New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-14

CONDITIONS PANICKY.
Many Issues Touch LoUest for Seq
eral Years Cal Honey Is Per Cent.

A decline which for severity has not been
equalled since July. 1903. when several Stock
Exchange houses failed and which for unex-
pectedness was almost unparalleled. occurred
yesterday in the stock market. Opening prices
although under Tuesdays close. were the best OF
the day. There was slight rally in the mid
die of the morning followed by another out
pouring Of stocks which sent prices down with
rush Around 13O o'clock another rally oc-
Cured. on covering of shorts. recoveries run
ming from 1 TO 4 points, and then in the late
trading came fresh break which wiped out
most Of these gains. the close being at around
the lowest Of the day. with such net declines
as 11H points in Union Pacific AZ in Southern
Pacific 512 in St. Paul. 59s in Baltimore & Ohio.
4 in AtchisOn Gas in AmaIgamated Copper SIS
equivalent to 2219 on the percentage basis) in
Anaconda, 1O7s in Reading, ) in Canadian Pa
cifc 314 in New York Central. 33s in Pennsyl-
vania. 1Ol4 in Great Northern. 10 in Northern
Pacific 314 in United states Steel common and
| 1a4 in the preferred. 69s in Delaware & Hudson
! and 6 in Colorado Fuel and Iron. Northern Pa
cifc went to It's lowest point since the panic
Of May o. 1901 and Great Northern TO its low
est since juno. 1900
Atlantic Coast Line declined to within one
fourth Of I per cent OF its lowest figure for fve
years. and Colorado Fuel sold lower than In
| several years. Steel common Union Pacific.
|
| Reading and ANA lgamated Copper were among
| the issues which made new low records for this
year. The transactions were nearly 2.2SOOOD
shares a total exceeded only once since last
August-on Wednesday Of last week, when tho
sales aggregated 2359O93 shares. Missouri Pa
cifc was one of the few issues which showed re-
sistance TO the downward tendency. losing only
rs points the day.
EXPLANATIONS LACKING.
Satisfactory explanations Of the market coli
lapse were next 70 impossible TO find Alarm-
ing rumors from European centres were used
10 full advantage by operators for the decline
in this market, and Europe was reported to ba
equally apprehensive about conditions here.
Serious financial difficulties were said TO exist
in Berlin. a situation reflected by heavy Hquida-
ton in London for account OF Berlin bankers.
and failures were said to be impending in LOn-
don.
Prominent international banking houses in
this city were unable to confirm these reports
which were regarded as exaggerated. particu-
larry that relating the situation in Berlin.
London however. was a heavy seller OF stocks
in this market. and on the curb in that city
American issues declined sharply, closing at
the lowest Of the day. while consols fell to ther
/ lowest figure since 1866 when the disastrous
/ failure of Overend Gurney & Co. occurred The
| rumors Of financial embarrassment here were
| rather vague. the most definite being that a
| FIRM making a speciality of the Hill stocks had
| had to get assistance on Tuesday night. and
that many thousands of shares Of its holdings Of
/ those issues had been thrown on the market
| yesterday. This rumOT. however. lacked con-
frmation. The house which was the subject OF
II was not identified
The heaviest of the early selling was OF the
Hill stocks which yielded easily. and with them
| the general list. As the day wore on the down
| the early afternoon the situation had begun To
assume nearly the proportions OF a panic 4
powerful and determined bear party obv-
ously at work. whose operations became the
more confident and effective as assistance cane
70 it in the form of the disquieting news from
abroad and the rise in the call money rates in
this market
LIQUIDATION INCREASED
With the progress of the decline liquidation
increased in volume. big operators and small
alike being compelled 10 sacrifice their holdings.
II was a destructive day for scantiIy margned
accounts and the number Of shares thrown
overheard through the execution OF "stop-loss''
orders was in the aggregate .Sery large. A good
many "srnalI people went into the market a
few davs ago. when 1t looked as though the
hottoD1 Of the three-months' decline had been
touched. and brokers' offices were thronged yes
terdav with these and other customers reading
their fate in the quotation ooard nSufsS' Lo4'
although il is true that the public IS not in the
/ market that expression does not mean that
/ qreat many minor accounts are not at all times
| carried but rather that for a long time past
~ar,- much more than a majority OF the tre~
nnendous aggregate Of the securities OF the StocR
E,vcbange list have been in the hands OF tns
stitutlons OF groups Of capitalists and OF wealthy
individual market operators. Some OF these
groups and individuals have sustained terridG
losses since the beginning Of the year.
call money was s per cent at the opening, tha
rate soon running UP TO and per cent and
IN the afternoon 70 II per cent, from which ~
declined on the National City Bank putting Out
a large sum az its fixed rate Of per cent Iha
rise in call money was one OF the factors IN tna
afternoon break in stocks many holdings being
thrown on the market for what they would
bring. That a money furry would occur. howe
ever was 10 have been expected. within
dav or two disbursements aggregating more
than $1,000 600 must be financed by the banks
ar,onr them being payments on account OF tha
PannsvIvania Railroads $6O.OOO.0OO note issue.
the Chicago & Northwestern's new stock and
the standard OIL and Consolidated Gas diyi-
dends ,. c.,
In making arrangements for meeting thess
demands the banks called loans extensively
Yesterday and il was that action which ad-
vanced the rate so abruptly. For the rest Of
this week money rates are likely to remain firm
easing off when the moneys disbursed shall oe
returned 10 the banks by those to whom they
are TO be paid
The stringency arising from the necessity cf
financing these corporate accounts is therefoEs
only temporary one. but there are other con-
sideratiOns affecting the money market which
tend to cause bankers to take rather peSsi-