Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-03-15
NO FAILURES ARE REPORTED.
Many Wild Rum0rs on Street,
Short Bears Only Buyers---Sec.
CorteIy0u Takes Action.

New York. March 1i-Under the eff
effect Of % per cent money and the
general rcssimistic sentiment devel-
oped as Il result of the recent heavy de-
cline, trading on the stock market to-
Gay reached Il stage of decentralization
bordering IN actual panic. The worst
period Of the day was shortly before
the closing of the Stock Exchange. al
though there was an extremely violent
/! falling off in prices between u and
O'Clock. New records for the year and
in some instances for several years
We're established in the active specu-
! lative issues under precipitate selling,
with the market apparently without
buying orders other than those of the
bears to cover their short contracts and
realize their profits. The closing quota
| tions showed the following decreases
! for the day in leading shares:
Amalgamated Copper 1874. American
Smelling 16l4. St. Paul 1871. CONSOLIDATE
ed Gas {. Delaware & Hudson 1914
General Electric 91E, Great Northern
513, Minneapolis, st. Paul &, Sault ste
Marie 67S, Missouri Pacific ~. National
Lead 1924. New York Central s, Nor
folk G Western ~. Northern Pacific S,
Pennsylvania Railway 61a: Reading
20T: Southern Pacific So; Twin City
Rapid Transit 5; Union Pacific 204; L.
S. Steel 2ls and L. S. Steel Preferred A.
IN most instances even these figures
do not represent the extreme declines.
as Reading closed two points above the
lowest and Union Pacific Az above the
lowest Of II" day. The total sales
- i,n Ia
Cay III the recent trading.
The announcement of government re-
lief for the money situation was not
received until after the close of the
stock Exchange. Other than high
money and the general boarsh feeling
there was nothing to account for the
markets weakness, unless it was the
norvOuSncSS of stock market traders as
to the attitude Of tho national admin
stration toward the railroad cOrpor-
atoms.
Just before the midday break a rumor
| was circulated and was given consid-
| cradle crcdcnce to the effect that a
| banker who had just returned from
Washington had reported to his friends
| that the President had declared that his
| Cd and that he saw no reason to
| change them at this time. For several
| days Wall street had taken the view
| that the recent heavy declines III ae-
| cGriti"S had not been without effect
| i'll Washington and may modify the
attitude of the President. Great Gis-
appointment was expressed at the news
| credited to the banker quoted as au-
! tnority for the statement that there
| voud lie no such change. The banker
himself. when approached on the sub
| iect by newspaper men, said nc did not
| care to be quoted further than to say
! that he believed the administration
| thoroughly understood the financial
! situation ard the conditions as they
| appIied 20 railroads and industrial cor
| porationS.
Rumors in circulation during the af-
| t5rnnon that government relief might
be looked for, official confirna ton Of
which was received after the close
| were without effect on the stock market
! trading. None OF the reports in cir
culation yesterday as to foreign flnnan-
I cial difficulties received confirmation to-