The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-08-12
WALL STREET
ALL ALONG THE LINE
AT MARKET OPENING.
Measures to Stop the Slump Effective
Quickly and Prices Rise-Room
Shorts Buy Heavily.

The liquidation was on a large scale IN
the opening dealings of the stock market
today and prices crumbled away. Sensa-
tional losses were recorded in all of the
important stocks during the first ten min
utes of business. There was a break of five
points in Northern Pacific. SA in Canadian
Pacific. 3s in Union Pacific, ga In Balti-
more and Ohio, 8 in Missouri Pacific, Louis
willie and Nashville, Amalgamated Copper
and Colorado Fuel. 21s In Erie LIST pfd- and
Brooklyn Transit. "a in Reading and At
Gibson, 2 in Southern Pacific, Delaware ana
Hudson md Smelling and considerably over
a point for all other stocks. The market
became feverish and unsettled, some stocks
rallying strongly on the supporting orders,
and others declining still further.
II a. ineffective measures to check the
p%recipitate fall in prices were put into
force after the first fifteen minutes OF
business. and although there were Isolated
cases of further severe losses the general
market was under control and rising brisk
". Room shorts bought heavily when the
current turned, and there was n large
absorption for the long account. Rallies
from the low point extended to 34 IN
Pacific and 2 to 2ia in Canadian
GdfllIE, 3ItillSOUt NiCdl NOAAh1A ~
ferred. A~malgamated Copper and Anacon-
da. Both St. Paul and Great Northern pre-
ferred sold n fraction above Saturdays
closing. During the slump many of the
leading stocks sold at their lowest prices
of the year. Business quieted down con-
siderably when the rally was In force, but
there was at all times a decided under
current of nervousness, and at IL o'clock
the market was yielding again. Pennsyl-
vania. Reading, Smelling and INTERIOR
ough Metropolitan preferred were being
sold heavily and were quoted at the lowest
Noon-The market from time to time
had to contend with the realizing sales
buyers, who bought on the break
spasmodic railing tactics by he
bears, but there was no element of weak
ness such as had existed at the opening.
The list at all times gave indications OF
good backing and usually rebonnded to a
higher level than before when the pressure
slackened. Some of the less active stocks
sharp losses.
At noon the market was ruling close to
the highest prices of the morning, and
some Of the weak features had reduced
their losses to fractions. Great Northern
ore certificates advanced l and Sloss-Shef-
field Steel "a. Bonds were weak.
l p. M.-Business was much reduced In
volume between II and l o'clock and the
market gave evidence of having settled
down to normal conditions. Fluctuations
were comparatively trivial until l o'clock,
a decline in Union Pacific to below
l25 had some sentimental effect on the
remainder of the list. CRANKY Mining fell
II points.
? p. MIN the middle of the afternoon
most Of the days losses had been
and speculation was lethargic,
the bears made a successful drive against
Reading and Smelling n soon had prices
tumbling in all directions. The raid
brought the list virtually back to the low
figures at the outset or below. Smelling
slumped five points in all; American Ex-
press 10, Consolidated Gas 6. Illinois Cen
trail 57s. Reading 4. the second preferred .,
ACKNOWLEDGEMENTS preferred Az,
Great Northern preferred 81, Smelling pre-
ferred 8, New York Central 23 and Penn
.sylvania, ST. Paul n United States Steel
preferred 2. The furry In prices was over
before 2 O'Clock, the market becoming dull
again and recovering slightly.