Omaha daily bee., 1907-03-15
VIOLENT FALL In STOCRS
Conditions Akin TO Panic Prevail in Wall
Street Exchange.
MANY YlsSUES LOSE TEN TO TWENTY POINTS
Many New Low Records for the Year
Made on RumOrs that Railway
Magnstes Are Selling
Holdings.
MANYlsSUES LOSE TENTO TWENTY POINTS

Ing on the Stock exchange today reached
a stage of Generalization bordering on
actual panic. The worst period Of the
day was shortly before the closing of
the Stock exchange session, although there
was an extremely violent falling of In
prices. between IL and / O'Clock. New
low records for the year and in some in
stances for several years were established
in the active speculative issues under
precipitate selling, with the market ap-
parently without buying orders other than
those OF the bears to cover their short con-
tracts and realize their profits.
The closing quotations showed the fol-
lowing declines for the day in leading
shares: Amalgamated Copper. 17%; Amer
ican Smelling, 1875; ST. Paul, 1914; Con-
solidated Gas, Z; Delaware & Hudson,
1914; General Electric, az; Great North
ern, 5M; Minneapolis, st. Paul & Ssult
Ste Marie, 6 % Missouri Pacific, ~; Ma
tional Lead. 12%; New York Central 9;
Norfolk & Western. IA; Northern Pa
cifc, s; Pennsylvania Railroad. 6h; Read
ing, 20%; Southern Pacific, 5%; Twin
City Rapid Transit, 8; Union Pacific, 20%;
United States Steel, y, and United States
Steel preferred, 4. In most instances even
these figures do not represent the ex-
treme declines. as Reading closed points
above the lowest and Union Pacific ~
above the lowesh Of the day. The total
sales were 2.719,906, the largest total on
any day in the recent trading.
M Real Cause for Panic.
The announcement of government re-
\ lief for the money situation was not re-
| ceived until after the close of the Stock
| exchange. other than high money and
the generally bearish feeling there was
nothing to account for the markets weak
ness. unless 1t was the nervousness Of
stock market traders as TO the attitude Of
the national administration toward the
railroad corporations. Just before the
midday break a rumor was circulated and
was given considerable credence to the ef-
feet that a banker who had just returned
from Washington had reported to his
| friends that the president had declared
that his views as to the railroads had
not changed and that he saw no reason to
| change them at this time. For several
days Wall street had taken the view that
the recent heavy declines in securities
had not been without effect on Washing
ton and that modification of the atti-
tude of the president and. the Interstate
Commerce commission toward the great
trunk lines might be looked for. Great
disappointment was expressed at the news
credited to the banker, quoted as authority
such change. The banker himself, when
approached on the subject by newspaper
men, said he did not care to be quoted
further than to say that he believed the
administration thoroughly understood the
financial situation and the conditions as
they applied to. railroads and industrial
corporations. Rumors in circulation dur.
ing the afternoon that government relief
might be looked for, official confirmation
of which was received after the close
were without effect on the trading.
None of the reports in circulation yester
day as to foreign financial difficulties re
ceived confirmation today and in fact th'
London market showed advances for Amer
lean securities. This fact. however, wal
without effect on the New York exchang,
except for short time after the opening
of trading.
Prices Break Rapidly.
Business on the New York exchang,
started rather quietly. apparently influenced
by the better prices in London, but befor,
II o'clock heavy selling movement was il
progress and prices lost from to points
Union Pacific led the early decline with
break of 31h points to 142 and Amalgamate,
copper followed with a drop OF 3% to 8
points. United States steel offered NOR
resistance than most Of the lost and afte
selling at 80 It rallied to above 81, helpin,
70 steady the balance OF the list. As price
J, steadied there was a falling OF in busines
and the market remained relatively quie
until between u and 1 o'clock, when tn
bears concentrated their efforts on Uniol
Pacific, Reading and Amalgamated Copper
The whole list was affected by the rapi,
falling of in these shares and the scene oil
the stock exchange became one OF wild con
} fusion There seemed to be no Support an,
trading became demoralized. This down
7 ward movement seemed to spend its fore
! IN a short time only to be succeeded towar,
t 80 o'clock by the widest trading know
! on the exchange since the Northern Pacih
= panic Of 1901. Reading fell rapidly to be
, low par, getting down as low as 965k; Will
Union Pacific went to 1s1, st. Paul to Is
: and Amslgamated Copper to 81. At thi
! time traders thought they had seen tn
worst of the day, but still more sensationa
declines with the most excited tradin
, scenes came Just before the close OF tn
, market Brokers who had called on thel
3 customers and who had not received salts
!. factory response. threw over their stock
almost without regard for the prices the
would bring and II was in this slump tha
the extreme low prices were reached Amal
gamated Copper selling at So Baltimor
and Ohio at IS. Canadian Pacific at 167. 81
Paul at 125. Pennsylvania at ia. Reading d
81. Southern Pacific at 69A and Union Pa
cihe at i2Oh After the most urgent sellin
had been accomplished there were shar
rallies in a number OF the shares most 4
the, leaders closing from 8 TO 8 point
above the lowest
RumOr Affecting Hartman.
Wall street was so excited during n
worst period of the afternoon that almo,
any rumor received some belief One r,
port that had considerable effect on ii
- market and on Union Pacific. particular,
was that a severe, break had occurred
the friendly relations between e. II. Harr
man and the banking firm OF Kuhn, LsOe
: & Co. According to this report Mr.. Harr
man had been requested by the bankiu
frm TO take up a large amount OF secur
ties which they were carrying for hin
The story was almost instantly denied. bl
II Notwithstanding the denial. continued
u have effect Another reason put forth I,
d the heavy break In Union Pacific al
IS Reading accompanied by the sharp fallir
"a on In Baltimore & Ohio was said to
e. that the Union Pacific was having diff
Al culties in financing It's purchases Of Ba
s. timore g. Ohio, Atchison and other stock