New-York tribune., 1907-10-19
STILL LOWER LEVELS.
Ne7o Records Made litter Steady
MARKET Opening.

The stock market opened fairly steady yeSter-
day with prices triie above Thursdays close
and for a brief period it looked if the partial
clearing up of the Heinze difficulties and the
restoration of confidence in the local banking
situation would result in the market at least
gaining its equilibrium.
As trading advanced. however. extreme ner-
vousness developed and it soon became evident
that prices We're not going to hold. Forced
liquidation quickly made its appearance in the
market, and prices began to Crumbe away at a
most alarming rate.
The break which followed was by all odds the
sharpest to date in the present downward
swing, such prominent market leaders as Union
Pacific. Amalgamated Copper American Smelt-
ing, st. Paul. Atchsou. Baltimore & Ohio Cana
dian Pacific, Consolidated Gas. Reading and
United States Steel preferred making new low
prices for the year
United States Steel common touched its pre-
vious low mark of 22, made on Thursday. while
southern Pacific equalled it's low point of last
March. 6924, when it was a per cent stock
The dividend has since been raised to 9 per cent
There was 4 rally of moderate proportions before
the close, but heavy net losses were registered
IN all the active issues
American Smelling. Amalgamated Copper and
Union Pacific led the decline, and at the dav's
low points these three stocks showed gross de-
clines of 9l2, 81 and 6Ia respectively. At the
close Of trading American Smelling was g..
points down for the day Union Pacific 4ss and
AmaIgamated Copper 224, the latter showing the
pest rallying power of the trio In view Of
present conditions in the copper and allied
trades with another cut in the price of conner
on the local Metal Exchange and with hanks
discriminating against copper stocks In loans II
was not surprising that these shares were among
the weakest. What hurt sentiment most. how
4s fbn 1
ard railroad shares, like Union Pacific St PauI
and Pennsylvania. The last named has been
cohspicuously strong of late, but yesterday II
yielded and dropped to 115I4
rear that the worst had not been made nub1,c
about the bank situation probably was mainly
responsible for the market pIungfng down 60
fast. but the rise in call money TO 10 nor cant
and the refusal of the banks to renew loans in
which the collateral was largely made mn Of
copper stocks and industrials figured promi-
nently. From the character Of the market in
Amalgamated Copper and American Smelling
1t was plain that heavy forced liquidation was
under way in both issues Another failure in
Hamburg helped to increase the gloom as did
the announcement just before the close that the
Clearing House officials Dad demanded the resig-
nation OF all the directors OF the Mercantile
National
Some OF the new low prices for the present
movement IN addition to those already men
toned. were: ST. Paul, 11O%: American Sugar
1O1l2: Anaconda. %; Atchison. IS; Atlantic
Coast Line. G6; Baltimore & Ohio. 81; Canadian
Pacific. 154A; Chicago & Northwestern, 1871;
Consolidated Gas, 81; Delaware & Hudson. 145Ia;
General Electric. 1O912; Illinois Central. 1864;
Reading, S3as; American Smelling preferred.
S1%4; Distillers' Securities, 44ls; Western Union,
GJ. The severe declines which took place in in
active issues are shown by drops of 10 points
in Lackawanna and Federal Mining and Smelt-
ing preferred. G9s in Big Four" common. Il in
Nickel Plate" first preferred. Al in 500
mon, 81 in North American. in Pullman Pal
ace Car and Railway Steel Spring preferred.
37s in Twin City and "a in Vulcan DEFINING.
The following table shows the high prices for the
wear OF some OF the leading issues. their low price
..n.t.r.la1 and the .Slanl Of the dacIines.