The San Francisco call., 1907-03-16
STOCK MARKET RECEIVERS

NEW YORK. March 15.-Stocks and
other securities We're drawn back as
II by magic today from threatened
disaster following the panicky and de-
moralizing breaks in prices which Oc-
CURED on Wednesday and yesterday.
The market having recovered its
poise there followed q remarkable re-
bound Of from 5 to ] 5 points.
A single failure occurred. Instead
of senseless fear and abject demoraliza-
tion which prevailed in the closing
hour of yesterday. when all prices We're
going TO smash. there prevailed today
an air Of confidence, hope and no little
enthusiasm At 3 o'clock a demonstra-
tion Of hearty hilarity occurred on the
exchange. II marked the jubilation OF
brokers over the recovery. Hats We're
thrown into the air and in lockstep the
entire younger element marched around
the exchange. celebrating the recovery
OF the market.
Probably the most gratifying exhibit
ton was the manner in which the small
investor came 10 the rescue OF fright
ened Wall street. Thousands of per
sons who had left speculation and the
stock market alone for more than two
years came down TO their former
brokers With savings bank accounts
and placed orders for five and ten share
lots
Official statements were made that
the Morgan banking houses were not
buyers Of Union Pacific. nor did they
possess any interest in the property
beyond that small Investment which
the Morgan followers have had in
Union Pacific Tor many years Nor was
! there any attempt OF the Hill people 10
Z gain control OF the Southern Pacific.
In fact. ali the powerful interests in
the street had been allied in the stock
market depression on Wednesday and
Thursday, Just as they were today
standing together TO accomplish fits re-
covery
IL was announced that Hartman was
today the largest individual holder OF
Union Pacific stock. IL was also slated
that Rogers. william RockefeiIer md
Henry c Frick hal a so Increased tneir
. holdings. There were excited rumors
on the stock Exchange that Hin and
Morgan had bought control OF the Tn
ion Pacific system from Hartman sur
ing the wild markets OF the last few
: DAYS
Todays market opened very strong
At much higher prices than yesterdav's s
closing figures. Reading leading with a
rise OF ~ points. Amalgamated Cop
per and Union Pacific also were buoy
antiy strong and with Reading. led
practically the whole list in a sharp
upward movement. There were the
usual reactions. but the tone held rela-
fively strong IL was known IN Wall
street that bankers had reached their
Offices early and that careful inves-
tigatiOn OF the situation did not reveal
any cause Of anxiety as to the sol
vency OF any banking or brokerage
house This knowledge had much ef-
feet on sentiment, and, together with
the announcement OF Government relief
for the money market gave the traders
confidence that the situation threat
cned no grave danger and that the
money market would be able TO care
for al immediate requirements. The
trading continued active, with the gem
ersl tone firm throughout, even the Is
per cent money rate being Of little ef-
feet.
All through the day there was heavy
buving by bargain hunters" and their
purchases were heavy enough to
strengthen the market each time that
prices weakened. Hundreds OF thou
sands OF shares are believed to have
been taken by these purchasers.