The Washington herald., 1907-03-15

New York. March 14-In tlse stock
market to-day. there were losses Of
from SO to $40 a share in many rail-
road and industrial securities which
have long been known as standard in
vestment stocks. In the cases Of Read
ing and Union Pacific the losses ex
ceeded $50 share in the total OF
curiues on the list there were
net losses representing. in the
gate more than half a billion
To say nothing Of the losses in
side market and resultant lg
markets in other cities TI
decline Of twenty railroad
for statistical purposes,
share. as against IS on
day. The market, as tho
lapsed from the eonditi
ization prevailing on Il
and on two days of last
Of absolute panic.
Yet. whatever the
sheets may disclose O
at II o'clock this mo
no failure reported I'd
time. late in the even
clerks and worried emp
banking and brokerage
on wednesday brokers
agreed that the decline
able in absence Of failures
it was unprecedented, 70
characterized the same Co
amazing.
Informal Conference
Late in the afternoon there
formal conference of officials o.
ing house and representatives
the largest clearing house ba
personal interview and by telep
situation was thoroughly csnvas
every effort was made TO loca
spots. In the language Of pr
clearing house official. this was the
Of informal action
-.Sot single bank wants aid or IS
ing for it,
The losses to-day are comparable oh
10 those of the Northern Pacific panic.
There was the panic Of 1873 for instance
with more than forty failures. and no
average loss comparable with those a to
day. and there have been panics since in
which declines but half as great were
productive of suspensions OF big houses.
Everywhere this feature OF the day was
considered the most extraordinary in the
history of the street. Men might be
diving hard 1t was said. but never before
had they displayed such endurance.
Losses Never EauaIed.
a bank officer. who had been thoroughly
surprised al the prompt responses to calls
for additional collateral, expressed d gen
eral feeling in saying:
Never nave such losses been sustained
as in the past three months. With one
exception. in my experience there have
been no such heavy losses as We're in
ficted But. as far as business here is
| concerned. the only thing that even looks
wrong is the quotations. don't know
what TO make Of it,
In the big day of the Northern Pa
cifc panic the average loss in railroad
stocks Wa .Smething over S share,
and on two big days the aggregate
loss was $1370 a share.
Were Selling in High Plane.
This compares with SI2S2. the average
total loss on Wednesday and to-day. The
aggregate loss to-day was undoubtedly
greater. because there are many more
securities on the list. but it must be born
/ in mind that stocks were selling on
lower plane in 1901 and. therefore, the
| losses were more significant.
In wide fluctuations between sales. in
D
/ the price Of simultaneous sales. in the
/ frantic rush to sell at whatever price, and
! in the absence OF buying power. the mar
ket also was only comparable TO the May,
1901 panic. Brokers would take orders
/ only at the market in most cases and
often there were variations of g. 3, or
points before an order could be executed.
At some times to-day there were wide
fluctuations upward Well as downward,
prices jumping forward as well as back
ward and demonstrating to the crowds in
the brokerage offices the extent of the
confusion prevailing on the floor
Increase in Transactions.
Transactions for the day were in ex-
cess OF 2.550.G0 shares. an increase OF
go. 600 shares over the previous day. With
! five exceptions, the total was the great
est in the history of the exchange Il
was exceeded only on the two days Of
the Hartman market last August, the
day of the Lawson panic in December,
1864. and on the two days in 1901, when
alone transactions in excess Of 100000
shares have been recorded
An unsettled condition in the London
market preceded the local opening The
! condition there. IL was said, was very
serious. not only on account of fears OF
the action Of the New York market, but
/ on account Of Weaknesses in the London
situation. Two failures were reported
| from London as taking place in the
course of 1he foTtnightly settlement.
suspension Not Important.
one J6f these was Of no significance,
the other of minor Importance only. and
note Worthy for the sole reason that the
SUSPENDED house had dealt extensively in
Angericans.
JFrom the opening to the closing no
stbck was more conspicuously weak than
| Union Pacific Transactions in it were
Xhe heaviest Of the day. reaching the
enormous total Of $4,000 shares The
stock had closed at 1855 on the pre-
ceding day. after sustaining a heavy
loss. Il opened to-day at l5 to ii5i4.
and in the first ten minutes advanced to
1861 From that time on its course
downward was frequently in jumps Of /
to points between sales.
At the low point of the day it showed
a loss Of 955s points. and it was only IL
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