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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Mar 15, 1907
Page
12
Enormous blocks of stock were dumped as Reading plunged from 112 1 2 to 100 then 91 amid a violent market panic. Brokers watched quotes fall, buyers vanished, and only bears purchased huge 5000 to 10000 share lots. The day ended near the bottom with gloom ahead.
Victor Morawetz chairman of the Atchison Topeka Santa Fe Railroad says the stock market mood is driven by sentiment and unfounded fears. He notes speculators depress values and that while money rates are high, he does not foresee serious trouble and calls the current downturn a corrective phase without systemic failures.
Boston market heats up as panicky selling drives prices to new lows. Leading stocks including North Butte and Amalgamated tumble while copper stock money rates surge to 15 percent, with market figures listing daily declines and financial data from Clearing House, New York funds, and Boston clearings.
Trading in the curb market was heavy with most issues falling. Greene Cananea dropped from 171-8 to 141-2 while Newhouse slid from 201-8 to 181-2 and Davis-Daly from 145 1-4 to 14. Superior and Pittsburg slipped to 20 and Balaklasa to 12. Close was weak with many stocks at day’s lows.
Rumors of no change in federal rail policy circulated before the break and triggered a heavy sell off on the New York Stock Exchange. Union Pacific and Amalgamated Copper led declines while readings on Reading, St. Paul, and other majors plunged to near or below par amid frantic late-session trading.
The piece traces Reading stock trading from the 1930s to after the San Francisco earthquake. It notes rapid swings from about 165 down to 112, then rebounds to 156, dipping again to 112 last week, and fluctuating to 1164 then 127 and 1124 before a final drop to 91. The history remarks on pace, scale, and the NYSE quotation basis of two to one, marking Reading as a 4 percent stock with a par value of 50.
Melissa S. Cranston of Jamestown New York sues Charles F. Cotting and Francis C. Welch owners of the Post Office Square building for 25600 alleging injury from an elevator fall on or about November 1 1905 while employed by a tenant and claiming negligence in maintaining the elevator in proper condition.
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