The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-15
BORDERS ON ACTUAL PANIC
At CLOSE OF EXCHANGE
Break After Break Causes Sensational
Drop of Over $40 In Some Leaders.
Government Relief Comes After
the Close-No Failures.


s.sser cent money and the generally
sentiment developed as re-
eeent heavy drain decline,
trading stock exchange today
reached Of Generalization border
ing on actua &. The worst period of
the dav was before the closing of
the stock exc, session although
there was an ext giolent falling of
in prices between O'Clock. new
low records for IL. anu III soiiio
instances for severa. we're estap-
lished in the active spts issues ul'-
der precipitate selling, iuaihee
apparently without buyina y other
.ta, thosa Of tho hears +, heir
short contracts and realize y
The closing quotations shove,
lowing declines for the day Il
shares:
Big Declines.
Analeamated Copper, 17s4; Amo
Smelling, 16ls; St. Paul. 1917; Consoh
ed GAS, Z; Delaware and Hudson, J Jl
c;enefal Electric, 91h; Great Northern. !
rs.t,r.s- -ssta- Marie. 71S: Miss.,..ri Pacific, 2
N.-tional Lead 1gst; NeF York centri
s.: Nogolk and Western. 7bs,, NoItir,
( pacifl,,. e1s; Readiag. 2osa; Southern %
ciiie. Ss, Twin. gfy, 81 Uniou Pffc
! .s'lG.s G1ritc'' = l4gs 81 el M ~
" most Instances even ,hese h@0iss s
no not represent tl,s. extreme decliles' as
Reading cIos-~-~2 points above ne lowest
and Irr:,n Pacific AZ above the t5west ol
tb~~ day. Tho total sales we're 2,ils,9o6,
the largest total ON any day in the re-
cent trading, The announcement of gov
ernment relief for the money situation
was not received until after the close of
the stock exchange.
Other than high money and the gem
orally bearish feeling, there was nothing
to account for the markets weakness,
unless it was the nervousness of stock
market traders as to the attitude of the
national administration toward the rail-
roads.~
Rumors Circulate.
Just before the midday break a rumor
was circulated and given credence to the
effect that banker who had just re-
turned from Washington had reported TO
his friends that the President had de-
rlared that his view towards the rail-
roads had not changed and that he saw
no reason to change them at this time.
For several days Wall street had taken
the view that the recent heavy declines
in securities had not been without effect
in Washington, and that a modification
of the attitude of the President and the
interstate commerce commission toward
th.. ff.ttp n1ioht he loOlSp1
Great disappointment was expressed at
the news credited to the banker quoted
as authority for the statement that there
would be no such change. The banker
himself, when approached on the subject,
said he did not care to be quoted further
than to say that he believed the adminis-
tration thoroughly understood the finan-
cial situation as 1t applied to railroads
nnd industrial corporations. Rumors in
circulation during the afternoon that gov
ernment relief might be looked for, Off
rial confirmation of which was received
after the close. We're without effect on
the stock market trading. None of the
reports in circulation yesterday as TO
foreign financial difficulties received con-
irlnation today.
Start Is Quiet.
Business ON the New York stock ex-
change started rather queitly, apparent
ly influenced by the better prices in Lon
don, but before IL o'clock a heavy selling
movement was in progress, and prices
lost from / to points. Union Pacific led
the early decline, with a break of 3la
points to 142, and Amalgamated Copper
followed with drop of 3s4 to 80. United
States Steel offered more resistance than
most of the stocks and after selling at
S6 it rallied to above 81, helping to steady
tl,, let Al.
there was a falling off In business, and
the market remained relatively quiet UNI
Til between II and l o'clock, when the
bears centered their efforts on Union Pa
cific Reading and Copper. The whole list
was affected by the rapid falling off in
these shares, and the scene on the stock
exchange became one of wild confusion.
There seemed to be no support to the
market. and trading became demoralized.
Like 1901 Panic.
This downward movement seemed to
spend its force in a short time, however,
,nly to be succeeded toward 1;30 O'Clock by
the widest trading that has been known
on the exchange since the Northern Pa
cific panic of 1901. Reading fell rapidly to
below par, getting down as low as 96la,
while Union Pacific went to 13l, st. Paul
to 1870 and Copper to 81 At this time
The traders thought they had seen the
worst of the day, but still more sensa-
tjonal declines. with the most excited
trading scenes came just before the close
nf the market. Brokers who had called
on their customers, and who had not re-
reived satisfactory response, threw over
their stocks almost without regard for the
prices they would bring, and it was in
This slump that the extreme low prices
we're reached, Copper selling at 80. Atchi-
,on at s2ss, Baltimore and Ohio 95. Canad-
an Pacific 161 st. Paul 125. Pennsylvania
IA. Reading 81. Southern Pacific d93t and
Union Pacifis l204. After the most ur-
rent selling had been accomplished there
we're sharp rallies in number Of shares.