The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-15
PANIC STRIKES
STOCK MARKET
Prices Go Down with Thud
and Values Melt
Away.
PUBLIC HAS NO CONFIDENCE
Call Money Rated rs Per Cent.
Great Holders Threw Stocks
Overheard.
PUBLIC HAS NO CONFIDENCE

NEW YORK, March Discrimination
wps of volume and character to-day
such as has not been witnessed on the
stock Exchange since May 0, 1901,
when the development of corner In
Northern Pacific prccipitated one of
the .novcrest short panics ever seen In
tho New York market. The extreme vlo-
lclics OF the declines on that occa-
sion was due largely to the fact that
It broke IN abruptly upon a period OF
boom and rising prices. To-days
demonstration was radically different
In TINT It succeeded d prolonged period
Of liquidation and severe declines In
prices. Not only had much been nc-
Complishcd towards the necessary
liquidation before the present break
but the action of the market had be.
gun to reflect d return OF confidence
early this week, and a general conYic-
ton had grown up that the worst was
over. The sudden and acute outbreak
Of renewed weakness to-day owed
most of It's violeryce to the feeling or
dependency in speculative circles re-
gardins the effects off the public agi-
tation against corporations and the
nearly universal trend of legislative
measures against them. The specu.
lative circles are not disposed to RELY
on their own information and deduc-
TONS as to tho extent and the signl-
ncance Of these developments.
The extreme constituencies OF senti-
ment on the subject is founded on sup
positions Of what the great authorities
IN the railroad and financial world
mink on the subject. The recen.
events have created the Impression
INA, ,nat these authorities are in a condi-
.lisnt, about the prospect they have
70 lace In this matter. Some Of tho
steps taken with the intcntio NOT alIav .
ns apprehension on the subject seem
b MI ~, y.
IN asgravating 1t.
Morgan Hurt Situation.
rms was notably true OF the visit
70 washington carly in the week ~
:. Morgan with the ayowcd p,,rnoea
OF acting as mediator between ina
ffesioent and the railroad companies
~ ~ EFFORT to induce the President
pr,ha ns some step to aliay public APP
pasnehsion regarding the credit of raj.
.oad companies. There was ,nomen
.aIy sense of relief manifest in ~
s STOCK markets of the early mart ~, az
helm, week. without any clear idea
takann nr ~, of the steps to bo
served by them. A vague s,,nynai., w
mrs entered that some striking -
W as,t measure was to be taken ~.
face on ION tpn which would put a new
The panic broke out m +bo ..,
asnntngc to-day in connectinn w.ith ~
n,spatcnes from Washington tn hrn 1, .ire
or OF ,admin lsar no, 10 change of policy
NC expected IN Washington. This q ~ ~
psaa1ed strongly to the specilative IN
the lat d bnI,y iears az as sweeping away
the railroad companies from ei Ike o. f sor
o OF ,n ,h public disapproval and and
tive operaters ea sa aSni ISL specula
situation confirmed in the mvstar,o,,s
stocks ov whiab tbavg o,ph,p.oaring Of
tnltsts. who hold controlling interaEt !
IN the great railroads. g
Rumor OF Hartman Trouble.
. Inc supposition that railroad capt.
S ther atnas bef has t been
the complaints. and even appeals'
through public. channels. which they.
the ex pie making msrN There came into
NOR that differences Of opinion had
arisen between Kuhn, Loeb & Co, and
eal "a On H that nanc Whie p prRpmpted
vest holdings OF stocks with that
iir Nj. ru,no. 80.
MED, but the fear It engendered had IA.
Of the day. s exeited market ".tue was
accompanied by a rise in the. call loan
lset was practically unquotabie. This
gave rise to fears Of overstrained cred
ms y 9ne Or tba
for copper securities. Bankers assert
ed without reservation that the most
eShanftiye and pain IN scrutiny
OF money trouble or embarrassment, in
spite Of the enormous losses repre-
This is considered the most remark
able feature OF the. present remarkable
situation. Undoubtedly discrimination
against some stocks In collateral for
mr.
with much Of the severe selling pres
SIRE. Yesterdays fears OF foreign
troubles were proved entirely unfound-
cd by to- days Developments
Union Pacific Led Decline.
Tho market had substantially no,
covered at ono time during tho morn
ing, and confidence was perceptihl,
In Union Pacific started the democrat,
ization In the whole list, There were
some violent CITATIONS due to the rush
cf shorts to secure their enormous
profits Mt various times, but the tone
Of decentralization continued pructi-
cn,,s up to the close. The intended
pan OF relief by the Treasury Depart
nont was not made known until after
the market had closed, but very spe,
ciflc reports were current of the In
tended action. without apprecably af,
fecting the market. Some Of the mos
conspicuous OF the days extreme de.
clines We're:
Union Pacific, IS IA Reading, 90 "a
American Smelling. ATS, Amalga.
mated Copper. 1884 Delaware ant
Hudson, 10 Id and st, Paul. Northern
Pacific Southern Pacific. Great North.
ern preferred, Anaconda. Pullman
sloss- Sheffield and Brooklyn Transit
10 to 1912 Several losses OF les.
amounts were universal.
Bonds wer but slightly affected b,
=
THOMAS BRANCH 3 IN