent plus commits.
| sion.
| Conditions became panicky on the stock
| exchange by noon, and prices melted away
| in demoralized fashion under the forced
| liquidation by calling of loans, the wiping
| out of margins and the throwing up on
| the market of collateral in loans. The
| severest losses were in the high grade rail-
| road stocks, especially those in the western
| region.
The Hill group, including the Great
| Northern Ore certificates, dropped about 10
points each. Canadian Pacific, Z; Reading,
6as; Union Pacific, Northwestern. Brooklyn
Transit and Amalgamated Copper, between
| and points. The losses throughout the
| list ran to various figures up to 3 points
| and over. Call money loaned at ~ per
| cent about noon.
Fluctuations Very Wild.
| Fluctuations became very wild in the
! early afternoon and heavy blocks of stocks
| were thrown upon the market indscrimi-
nately for what they would bring. The
slump in Reading was especially violent, its
| 12-point downward plunge being made by
| 1 to 1A-point drops between sales. Union
| Pacific was without apparent support and
| fell points. The Hill stocks made
| momentary stand and rallied several points,
| but slumped again, and Amalgamated Cop
per was unloaded in frightened haste for a
decline of rs. In many of the most ac-
tive stocks the efforts to sell found prac-
| tit ally no bids in the market, and forced
| sales under these circumstances caused the
rapid offering down of the price limit.
| The shorts were the only buyers. and
| their occasional purchases were lost in the
flood of the continued liquidation. Many
| selling orders were for execution at the
| market without specification as to prices.
and thus added materially to the demorali-
zation. Bank clerks were busy watching
the downward plunge of prices with view
| to the value OF collateral in loans and
selling out of such collateral was an adj
| ditional burden on the market.
Enormous Shrinkage in Values.
The enormus shrinkage in values was
| an unmistakeable evidence Of losses in
Cured. and attention was clearly alert for
any news of embarrassments. Such rumors
| as were in circulation were general and
| did not point to specification. The foreign
| banking and commission houses were be-
| seiged for information. as the impression
| was general that the source of the trouble
| was abroad.
| There were reports of embarrassments in
| the industrial world in Germany. German
| banking houses deprecated these rumors
| and took moderate view of the Berlin
situation, which said in fact TO be
somewhat improved today. Advices from
the London market were not SO reassuring,
and the condition there was reported in q
| state of decentralization bordering that
| of our own. Arbitrage brokers were SELL
| ers of stocks on an enormous scale and
| were largely influential In demoralizing the
| market. The difficulty there and in Ger
many as well was said to be similar to that
| here, large capital requirements and re-
stricted money markets forming a deadlock
and necessitating the selling Of existing Sc
| IN fa To 10 nf Ofpo 4
don professed disquiet also over a prospect
that New York was about to make large
calls upon 1t for gold.
Weakness of Hill Stocks.
The special weakness of the Hill stocks
was attributed to the fact that Stockholders
in these companies have made large com.
mitments to take up proposed new issuea
OF stock, and are left without adequate re.
sources to abosrb market offerings in thu
4 present scale. Northwestern was affected
| in the same way the falling due OF sub.
scrptions to its new stock on Friday form
ing an important element In the pressure
on the money market. The Pennsylvania'N
$50 co., 600 note issue. the Standard OF
dividend and the Consolidated Gas DIVIDEND
are other requirements converging on that
date. Union Pacific was anected by the
cution to dissolve the control or southern
Pacific and to attack other tranactions re-
vealed by the recent Hartman investiga-
ton. -.
Money was in urgent demand and call
loans were renewed at higher rates than
yesterday from the outset. BY the early
afternoon Is per cent rate had been
touched. The copper stocks were affected
! by rumors of difficulties involving large
holdings of the metal in the London mar
ket.
Somewhat panicky conditions In the STOCK
market today took to the White House
number of newspaper correspondents anxi-
Gus to see the President. What they found
out was that the President did not consider
he had anything to do with the stock mar
ket one way or another; that If he ever
took action or made statement relative
1 to railroads 1t would not be for monetary