The Washington herald., 1907-03-16

New York. March 15.-There was a wild
and spontaneous outburst of cheering
when the bell sounded for the close of
business on the stock exchange to-day.
Hats were tossed In the air, coats were
torn off and thrown about the room, and
the voices Of brokers, though a bit
sTident from the clamorous bids and
offers Of three strenuous days, burst forth
IN joyful shouts of acclaim and gratuIa-
tion. 1t was pean of self-praise over
the solvency of brokerage houses during
and after one of the worst panics in the
history of Wall street
Diagonallv across New street there was
q similar scene and similar Outburst. for
the little board" TOO, had weathered the
storm. The consolidated could not claim
the proud record of the big exchange"
since there was one failure on Thursday.
but as in the case Of the stock exchange.
every broker made good on the II o'clock
showdown at the clearing house.
The market had rallied. The twenty
statistical railroad stocks which had de-
clined an average of S7.1 a share on
Thursday and SI2S2 on Thursday and
Wednesday, had closed at Sl06.0l a share
an average net gain of $3.50. or almost
half OF the total loss Of the two days
Wall street history had been made anew,
as on two other days of the week, for
the opening of the market had shown an
unprecedented advance over the previous
days closing. In the market fair
weather had succeeded wild tempest
But the phenomenon Of the day as it
was on Thursday, and even on Wednes-
day was that hundreds of men. crippled
by the tremendous declines. were still
able TO stand up and make deliveries
Thomas Ryan 10 Rescue.
But for Thomas Ryan il became posi-
lively known in the course of the day.
there would in all probability have been
no such fortunate outcome The Herald
this morning noted the heavy buying by
one of the largest financial Interests
identihed with one of the largest trust
companies IN the periods on Thursday
when the panic was at IFS worst The
buying thus referred 10 was that OF Ryan
who is vice president Of the Morton
Trust Company and was collaborating
presumably. with former Gov Levi P
Morton. who is president of the institu-
ton. Mr. RYAN. whether for speculation.
investment, or to allay the panic, put in
very close to 100000 in the purchase OF
securities.
The Ryan purchases were not concen-
Irated OF any one or two stocks. They
were directed generally TO the acquisi-
tion Of such shares that were under the
most severe pressure. and included. TO
doubt the Hartman stocks. the Coppers.
Reading, Smelters. and many other stand
ard investment shares in which the de-
cline was most denoralizing
Purchases Only as Investment
Apparently the purchases were made
without any intent to secure control in
any corporation. but whether for control,
speculation, or the restoration Of conf
dence they assisted materially Ia STEM
ming the tide.
Mr.. Ryan would not speak of his mar
ket operations to-day. but men very
close to him. whose information cannot
but he correct, are responsible for the
assertions regarding his purchases. Ac-
CoTding to one OF them. though the ad-
vance in the market to-day gave Mr.
Ryan very large profit. he did not take
advantage of the opportunity of getting
away while the going was good. He is
stiA, IL was said the holder OF the stocks
secured at panic prices.
mot yet. but soon" said Hartman.
when asked in the insurance investigation
# he had made good his famous threat to
get even with Mr. Ryan. The incident
of, Thursday showed, observers of fac
Tfen44 e1f l.e E.s4s
soon Is far more indefinite period than
it had ever been supposed
Had Not Been in Market Recently.
Mr.. Ryan, it was also said by his asso-
ciates. had not previously been in the
market for three years He signalized
the event to-day by further departure
from prior policy and had this to say for
publication:
Il believe that if Mr.. Morgan's visit
20 the President is followed. as it should
be, by representatives Of all Of our great
business interests IL will do much good
! also believe that the Presidents atti-
tuds toward corporations is much misun-
derstood by the general public. 1t is un-
fair to assume that it is his desire to
hamper the business interests of the
EulHNig- 4 dtlls however convinced Inat
he proposes TO enforce the laws as he
finds them on the statute books And I
think that the sooner the business men
of the country conclude TO go to work to
aid the President in solving the difficult
problems confronting him every day the
sooner Will confidence be restored and the
business of the country move on without
interruption
Business Too Active. He says.
so far as general business is concern
ed, the only fault to be found with it is
that II IS too active"
The street teemed with stories about
E. H. Hartman and the so-called Harri-
man party. the upshot of which was that
either Hartman or others of his princi-
pal associates had unloaded big blocks
of Union and Southern Pacific.
As far as the dissensions in the Harri-
man party were concerned, men in the
party still displayed the same love and
affection for the Union Pacific. Said Har-
Timan.
IF it gives you any satisfaction, you
may say that I was never closer TO my
C0NTJCTTn nv VUTUn DAEE