Daily press. [volume] (Newport News, Va.) 1896-current, 1907-03-15
PRICES OF STOCKS.
TAKE BIG TUMBLE
Spectators Said 10 be Dependent
Over The Investigation Of
Corporations.
CONFERENCE WORKED WRONG WAY
Morsans Visit to the President
Has the Opposite Effect Desired
-'Bankers Positive That There
viii BE No Money Panlc-Total
Sales and Closing Quotations.
(By Associnted press.l

(By Associated Press.)
NEW YORK, March 1l.-Liqui.
dation wn9 of = volume ana chnr.
meter today such as has not been
Witnessed on tho Stock Exchange
since May 0. 1901, when the de
vel2pfhehc OF corner in Northern
faciilc prccipitated one OF the sey.
crest shcit pancs ever seen In tho
New York market The extreme
violence of tho declines OF, ti:at
occasion was due largely to tho
TACT that 1t broke In abruptly upcn
a period of boom ana rising prices.
relays demonstration was radi.
ca!ly different In that IL succeeded
prolonged period OF liquidation
and severe declines In prices. Not
on3y had much been ACCOMPLISHED
tJwnnla the necessary ll1u'datiton
before tle present break, hut the
aclion of the market had begun to
reject II rctiwn OF confidence carly
ms week, and general conviction
Ina grown up that. the worst was
over.
Tho sudden anu active outbreak
OF renewed weakness today owed
most OF its violence to the feeling
oi dependency n speculative cir
INVESTIGATIONS against corporations
ana The nearly universal ,trenl OF.
legislative measures against them.
,Ihe speculative circles nreg now
y fglSosfd 10 rely en- their own In.
i2rlne'ton and deduction rs to the ex.
teht and tho Significance OF thcsa
developmcnts. The extreme scnsi-
tlvoness or sentiment ON the sub.
tcct is founded on supposlt'ons
OF what the great authorities In
70 ra'lroai md financial world
mink Or the subject. The recent
events haze created the Impression
my these. authorities are in n con.
nition OF keen anxiety and even of
fright about the prospect phey face
in This matter.
Efforts Resulted Wrong Way.
Some OF the steps taken with
me intention of allaying apprehen-
sion on the subject seem TO be
Principally Instrumental IN agra
va'5ing y, This was notably true Of
ne visit to Washington enrly IN
the week IF j. p. Morgan with the
nVowed purpose Of acting as media.
tor between the President ana Tho
railroad companies i'm an effort TO
induce the President to take some
Step 10 aliaH public apprc,enson
regarding tho credit OF rairrcr,l
compan es. There was momen.
tnry Genes of relief manifest in
the stock markets of the early
Fart Of this week without any
clear idea. being entertained of the
s.ehs u DC taken or the purpose
thsf would be served by them. A
vague suDposit:on was entered that
some striking ara effective meas.
urcS was TO be taken at Washing.
tca W.iich mould nut a new face
on the matter. TIE panic boke
ont on the Stock Exchange today
N connection with the dispatches
from Washington to brokerage
houses that no change OF policy
or Of administrative conduct waa
70 be extended in Washington
Speculative operators saw this
view of the situation confirmed
IN Inc mysterious and overwhelm-
Ing authorizing of stocks, which
they attributed to capitalists. who
mold controlling interests i'm the
great railroads. The suppositlon
tfot railroad capitalists hold this
opinion of their precarlous situa.
ton has been fostereh by their nj.
t'tide before the public and tho
complaints and even appeals
through channels which they had
been making
Idle Rumor Excites Market.
There came into the excited
n,Srfet to-day also rnmor t,,,i
t!iferennes Of opinion hal arisen be-
twenr Kuhn. d.ceb & Company and
u. H. Hanriman which prompted q
call on tibet francier to take his
yast holdings of stocks with that
trm. This rnmor was author;;a.
lively denied but the fear 1t engen1-
cred had it's part in the demora.i.
2ht.sn of the day The excited
market was accompanied by rise
in d,ie call lcam rate to 20 per cent.
and the time market was practi,.
cally mauotabie This gave rise
to fears OF oyerstgatned credits
IN che direction or another, rumars
pointing especially 10 the market
for copper securities. Bankers as
serted without reservation that the
most exhaustive and rainstaMng
scrutiny of conditions failed 10
show any thret1it of money trouble
Or embarrassment, in spite OF the