New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-08
MARKET BREAKS BADLY
Manu- Issues Reach Nesc Lo5o LeUet
for the Year.

Prices on the Stock Exchange broke yesterday
afternoon with much violence, the movement
following the slow decline which had been In
progress since the beginning of the week IN
the break such extreme declines from the high
est prices of the day occurred points in
Union Pacific. SIS in Reading. ga in Southern
Pacific. > in Great Northern SIS in American
smelling and Refining and 54s In Analsamated
Conner In the last half-hour there was gen.
oral raFlv on covering of shorts, the improve
,,ent extending from 1 10 3 points. but the close
found most of the active stocks from 10
points lower than on tuesday afternoon ih
.he long list of stocks traded in. only four ended
the day with net gains, Missouri. kansas q
Texss Southern Railway preferred and wabash
making small fractional advances. ana AIneri-
can Coal an extremely inactive issue. gaining
j point -
ON the break. in the course Of which the trad
s.p was in heavy volume, many issues eStaO-
ushed new low records for the year. going undel
their figures Of the days Of the March panic
The usual ruRors Of firms or individuals Deli'S
in difficulty afioat but they lacked DEFINITE
ness and no s,1bstantiation Of any of them could
be- found There has been in the last few Gay
active selling by the bears. who have taken near
from the hostility 80 corporations displayed 10y
the authorities Of various Southern states, eSpe-
,sa1l1 and also have argued that the exemplary
penalty dealt by Judge Lands TO the Standard
oil Company would have tendency 10 alarm
investors in corporations generally with lhIS
short selling il is said. there has been hqulda-
zion by large capitalists. apprehensiVe over the
sufi-ooTuoration sentiment in the several states.
When to a continuance Of pressure on the mar
t1er from these two sources was added yesterday
g tightening money market, with call money
going I'D 10 6 per cent the first time in sew
sral months. and the rates for time loans hard-
enirg liquidation on a heavy scale set in and
rrfces crlmbied rapidly In the swift declIe
many margined accounts We're exhausted ana
closed out. and some OF the large pools were.
according 10 report obliged to tighten materially
their burden OF stocks At the close of the trad
ing some of the competent observers OF the mar
ket expressed the belief that the decline had
run its course for the present while others were
Of opinion that further liquidation would occur.
The greatest single loss of the day, already
noted. was IN Union Pacific in which stock also
were the heaviest transactions. and It was re-
ported that or more OF the insiders were
unloading large scale. perhaps with the OBJ
ject of preparing 10 meet the second call on the
bond underwriting syndicate which Will be due
within few DAYS. marlborough Metropolitan
common and preferred both touched new low
levels the selling Of these issues being explained
as due 10 the uJfavorable impression created by
the testimony OF the company's representative
who have appeared before the Public Service
Commission. An especial cause for the weakness
in Amalgamated Copper was the announcement
Of q further marking down OF prices OF copper
by the New York Metal Exchange. this being
one OF the bearish influences OF the day on the
general market, although the acts Of the Metal
Exchange are OF more influence sentiment
than the actual market Cor copper metal
The curb market was demoralized, acting in
sympathy with the Stock Exchange. STANDARD
Oil. which has its market the curb broke
from 500 to 493. the lowest price on the present
movement and closed at $50 bid and 496 asked
The following table shows the lowest prices
reached yesterday by number Of the principal
stocks. their low record prices previously this
year and the lowest point touched by them in the
panic period of last March: