Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-03-15
NEW YORK STOCKS ANDBONDS
Market in Condition Bordering on Panic
and Prices Fall TrsOipitatsly.
SALES NEARLY THREE MILLION SHARES
Union Pacihc Loses "a Points, Amer
team Smelling 81, Northern and d.
Southern Paciacs and Great
Northern 10 TO 10 Points.

NEW YORK, March 1A-Liquidation was
Of a volume and character today such as
has not been Witnessed on the stock ex-
change since May 9, 1901, when the devel-
opment OF corner in Northern Pacific
precipitated one OF the severest short panlcs
ever seen In the New York market. Inc
occasion was due largely to the fact that
II broke in abruptly upon the period OF
boom and rising prices Todays demon
stration was radically different in that II
succeeded a prolonged period Of hQuida-
ton and severe declines In prices Not
only had much been accomplished towards
the necessary liquidation before the present
break, but the action of the market had
begun to reflect return Of CONFIDENCE early
this week and a general conviction had
grown up that the worst was over.
The sudden and acute outbreak OF re-
newed weakness today owed most Of its
violence to the feeling of dependency In
speculative circles regarding the effects
Of the public agitation against corporations
and the nearly universal trend OF legisla-
tive measures against them. Speculative
circles are not disposed to rely on their
own Information and deductions as TO the
extent and the Significance OF these de-
velopments. The extreme constituencies
Of sentiment on the subject is founded on
suppositions OF what the great authorities
in the railroad and financial world think
on the subject Recent events have con-
veyed the impression that these authorities
are in a condition of keen anxiety and
even Of fright about the prospect they have
to face In this matter. Some Of the steps
taken with the intention Of allaying APP
prehension on the subject seem to have
been principally instrumental in agSravat-
| ing Il. This was notably true with a
visit to Washington early in the week of
]. Pierpont Morgan with the avowed In
tention Of acting as mediator between the
president and the railroad companies in
| an effort to induce the president to take
1 some steps to allay public apprehension
| regarding the credit of railroad companies.
| There was a momentary sense of relief
manifest in the stock market of the early
| part of the week without any clear idea
I hpi fol cd of he 70 ha al an
| or the purpose that would be served by
| them. A vague supposition was enter
! tained that some striking and effective
measure was to be taken at Washington
! which would put new face on the mat
| ter.
! The panic broke out on the Stock ex-
! change today in connection with dispatches
4 from Washington that no change of policy
/ or Of administration was to be expected in
| washington. This appealed strongly to
the speculative Imagination and fears as
sw eeping away the last bulwark of protec-
| ton for the railroad companies from the
onset of indignant public disapproval and
even threatened conflscation. Speculative
operators saw this view Of the situation
confirmed In the mysterious and over
whelming outpouring of stocks which they
attributed to capitalists who held Controll-
ing interests in the great railroads The
supposition that railroad capitalists held
this opinion of their precarious situation
has been fostered by their attitude before
appeals through public channels which they
have been making recently There came
onto the excited market today also a rumor
/ that differences had arisen between Kuhn,
Loeb & Co. and =. H. Hartman, which
had prompted call upon that capitalist to
take up his vast holdings of stocks with
that Arm. This rumor was authoritativeiy
denied, but the fear II engendered had its
part in the Decentralization Of the day.
The excited ma -et was accompanied by
rise in the call loan rate to % per cent
and the time loan market was practically
1nSuota6le; This gave rise to fears Of
another, rumors pointing especially to the
market for copper securities Bankers as
serted without reserve that the most ex-
haustive and painstalxing scrutiny of con
ditions failed to show any threat OF money
trouble or embarrassment in spite of ehor-
IN quotations This is considered the most
! remarkable feature OF the present remark
ination against some stocks in collateral
for loans and their throwing out had to dc
With much Of the severe selling pressure
Yesterdays fears Of foreign troubles were
. velopments.
The market had substantially recovered
at one time during the morning when the
. wild liquidation in Union Pacific Started
> the Generalization in the whole list. There
, rush OF shorts to secure their enormous
profits at various times, but the tone o.
ffSe n oIosa continued practically up tC
the Treasury department was not mad,
known after the market had closed hui
very specific reports were current OF tn,
n intended situation about o'clock without
y appreciably affecting the market Som,
Y OF the most conspicuous Of the davis ,ex
treme declines were: Union Pacific, 2iK
Reading PA American Smelling, nh
Amalgamated Copper, 1874; Delaware 4
> HUDSON l9h; St Paul, Northern Pacific
Southern Pacific Great Northern pre
ferred, Anaconda, Pullman, Sloss-Shef
neld Steel and Brooklyn Rapid Transit Il
L to 1871. Severe losses Of less amounts wer,
universal "
n Bonds were but slightly affected bv tn,
\ acute weakness Of stocks but were gen
= cTally lower. IlnifaH
changed on call ~
the New York Stock EXCHANGE. -