Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-25
Long Operators Caused Another
Violent Break.
UNDER HEAVY SELLING
London Reports Only Postponed the
Big Drop.
NEW LOW LEVELS REACHED
Weakness Pervaded Entire List-In-
dustrials and Railways in
the Slump.
NEW LOW LEVELS REACHED
Special Dispatch to The Star.

Special Dispatch TO The star.
NEW YORK. March 25.-Stocks broke
violently today under pressure of persistent
and extensive selling that came principally
from long operators. The volume OF
liquidation even during the first half-hour
was on a very large scale that carried the
whole list down for an average loss OF =
points or more, and in individual cases
much greater declines We're scored
Good news from London failed to do more
than postpone the inevitable for a rev
minutes at the opening. Even the encourag-
Ing information that Berlin had repaired
the damage suffered by its bourse on sat
urday and that the general outlook lor
money conditions throughout Europe hao
become more hopeful failed to elicit a rally.
Later still. the announcement that Secretary
OF the Treasury Cortelyou had come TO the
relief OF the money market by agreeing TO
accent gnt-edged railroad bonds and other
securities that are legal investments ior
banks in Massachusetts and New York
found the market in the midst OF decline
and failed to improve 1t.
Nothing to Check Flood.
No news seemed good enough to cheek
the flood The accumulated force OF turou-
lent and disordered conditions In the money
market abroad and the Decentralization prev
alent amongst all securities at home de-
seconded like cloudburst. Prices broke and
= sought new low levels. only TO be swept
away again and again. Weakness. wide
spread and complete, pervaded the list. II
sagged broke, rallied heavily and broke
again, and all under the heaviest cloud OF
mystery that has yet enveloped the market
General explanations were plenty enough,
but adequate specific reasons for the break
were totally lacking. The market Eel main
ly because it absolutely wanted in support
at time when 1t had been weakened by a
series of reckless attacks and the gradual
sapping away Of Its share of the public
confidence.
From the very beginning of the days
business the strongest houses OH the street
were heavy sellers of the whole list. London
a buyer, but the amount of shares pur-
chased for foreign account was only a
drop in the bucket compared to the out
pouring of selling orders by the commission
houses in the local market Decentralization
was complete. and that in a market exclu-
sivety professional from which the small
invest tors and spectators were shaken out
IN the commencement of the downward
movement.
short interest. Great Northern ore GER
tffcates fell at one time to fifty, loss of
nine and one-half points from Saturday.
Both of these securities left behind them
their low records on March IA, the day of
the silent panic"
A Day Of Liquidation.
Today was day of liquidation above
everything. Short selling was in evidence
of course. but the principal and overwhclm-
ingly important characteristic of the day
was the liquidation by strong houses Of the
securities that had become too expensive to
carry any longer.
Unload at Any Cost.
Money loaned at various prices from as
low TO as high as per cent in the
morning. with every Offering snapped up
immedia tely. The per cent rate was en-
tirely fictitious and resulted in the action
OF certain banks in lending money at that
price. while the regular money brokers