The Bemidji daily pioneer., 1907-03-14
PANiCkY CONDITIONS ON WALL
STREET RESULT IN HEAVY
DECLINE IN PRICES.
@.5
I'LL STOCKS LEAD IN The SLUMP
NORTHERN PACIFIC AND GREAT
NORTHERN GO DOWN MORE
THAN TEN POINTS.


break in the stock market soon after
the beginning of operations revived
the nervous feeling prevailing during
the weak period of last week. There
was no new development to account
for the heavy selling, but it was gen.
orally attributed to the immediate
needs of the money market. The 18th
of the month calls for some very large
dividend payments and for stock and
note subscriptions and it Is supposed
the banks were obliged to call loans
to provide sources for impending re-
Quirements. Foreign markets also
were upset by the money situation
Liquidation In Berlin and London has
q reflected effect here. Western rail-
road stocks were the weakest, but
declines up 70 points and over were
generally obtained all through the
list. Some Of the more conspicuous
losses were Great Northern preferred
TX, Northern Pacific 6, Northwestern
s, Union Pacific s, Canadian Pacific
Az, Reading 4, Delaware and Hudson
3Ss, Amalgamated Copper 31s. South
ern Pacific 3, St. Paul and Colorado
Fuel ~, United States Steel 25s and
so on. About 100000 shares changed
hands in the first hours trading.
Prices Become Demoralized.
Conditions became panicky on the
Stock Exchange by noon and prices
melted away in a demoralized fashion
under the forced liquidation by calling
of loans, the wiping out of the mar
gins and the throwing upon the mar
ket of collateral in loans. The sever
est losses were in the high grade rail
road stocks, especially those in the
Western region. The Hill group, in
cluding the Great Northern Ore GER
tifcates, dropped about 10 points, Ca
madam Pacific 7, Reading 6%, Union
Pacific, Northwestern, Brooklyn Tran.
sit and Amalgamated Copper between
and points.
Fluctuations became very wild in
the early afternoon and large blocks
of stocks were thrown upon the mar
ket indiscriminately as to what they
would bring. The slump in Reading
was especially violent, its 12-point
downward plunge being made by to
1h-point drops between sales. Union
Pacific was without apparent support
and fell away 8 points. The Hill
stocks made momentary stand and
rallied several points, but slumped
again, and Amalgamated Copper was
unloaded in frightened haste for a de-
oline Of IN.
No Market for Many Stocks.
In many of the most active stocks
efforts to sell found practically no
bids in the market and forced sales
under these circumstances caused the
rapid Offering down OF the price limit.
The shorts were the only buyers and
their occasional purchases were lost
in the food OF the continued liquida-
tion. Many selling orders were for
execution at the market without spe-
cification as to price and this added
materially to the decentralization. Bank
clerks were busy watching the down
ward plunge of prices with view to
the value OF collateral in loans and
selling out of such collateral was an
additional burden on the market.
The market closed nervous and un.
settled. Covering operations by the
bears rallied the market, the rally
running from 8 to points in stocks
that had been weakened. The tone
was feverish and unsettled 1T the
higher level. Union Pacific dropped
back to the lowest twice after the
general list rallied and the whole list
sold off sharply in the late dealings.
Northern Pacific fell II and Union
pacifin 10A