The daily morning journal and courier., 1907-03-26
STOCK MARKET FEATURES
BROKERS AND BANKERS APPAR-
 ENTLY MYSTIFIED.

ENTLY MYSTIFIED.
 No News to Account for Violent Slump
 Prices in London and Higher Rates
 for Call Money-MOnetary Situation
 Did Not Seem to Attract Much Att
 tentiOn, However--FavorabIe Fea-
 lures Ignored-Marked Absence of Disturbing Rumors.
 There was violent slump in prices on the stock exchange again yesterday accompanied by exciting trading, but without news to account for it other than decline in metal prices in Lon don and higher rates for call money. The monetary situation did not seem to attract much attention, however. and according to brokers and mem bers of banking firms there was noth- ing to explain the rapid melting away of prices except that holders of stocks wanted to sell them and apparently did not care much as to the price they got for their shares, American Smelling was one of the weakest features, fall ing an extreme 13 IA points, but the United States Steel Corporation shares and the railroads also made wide de- clines. It was noteworthy that throughout the day there was an entire absence of the disturbing rumors of a fortnight ago to the effect that impor- tant failures were impending. Bankers generally said that no one was in ditfi- culties, that brokerage houses had pro- tected themselves with ample margins and that whatever might be the under lying cause of the recent precipitate declines in market quotations, they did not believe that it was fear of any one failing to meet his liabilities.
 The market opened irregular with some stocks showing a rather strong tone, among them Canadian Pacific, which was up two points. The fluctua- tions were extremely nervous immedi- ately after the opening and 1t was only few minutes until the entire list had weakened and prices were breaking wildly. The selling seemed to be ur- gent and there were wide drops be- tween sales. The value of the selling orders. was SC. great that 1t would have been impossible to check the decline even if there had been attempts to support prices. American Smelling, Amalgamated Copper, Union Pacific, Northern Pacific, United States Steel and Reading went down without re- straint, carrying with them the general list without exception. Brokers every where had heavy orders to sell and the scene on the floor of the exchange was one of considerable excitement and confusion as the excited traders sought to execute their commissions. After the first demoralization there came a quieter period of trading and the mar ket steadied only to give way again just as soon as the pressure to sell was resumed. Favorable features such as the better feeling in Europe, the reas- surfing interview with Lord Rothschild, gold engagements in London and an announcement of further government aid to the money market which ordi- narily would receive attention were practically ignored Several times during the day the market showed x signs of steadying, but as soon as prices had rallied point or two anoth- CT flood of selling made its appearance and the ticker resumed it's record of crumbling quotations. Toward the close of the day a buying demand, ap- parently to close out short contracts, appeared and gave prices rally. At the last the market was excited and ir- regular with quotations better than the lowest, but showing wide declines from Saturdays figures. Canadian Pacific, which was weak last week however, closed point higher than on Saturday. The principal declines of the day as shown by the closing quo tations were: Amalgamated Copper 3-4 American Smelling 1-2, Ana conda 5-S, Atchison S-8, Baltimore & Ohio 4, St. Pauul 5, Gen. Electric G. Great Northern 14, Great Northern Ore certificates 8, Missouri Pacific 21-4 New York Air Brake 15, New York Central IA, Northern Pacific 3-4 Reading 34, Rock Island IA, South ern Pacific 3, Union Pacific 5-S, Uni ted States Rubber 1-2, United States Steel 2 Is, and United States Steel pre- ferred 1-4 The total sales for the day were 1,7O2052 shares.
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