New-York tribune., 1909-02-24
STREET HAS BAD DAY
WORST SETBACK SINCE
THE P4NIC OF 1907.
Bad Outlook for Steel and Copper
and Hea0y Foreign Selling
Depressed General List.

The stock market yesterday suffered break
which surpassed in severity that of any occa-
sion since the panic days of October, 1907. and
closed at about the bottom. with the feeling
highly nervous and semi-panicky.
At the outset the decline reflected principally
the chaotic condition in the steel industry and
the unfavora BILE outlook for copper, the quoted
price of which is day by day being lowered;
and the weakest issues in the early trading were
United States Steel common and Amalgamated
Copper. both of which opened more than a
point under Saturdays last figures London was
a heavy seller Of the Steel stocks and various
international railroad issues. and the selling for
foreign account had depressing effect on the
general list.
In the second hour there was a moderate rally.
but around noon the market assumed state of
nervous expectancy. in view Of the probable
handing down Of a decision by the Supreme
Court of tfe United states in the railroad "com-
fnodities clause" case. and a little later an an
nouncement was sent out that the decision had
been handed down and that it was adverse to
the railroads. affirming the constitutonality of
the clause. The report was speedily contradict
ed but an onslaught had begun on the coal
stocks" with Reading the chief point Of attack,
and the market crumbled rapidly
Later there Were or two partial rallies,
on covering Of shorts but in the last half hour
the selling became more insistent than at any
previous time in the day. and the close showed
many net declines of from 5 points. the
largest loss being in Reading. 10H points
Total sales were nearly $4,000 shares, the
largest since the height of the bull market last
fall: and on the Consolidated Stock Exchange
The transa ctions were the heaviest ever re-
corded
In the bond department Of the Stock Exchange
the sales were also very heavy aggregating
sZ.400.Oo0 par value the principal activity being
in United States sinking fund bonds. Union
Pacific convertible As, and wabash refundng is,
which lost 2k points.
On the break in the stock market many in
sufficiently margined accounts were wiped out.
always occurs such day as yesterday.
and much selling done by the pools in vari-
Gus issues. which found It necessary to tighten
their loads. In many stocks support appeared
to have been entirely Withdrawn. the downward
general trend being strong as to make the
idea Of successfully opposing it futile Gloom
settled over the Street and predictions of
worse 20 come were many, but the collapse OF
prices was so violent that rally may be
expected
United States Steel common which week
ago yesterday sold at IS. closed yesterday at
Az. a net loss for the day OF ~ points, and the
preferred. which last Tuesday selling at
ia. closed at 107. 2% points lower than Sat
urcay. The sales OF the common reached enor-
nous proportions. aggregating about 975000
shares Of which d considerable part represented
liquidation. Amaigamated Copper lost AS points
on the day. and American Smelling and Refn-
ing points. while Republic Iron and Steel pre-
Serred. sales very large for that issue. closed
N points down
Z the railroad list the losses were correspond
tSap-1zv ba sly
PENDANTS in the action which the Supreme
Courts decision was expected yesterday, Penn
sylvania suffered a net decline of 2s points.
Reading 1Ol. Delaware & Hudson 6k, Central
OF New Jersey. on extremely small sales. 10
points. and Lehigh Valley, traded in on the
Philadelphia Exchange. 2 points There were
no transactions in Delaware, Lackawanna &
Western
Southern Pacific was relatively firm. probably
because Of the impending convertible bond issue.
losing only 2A points hut Union Pacific de-
clsned 34 points. Baltimore Ohio IA st. Paul
Sk Illinois Central ~, New York Central As,
sts weakness being perhaps due in part 70 the
court decision in the sugar rebate case. and in
the Hil group Great Northern declined AS
points and Northern Pacific points. The /
Could stocks fared not less badly. Denver &
Rio Grande common losing AZ points and the /
preferred 3zs Missouri Pacific and Texas & Pa
clhc each, wabash 21. and Wabash preferred
points Chesapeake & Ohio. the new Hawley
road in which strong pool is said 70 be in
terested lost AZ points. Kansas City Southern.
Louisville & Nashville and Atchison each 2l5 !
and Erie 2A Brooklyn Rapid Transit after /
having been advanced nearly a point above Sat .
urdays close. ended the day at a net loss Of
points. while Third Avenue lost points and
InterboroUg n Metropolitan preferred j.
$50 TO CALIFORNIA AND PACIFIC COAST
va West Shore r. r. $50 via y. Y Central Feb Is
70 AprL q. Phone $40 Aadison.-Advt