Los Angeles herald., 1907-03-26
PRICE Of STOCKS
BREAKS RAPIDLY.
RAGGED DECLINES SHOWN AT
THE CLOSE
Hartman and Hill Holdings Among
Those Which Suffered-Amal-
gamated Copper Also Hits
the Toboggan Slide
Rv Assoclated Press.

BY Associated Press.
NEW YORK, March 25.-Prioes in
stocks broke widely again today soon
after the beginning of operations on
the stock exchange. Opening dealings
showed a momentary stand against the
forces of depression, which were helped
by more cheerful tone of foreign ad-
vices this morning.
Quotations received from London at
the time of the opening here showed
some wide rebounds from New York
closing of Saturday, and they had a
sympathetic effect on prices here.
Scattered gains here were not up to
London parity however, and there were
many ragged declines.
Almost Immediately prices gave way
and quickly succeeding quotations
showed some damaging breaches in
values.
Amalgamated Copper, Reading, Steel,
Hartman and Hill stocks were special
sufferers and collapsing tendencies in
these stocks communicated to the whole
market.
Wide intervals of decline between
sales marked urgency of selling. Sharp
rebounds from lower levels surrounded
the decline.
Selling at the opening was of such a
general character as to defy analysis.
Bears in Evidence
Much of it was undoubtedly long
stock to be thrown over, while as much
or more was represented by bear opera
tions. The improved tone of the Lon
don market was not WI Olly accepted.
Primarily, the weakness Of the cop
per stocks was attributed to the heavy
decrease in sheet copper on the London
market. A sharp decline in tin was
also reported from that center. AS
surances of absence of serious trouble
among the members were given by the
stock exchange officials.
At the leading banks no news bearing
upon the market situation was obtain
able. London bought in the early trad
ing here some 10000 shares, 1t was said.
Investment buying also helped to rally
the market before the end of the first
hour. Call money opened at per cent
and was loaned at per cent at noon.
The market quieted after the first
hour and showed resistance to new
decline The dealings became very dull
at the higher levels. The sources of
the heavy selling which broke the mar
ket were obscure.
Fresh Flood on Market
The unchecked liquidation in the
metal and industrial stocks brought a
fresh flood upon the market from all
quarters and the tone again became
demoralized. Smelling broke II Is;
Amalgamated Copper, 9 Is; Union Pa
cific, Reading and Great Northern pre-
ferred, 7.
The deluge of stocks which poured
into the market was unexplained. Dis
order in the London metal market was
given responsibility for unloading OF
the, paetal stocks, in several of which
STOCK market pools were believed to be
caught with large holdings on their
hands.
TIL slump in London copper gave
rise to rumors of the breaking down OF
an attempted corner in the copper
market. Commission house brokers re-
L >rted they were in receipt of orders
i'm 'most unlimited amount to sell
stock at any price.
Meantime the absorptive powers of
the market seemed to be entirely eX-
hausted and prices were slaughtered in
the process.
Berlin cables reported a much bet
ter feeling, but expressed fears as to
the outcome here. The most eX-
perienced seem unable to offer any
logical or satisfactory reasons for the
demolalized state of this market.
Call money loaned at Is per cent
shortly after o'clock.
Extensive covering to take profits by
the bears rallied the market in the final
hour. When this buying ceased prices
slipped again in some cases to a lower
level than before, and the market be-
came very weak again.