The sun., 1907-08-15
Prices Crumble to New Low
Levels and Many
Runners Fly.
HARD TIME FOR BORROWERS
Practically No Market at MlsfsF
Many Good Inactive
Securities.

faNSrite stocks OF the standard OIL u.Snry.
as sBefsrs. Lead IN the Lsqusdae,sA W,ts
JUST Enough support - tho Last to
Keep Up . Market-Popo Failure At
tracts Attentisn to Industrial Degrees
sisn and Shack supply OF Time fsaey
Lack sr neAssurance From Adnan1s-
tratisn Circles Helps On Liquidation
Many Prices the Lowest for Decade
In tho stock market yesterday after
noon trading reached a close approach
to panic conditions. With all tho gain
In the previous days rally wiped out and
the list generally selling at lower than
panic prices there came in the last hour OF
trading rush to sell which swept every
thing before 1t. Only in the active stocks
was II possiblsto TO sell. except at prices which
were ridiculous concessions from prices
Of previous days. For many well known
and long established though generally
inactive railroad and industrial securi-
ties there was practically no market at all
In some OF the active stocks there were
repeated declines OF 81 a share in one or
two sales.
A string OF Amalgamsted Copper came
out on the tape at prices running down
from esiS TO ooT and showing a loss Of ~
points on five transactions. aggregating
but 200 shares. Previously the same
stock had broken from 7OH to es,< in not
much greater volume Of trading. Smelters
at one time broke from sS to o. on a single
small transaction. The ordinarily more
conservative New York Central and Steel
preferred lost q each between sales. Louis
vile and Nashville dropped from 1851 TO
IOiH with similar suddenness. Scores
OF other rapid and broad fluctuations be-
tween sales we're noted in scores Of other
stocks. All gave evidence to the badly
demoralized nature OF the trading
The exhausted nature OF the purchasing
power has not been az strikingly in evidence
since the decline began ten days ago. Stocks
in tremendous quantities were offered
and the aggregate Of transactions would
have been very much greater had those
desiring to sell been able to. Throughout
the entire day there was very weak mar
ket for specialties. a. a decline Of ~ poinss
in Third Avenue and severe losses in others
of this class indicated Even some Of the
well known preferred stocks of standard
railroads found no one anxious to take
them. There was one fairly well known
railroad stock for which the best bid was
aal,z -
than 30 per cent. from the market price
Of the preceding day A single 100 share
lot Of Wells Fargo went $40 q share cheaper
than on the last previous sale
The market had opened rather firm and
there had been irregular advances, due.
it was thought, TO purchases covering short
sales. It began to gag on the announcement
of the Pope Manufacturing Company fail
ure and went practically to pieces shortly
after 2 O'Clock, when a new exertion Of pro-
fessionsl selling pressure and 4 food OF
liquidation swept prices away. Before the
movement terminated previous low records
had gone by the board. The gains Of the
early trading and Of the rally of Tuesday
were lost and there was established range
Of prices which would have seemed absurd,
II not impossible, but . few days ago
Amalgsmated Copper was subjected to
extraordinarily heavy pressure. After sell-
ing in the morning at 74N IL broke TO o6k
in the final hour. The total transactions In
10 were more than 100000 shares. Union
Pacific. which was again the market Ipader,
dropped all the way from 12e to i7ik.
New York Central cold to within u Of
point Of par. Other significant and i'm
portant new lows for the movement were
accorded in Shelters at o.; Sugar. no;
Anaconda. 4s: Atchison. s21<; Canadian Pa
cific. 1921; Brooklyn Rapid Transit. S1H:et.
Paul. li7,S; Northwestern, 1ss; Consolidatsd
Gas, l04; Delaware and Hudson. 1s1tf; Erie
first preferred. s0@; Great Northern. iis1S;
Great Northern ore certificates. 20; General
Electric. i27H; Inter-Met common. ss<;
Intsr-Met preferred. 7eh: National Lead.
44H; Pennsylvania, li5; Reading. 8Sk:
Southern Pacific. %; Steel preferred. six>
Twice within the last hour there were svi-
dsaoes that support was forthcoming from
insiders. The support. however, at first vas
Just enough to furnish some substance TO
the market. Fifteen minutes before the
close II appeared In greater strength. but
even then the short covering was undoubt
odly largely responsible for the short and
indecikve rally that ensued. The closing.
though somewhat above the low of the day.
was weak enough. and the sound OF the gong
has been seldom more welcome.
Though the sheets went through the
Clearing House at II o'clock there was
subsequently an outbreak OF very per-
sistent failure r,imors. Many Of thesa
concerned industrial concerns equal in i'm
portanoe to the Pope company. In the cases
Of tho companies reported TO be wabbling
Il was said the cause Is the same a. In ths
case OF Mllliken Bros. and the Pope oosn-
pany--sn overextension OF credit and in
ability 20 market securities. At tho bapks
grave apprchensions were also felt over
'he solycncy Of some housc or houses In the
financial district. Few data were given
In any Of the rumorS but 3 market whiuh