The sun., 1907-08-16
STOCK MARKET STIFFENED UP
RTCH MEN BUY, THEN COME Al
LEGGED ROOsEyEITEANA.

Presidents Forthcoming speech Cir-
culsted and Accepted ~ Something
safe and sane a. well ss Mich and
strange -vAneierbnts credited with
Pulling Central Up From Below Par
City Coutractors Oner CITY % Taken
for Debt Three Points Under Par.
A break in security prices as violent 40
| any that had preceded and dsmoralisation
Of trading as disturbed as on Wednesday
intensified alarm at the very opening OF the
stock market yesterday. In many shares
values again sank full dollar q share be-
tween sales Supporting orders were intsus
posed Immediately. the decline was stays0
and there ensued rally promoted by more
assertive and determined support than has
been in evidence latterly. In the afternoon
the rally was continued into a strong and
substantial recovery in prices. and marked
reversal OF sentiment was brought about
by emphatic reports Of forthcoming reassur-
ing statements from the Administration.
These reports purported to be forecasts
OF the gist Of the speech to he made by
President Roosevelt in Provinoetown next
Tuesday. IL was repeated up and down
the Street that the speech would be reas-
suring to investors. Over and over again
il was said that some persons In the Stress
had seen synopsis of the speech. and thers
was created the impression that IL was the
desire Of. the Administration to check the
growth Of pessimism by disseminating sd-
vance information. One Of the two hnan-
ciai news agencies printed what purportsd
to he a part Of the text of the President's
forthcoming utterances. The other sent
out a double loaded bulletin professed to
state new policy OF the Administration.
There was also a report to the effect thas
there would be a reorganization Of railroad
affairs in the Hartman domain and that
Hartman would either go" or that, the
single control over the roads now under
his influence would cease. Such a read
iustment OF corporate management and
influence. it was said. was even actively
advocated by certain members OF the Harri-
man party.
Attention recurred to the reports Of
dissension in the Hartman party which
were rife after the silent panic in March.
Differences then existed among banking
interests connected with Union Pacific, and
there was renewed talk OF the anti-Harri-
man position ale ged to have been assumed
by one of the wealthiest and most CON-
servatiye financiers on the Union Pacific
board. Confederation of these reports
was lacking. None could be secured from
Mr.. Hartman. for he is In the West on a
tour Of the system. a fact which might
indicate no intention OF resgning Never
theless the reports had an important bearing
on the unquestioned change in sentiment
At the principal banks there was no
confirmation OF the reports regarding the
Administration. No authentic advance
information. il was said in a number OF
houses, had been received. The head Of one
Of the minor banking houses, alone among
prominent bankers, insisted that he had
reason for believing them.
Il have no idea whether any OF the re-
ports are true" said the head OF one OF the
largest banks Il hope 80. though. They
sound sensible. Indeed they sound almoo
too sensible to be true
The market was also affected by con-
firmation OF the report that further sar-
|
Attorney General Bona parte. A number
OF persons. it was said. had let the Attorney
General know that they considered his
remarks very badly put. AS result it
was considered quite certain that serious
and dignfied tone would be noted in Mr..
Bonaparte's future utterances. Many who
have laid TO Mr.. Ronaparte responsibility
for much Of the severe loss OF the week
considered this a very reassuring deveiop-
ment
A violent disturbance in the Londor
| market preceded the opening here. The
Bank Of England. though reporting re-
serve Of 5000 as compared with 80 07
year ago and 1854 in 1905, unexpectedly
| advanced it's minimum rate or discount
from 4 to a., per cent The increase COM
bined with the decentralization In the local
market on Wednesday TO spread consterna-
ton among English holders OF securities.
Americans were offered at almost any
price in the London market and there were
cahled for execution here orders estimated
by arbitra ge houses to be in excess OF %. 900
shares.
These London orders, it was reported.
were greater n Amalgamated Steel common
and the Hartman Pacifics than in the others.
Half OF them, it was estimated, were divided
about evenly in these three groups. The
execution of them concurrently with the
execution Of a large number Of selling orders
for local account was the immediate cause
OF the violent break at the opening The
London sellers as on occasions in the past,
got the lowest prices Of the day on their
offerings and in this instance il may be
that they sold their stocks at the cheapest
prices OF the year
The figures tell the story OF the violenos
OF the break These were the earliest
transactions in Amalgamated, which closed
on Wednesday at oeL: 1900, at os; $500.
at o.; 500, at 90; 500, at oS1l; 1000, at sS
The last was the low price OF the day and
showed loss OF ~ points on Ave transac-
tions Shelters was even weaker. for is
showed loss Of q. points on the very nrst
sale at %
Transactions in Steel common were 90
many and so confused at the sound Of tho
| ILL that tAA 40, hUp had fhepn ali In, NM