Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-14

for the day and year. Reading sold at o;
and Union Pacific at 12Sh
Officials of some Of the local banks and of
the New York clearing house today exam
ined the accounts Of various institutions
composing the clearing house and reported
that they found no weak points in any of
the local banking institutions or trust con-
panies
The circulation of rumors of break in
relations between Kuhn, Loeb & Co. and E.
II. Hartman. although denied, was an in
! fuence in the renewed weakness of the mar
ket. Union Pacific sold at 127 and Anal
gamated Copper at Sc.
At PAS pm. Union Pacific sold at 1854,
break of 20 points from last night.
NEW YORK. March 14.-The stock mar
ket opened active and irregular. Most of
the opening changes were fractional but
Reading was up IA and Amalgamated Cop
per showed an opening decline of q.
Soon after the opening the trend of prices
turned sharply downward, some of the
active issues selling below the low point of
yesterday.
The stock market opened in a turmoil Of
excitement again today and after making a
momentary stand against weakness broke
again quite generally. Individual stocks
were unlOaded at rapid declines indicating
the continuance of forced liquidation. The
struggle between opposing forces at the
opening was stimulated by the news from
the London market where a sharp rebound
had occurred after period of extreme
nervousness and the announcement of two
failures.
The suppostion that the worst was thus
disclosed at that center prompted some
aggressive support at the opening here, and
a number of leading speculative stocks
started one to two points higher than last
night. Reading made a two points ad-
vance, Louisville and Nashville. is, and a
number of the Pacifics and trunk lines a
point or more.
Fluctuations Feverish.
Fluctuations were very feverish and vio-
lent for a time and the trend of the mar
ket was not clearly perceptible until Union
Pacific made a downward plunge of 3k be-
low yesterdays closing. Amalgamated Cop
per fell weakly 3A points, Great Northern
preferred 81, American Locomotive and
Sloss- Sheffield Steel 3h, Delaware and Hud-
son 52, Atlantic Coast Line and Sugar 3,
Brooklyn Transit u.s. Pressed Steel Car 5,
Northern Pacific 2A and many active stocks
one to two points.
The stocks which had opened higher were
swept to a lower level with the general list.
United States Steel was liquidated in enor-
nous volume.
The renewed slump in the market natural
ly gave rise to further uneasiness over the
consequences of the continued melting away
of prices.
Pressure on Money Market.
On the other hand, it was a matter for
satisfaction that the Bank of England had
refrained from advancing its discount rate
in spite of the continued fall in the sterling
exchange rate at New York. The advance
in the discount rate In London to above the
bank rate indicated the continued pressure
on that money market, which Is believed to
be largely responsible for the pressure of
the liquidation in the New York market.
Advices from the interior also showed large
Withdrawals of money from New York to
meet local demands there. 1t was reported
also that interior banks were scaling down
credits extended to New York stock market
borrowers which had been outstanding on a
large scale for many months.
Supporting measures became effective
again during the course of the first hour,
and some sharp recoveries followed.
Trading in the first hour amounted to
631 600 shares. Call money opened at 10
per cent, and the supply was small.
Western Wire Houses Busy.
All the leading commission houses had
selling orders at the opening. The western
wire houses were especially prominent in
the movement, and offered large quantities
of Amalgamated Copper, Anaconda, Smelt-
ing, Union Pacific and the Hill stocks.
London, on the other hand, was a re-
ported purchaser of $4,000 shares in the
first hour. There was some absorption on
the downward scale elsewhere in the room
by investors.
Scaling Down Of Loans. -
The scaling down Of loans to meet to-
morrow's special requirements forced some
stocks on the market, and the decline seems
to have affected some accounts that al
ready showed heavy losses and on which
the first moderate decline necessitated ad-
ditional margin. Lenders of money were
unwilling to carry these accounts further
in the existing urgent demand for money
and the resulting flood Of liquidation over
whelmed. the market.
Much additional selling resulted from
calls sent out over night for additional
margin, to which responses failed. The
bears also were emboldened to renew their
attacks on values, the more so as very ex-
tensive short lines were covered yesterday
late in the day, leaving operators unin-
numbered for fresh ventures on the short
side
Call money loaned at Is per cent early
in the day, thus indicating the continued
preparation for the large dividend and SUBJ
scription payments due tomorrow.
Lowest Prices Of the~Year.
The steadiness in the market which fol-
lowed the first bad break lasted until well
after u o'clock. At that time another pre-
cipitate movement developed and drove
prices LOT some OI tHe prominent ledueTS 10
the lowest prices Of the year. Amalgamated
Copper sold at 81. Reading 100, Union Pa
cific at 1891 and ST. Paul at 1874
The stock market collapsed suddenly
about midway of the noon hour, following
a sudden slump in Union Pacific. which car
ried it down ~ points to 1873. Wholesale I'M
loading of Amalgamated Copper and Smelt-
ing followed, the former dropping ~ and
the latter AZ. Reading was also heavily sold
at decline of ~. and the whole railroad
list then ran off rapidly. Delaware and
Hudson lost 81, Central Railroad of New
and Anaconda Az.
Great disorder and excitement attended
the renewed slump in the market and enor-
nous blocks were thrown over for what
they would bring. There were few bids
Continued on Sixth Page.)
loss I'M A nav