Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-03-26
Dld DhEAh LIN OlUOAO
Violent Slump in Prices Accompanied BY
Excited Trading.
GREAT FLOOD OF SELLING ORDERS
Fa1io Apparently with Little or No News
Foundation.
ALL METALS ARE LOWER IN LONDON
This Partly Accounts for Drop in Smelling
Copper and Steel.
DROP FROM THREE TO THIRTEEN POINTS
EEarrimans, Hills, Reading, Atehison,
Rock Island, New York Central
and Many Ihdustrials
Are Ameeted.
DROP FROM THREE TO THIRTEEN POINTS

NEW YORK, March 2G-There was a vio-
lent slump in prices on the Stock exchange
again today, accompanied by excited trad
ing. but without news to account for II
other than a decline in metal prices IN
London and higher rates for call money.
Tho monetary situation did not seem to at
tract much attention, however. and accord
ing 10 brokers and members Of banking
firms there was nothing TO explain the rapid
melting away Of prices, except that holders
of stocks wanted 10 sell them and appar.
entity without regard TO the price they got
for their shares. American Smelling was
one OF the weakest features, falling an ex-
trerae 1sh points, but the United states
Steel corporation shares and the railroads
also made wide declines II was note
worthy that throughout the day there was
entire absence OF the disturbing runors
OF fortnight ago TO the effect that Inn
portant failures were impending. Bank
ers generally said that no one was in difl-
culties, that brokerage houses had pro-
tected themselves with ample margins and
that whatever might be the underlying
cause Of the recent precipitate declines in
market quotations they did not believe that
it was fear Of anyone failing to meet his
liabilities.
Flood of Selling Orders.
The market opened irregular, with some
stocks showing a rather strong tone,
among them Canadian Pacific, which was
up points. The fluctuations we're ex-
tremely nervous Immediately after the
opening and II was only n few minutes
until the entire list had weakened and
prices were breaking wildly. The selling
seemed to be urgent and there were wide
drops between sales The volume Of the SELL
d.. bax
been impossible TO check the decline even
if there had been attempts to support
prices. American Smelling, Amalgamated
copper, United States Steel, Union Pacific,
Northern Pacific and Reading went down
without restraint, carrying with them the
general list without exception. Brokers
everywhere had orders to sell and the scene
on the floor of the exchange was one Of
considerable excitement and confusion as
the excited traders sought 20 execute their
commissions. After the first decentralization
there came a quieter period OF trading and
the market steadied itself, only to give
away again just as soon as the pressure
70 sell was resumed. Favorable features,
such as the better feeling in Europe, the
reassuring Interview with Lord Rothsohiid,
gold engagements in London and an an
nouncement OF further government aid 20
the money market, which ordinarily would
receive attention, were practically ignored
Close Irregular and Excited.
Several times during the day the market
showed signs Of steadying, but as soon as
prices had rallied a point or two another
flood Of selling orders appeared and the
ticker resumed its record Of crumbling quo
tauonE. Toward the close of the day a
buying demand apparently to close out
short contracts appeared and gave prices
a rally. At the last the market was ex-
cited and irregular with quotations better
than the lowest but showing wide declines
from Saturdays prices. Canadian Pacific
was weak last week. however. closing a
point higher than Saturday. The principal
declines OF the day as shown by the closing
quotations were; Amalgamated Copper
5ss: American Smelling. s1t; Anaconda, "a
Atchison. 27S; Baltimore 8 Ohio. 4; st. Paul
8; General Electric. 6; Great Northern,
6A; Great Northern ore certificates, s; Mis-
souri, Pacific. 2h; New York Air Brake. Is
New York Central. SA Northern Pacific
g%; Reading, So; Rock Island. IL: Southern
Pacific, 81 Union Pacific. SIS; United States
Rubber, 81; United States Steel, 2H. and
United States steel preferred ~. The total
b sales for the day were l.7o2O52 shares.
violent Break in Copper.
BOSTON, March 25.-With practically nc
support prices broke violently in the Bos
ton stock market today, extreme losses IL
leading copper stocks running from Il
u points. There were some slight recoy
cries In the late dealings, but the close wa
very weak. North Butte. after opening a
62 a decline OF 6M from Saturdays close
fell TO 1s5s. closing at sO54- osceola droppet
20 1z31t. loss Of i2A-
Today's break carried many copper share
below the level reached In the demOralize'
market OF March IA Tamarack. the loy
price OF which on March IA was no, tOda!
went to los. Quincy l16 70 los. Isle ROya
from 10 10 lIa; Franklin from Is TO lea
and Butte Coalition from - to a. Granb!
lost points.
Advioes from London regarding the breal
In the prices Of copper were believed 70 b
largely responsible for tOday's declines.