The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-06-04
Wild Excitement on New York
Stock Exchange.
Fear Radical Legislation Cause
Panic on Wall Street.
LONDON MARKET ALSO WEAK
Increased PessimiSm Shown in
All Foreign Centers.
Average of Prices Lowest Since
Panic of 1907.

New York, June 4.-The excitement
on the stock exchange during the first
hour of today's market was probably
without parallel since the panic of
1907. Stocks were literally poured
out regardless of quoted prices with
declines greatest in the standard
shares. One of the main factors
making for the liquidation was the
overnight news from Washington IN
d1cating a radical attitude on the part
of the administration in connection
with the America Tobacco company
and the Standard Oil company.
Another influence was the decidedly
lower level of prices quoted by Lon
don before the opening hour.
There were several feeble rallies in
the second hour, but the selling move
ment gathered greater momentum be
lore noon and lower prices were reg
1stered practically throughout the list.
The aggregate of sales during the
morning session was well in excess of
5000 shares.
Within the first hour sales of stocks
amounted to 100000 shares, and fifty
new low records for the year were
made with losses ranging from TO 4
points among the Standard issues. The
average of prices was at the lowest
point since the 1907 panic. Some of
the new bond flotations, such as Bal
t1more and Ohio cOnvertibles, New
York City new Az S, and ST. Paul r. s
also were depressed.
Before the opening here all advices
from abroad indicate increased pes
simism, not only in London but at all
the continental financial centerS. In
quiry among local banks and trust
companies failed to elicit any salts
factory explanation for the further
slump in prices abroad except the
note of extreme conservatism sounded
in those quarters.
The steady decline in the last few
weeks has caused a general calling of
loans by financial institutions. This
as yet has made but slight impression
upon the money market but a stiffcn-
ing of rates for both call and time ac-
commodations is expected before the
end of the month.
A further wholesale LIQUIDATION of
securities occurred today as a result
of the disturbed conditions here and
abroad. European centers unloaded
here stocks which were unstable
abroad except at sacrifice prices and
the whole list suffered from a series of
severe bear drives. Sentiment was
depressed by the enormous shrinkage
in values of the week and by the fact
that it was the Standard issues which
were being pressed for sale, regardless
of rapidly falling prices
Dispatches from Washington re-
garding further antitrust proceedings
said to have been planned were cited
as anOtner pear FACTOR. standard
stocks broke with more celerity than
the obscure issues, some of them fall
ing a full point between sales. Bonds
were weak.
Completion of the London selling
which aggregated $4,000 shares and
the announcement from Washington on
that no immediate trust prosecutions
were contemplated checked the heavy
liquidation of the afternoon. Recov-
cries reached a point in several stocks
including Union Pacific, Lehigh VAL
ley, Northern Pacific and Reading,
but were not especially well held.
During the noon hour some improve
ment from the low prices of the morn
ing was manifest, particularly in Read
ing and one or two other issues of this
class. The partial recovery conceded
with advices from Washington, in
which the attorney general was quoted
as denying that any amount of action
against the socalled trusts is contem-
MI lated