The daily morning journal and courier., 1907-03-20
STOCK MARKET FEATURES
4 LIVELY DAY COUPLED WITH
 WILD RUTORS.

WILD RUMORS.
 UnconRrmed Reports That Three Firms Were Embarrassed--A Sharp Break and Sharp Rally in the Last Hour Hartman and Where He Stands Uncertainty Yet as to the Outlook.
 Yesterdays stock market was live ly one again. Heavy selling of stocks in the first hour, of which bears took prompt advantage, followed by persist ent rumors that one or more stock ex- change houses were embarrassed by losses sustained in the last few days, combined to make the stock market yesterday sensitive and feverish throughout the day. Losses on the slump during the opening hour ranged from 4 to points. Union Pacific head ed the list with loss of 1-4. Great Britain pf, Smelling, Reading and St. Paul suffering losses of 5 points and upwards and Northern Pacific 1-2. A reaction followed quickly in which part of the early losses were made up but the market continued weak and alter nate periods of decline and reaction followed during the rest of the day. Alarming reports as to the stability of two unnamed commission houses con- tributed largely to this condition and prices were extremely irregular, some of the active stocks showing pronouDc- ed gains while at the same moment others were recording sharp losses. The passage of the dllvery hour at 2:15 D.. m without the anticipated announce nent of failure restored some confi- dences and this with active covering restored confidence somewhat and there was a violent rebound in the last hour when many of the active stocks re- gained their opening level. At the close there was a very sharp recession for this rally.
 F. H. Hartman gave out an inter- view which did much to reassure "the Street." His assertion that the stock
 
 affair, as it had been for a long time. but that 1t would be two sided, was regarded as meaning that the capital ists back of MT. Hartman would co1n- bine to support prices. One part of the interview was denial that MT. Harri- man intended to retire from active rail- road work Later he was asked If he would comment upon the reported in terview with E. P. Ripley, president of the Atchison, Topeka and Santa Fe railroad, in which MT. Ripley was quot ed as saying that President Roosevelt had started brush Are which had de- veloped into conflagration. T don't believe he ever said 1t" replied MT. Hartman. Anyhow, you can state that he did not consult me before he said it."
 In the bad break yesterday Union Paciao fell to 130 S-S. a loss of 3-S noints compared with Mondays closing Reading went down 1-2 points, tc 99 S-4, St. Paul points to 130; Amal- gamated Copper 4 1-4 points to 89 1-2 These are all rated as Hartman stocks more or less. In the Hill group Great Northern preferred tumhled 12 points to 1S8 1-2, Northern Pacific 1-2 points Ito 123. Delaware and Hudson suffer ed seriously going to 175, a drop o1 [ 8-4 points: American Smelling went down 1-9 points to 11S 1-2.
 It could not be said as of Thursday last that the "outside public" was g factor in the recovery. The profession al Wall street gambler had the market pretty much to himself, and to that sort of adventures the public at large vii be wise for the present to leave 1t.
 A surprising thing about the late crash is that no acknowledged finan' cial trouble came of it. The rise of 1t to 25 points from the low level of las Thursday allowed many of the crippled ones to get together their resources but 1t appears that there were severa houses that, Up to noon yesterday, were not certain of the future. It is under stood that they were tided over.
 The critical period, 1t is believed by some critics of the situation, Is no over It is impossible that a collapse in prices amounting to 95 points 1T three months and producing a shrink age of values af nearly $2,008,000, ,00t could have occurred without limiting the resources of interests who pre- viously had seemingly unlimited cred 1t. The buying power that stopped the panic was supplied by people Wht had to offer 1t or go down and by { public that for once had the ready capital to take advantage of bargains It was said that much of the sell!n9 was due to the more serious turn O things in Berlin, and fears that foreig1 interests will be compelled thereby tt liouidate heavily in Americans. Ther' was no confirmation of any of thes stories. They bore the 'ear-marks" o the bear party.
 Tho borrower on call had no reasol to worry. He was able to get a goot sunnly Of funds at 4 per cent. witt which to buy stocks returning from to r and 8 per cent. The liquidation il securities makes day-to-day funds plen tiful. It will require more contraction in general business to change the situ ation with respect to time loans.
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 Tn out city" said Miss Rittenhoust Squayer, admission to the upper ter innp1ine p-oo5 htr+h II