The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1907-03-14

New York. Mar. 1.-THE stock
market opened in a turmoil of excite
ment again today, and after making
a momentary stand against weak
ness, broke again quite generally. In
dividual stocks were unIoaded at rap
i'd declines, indicating a continuance
of forced liquidation. Union Pacific
made a downward plunge of 312 be-
low yesterdays close. Amalgamated
copper fell weakly 3A. Other stocks
were swept to lower level.
Supporting measures became effec-
tive during the course of the first
hour. and some sharp recoveries fol
lowed. The steadiness which follow
ed the first break lasted until well af-
ter twelve o'clock. The market sud
denly collapsed about midway of the
in Union Pacific, which carried it
down ~ points to 13S.
Wholesale unloading of Amalgama
ted Copper and Smelter followed. the
former dropping tx and the latter
4A Other stocks also sold OF heav
lily. Great disorder and excitement
attended the renewed slump, and
enormous blocks of stocks We're
were thrown on the market for what
they would bring. There were few
bids, and the consequence was a Sc
ries of wide drops.
Call money loaned at Is per cent
early in the day, thus indicating con-
tinued preparation for large dividends
and subscription payments tomorrow
An extremely violent slump occurred
just before 1880 Union Pacific sold
at I31h; Atchison, S3A: Southern
Pacific. TN, and Amalgamated at
90.
CHARGED to Railroad Situation.
Chicago. Mar. IA special dis
patch to the Tribune from New York
says: Beyond the slightest doubt in
ner Wall Street believes the check
to general business has resulted from
the railroad situation, and that this
check will grow more apparent. The
activity of state legislatures has
interests of the country. The cost of
borrowing money has been increas-
ed, and there will be a marked reduc-
tion in expenditures. In an interview
given by Mr. Hartman yesterday on
certain features of the railroad situ-
alton, he said: Two kinds of cour-
age are needed in developing and di-
recting the affairs of a great railroad
system. One is to make large expen-
ditures when times are dull and the
business outlook poor, and thus Sc
cure money, labor and materials at
low cost"
The other kind, he said, was to be
of funds and making improvements
when business is good. money dear,
and labor nigh. This kind of cour-
age. he said, would enable the rail-
road by waiting two or three years
to make improvements at a reduc-
ton of 20 per cent in cost of labor,
money and materials. He considered
such saving a good profit for the
shareholders.
Hartman was asked, would the
check of business be the worst thing
that could happen?"
'It might not be an unmixed evil"
he replied. THE railroads now have
more business than they can han |
die. The slowing up would mean a |
curtailmeat of expenditures and in /
crease of surplus of the roads. 1t |
would also mean lesseaed demand |
for labor and a reduced demand for |
money. These. in consequence would
become cheaper"
Maybe IT'S All Teddy's Fault.
washington. Mar. 14.-An official |
denial was given at the White House
today of intimations that the Presi- |
dent had requested the governors of /
all states before whose legislatures
railroad legislation Is pending tol
come to washington for consultation
on the question Governor Deneen, Of
Illinois, and Attorney General stead