New-York tribune., 1907-03-16

clOgeT 10 my associates then am now, ana they
were neycr closer TO me"
Banking or railroad associates"
Goth"
Il a-n going this evening" Air Hartman con-
iinuea. 10 Virginia whore my entire family
are. at \ hunt club 81 which I am member.
expec, n return 10 the city on Monday or Tues
day"
TO YOU expect 20 see tho President on your
,,av T., Virginia or on The return trip"
40"
what about rho conference hefween the four
railroad presidents and President Roosevelt
vas asked.
Il know nothing about g." Mr. Hartman an
sDered.
You don't disapprove ~ IT, was suggested.
Il have 10 connection with #. ~ any kind
he answered
Asked > bout the stock market panic Mr.. Ha'-
-sn,sn said that 10 thought the worst of the
,-oubla Vas over II was suggested that the
rally was perhaps Joss than might have been eh-
pected end he replied
Well wa ought not 10 have too hig 2 fa's
-rbursdav's decline I think. WAS the last gasp,
In, not running the stock market. though ana
I shouldn't undertake 10 forecast the movement
~ prices have not heard Of any failures N'
experience as a broker has taught me 'hat 'i'7
s,il,res which may come after a panic ana a
recovery a 70 lkt-l 10 ~ '''A ~
shose who are resisting the advance
Ak EVIDENCE OF STRENGTH.
striking evidence Of the strength of the
financial situation has been the promptness win
which borrowers on the panic day Responded to
she calls OF the banks FOR additional collateral
on their loans. in many cases taking TINS ACTON
without waiting for notice. The course pursued
by the banks in allowing some Of their CTS
toners until yesterday morning 10 make good
ahe impairment ia their margin, instead OF clos
ing out the loans II once. probably pTeFen'eo
disaster 10 A few houses. on the Stock EN-
change the feeling Of relief that Yesterday hao
passed without the occurrence Of single fail
a,re was so great that at the close Of business
she brokers on the floor united in hearty cheer.
The record Of the Consolidated stock ard Pc
aroIerla Exchange was similarly clear. which
was a more noteworthy fact than the absence or
failures on the Stock Exchange as the Consoi-
dated is a comparatively small institution
ogden D. Budd, the president of the Consoi-
dated Exchange, said that the absence OF The
announcement OF any failures went 10 show ,he
oonservatiyeness ana strictEess with which
brokers keep the nargined accounts in order.
lie added THAI he felt proud that the Conso-
dated Exchange sheets went through the
Clearing House all right" yesterday morning.
Very large purchases of stocks for invest
,ncnt estimated in the aggregate as high as
100000 shares. were made yesterday. The orders
came from all parts OF the country and were
for an sorts Of amounts. the securities taken
being prime dividend paying stocks, bought at
prices 10 yield from 81 10 per cent on their
cost on Thursday also heavy investment pur-
chases we're made. running 10 several hundred
thousand shares. Thomas F. Ryan. il is learned
on unquestioned authority. bought on Thursday,
n at the bargain counter" stocks 10 the amount
Of between SSOO0000 and S4,0OOO0O in value. He
had not previously been in the stock market for
three years. He was probably the largest single
buyer the panic day.
The cail money rate yesterday went a high
as Is per cent after having opened at 10; and as
low as Sla per cent. ;he last loan being made at
l. The ruling rate was 70 Der cent Time
tioney showed a hardening tendency. but the
rates were nominal. practically no business be-
ng done. as very little money Was offered. The
effect OF the enormous liquidation Of this week
HiH not be fully reflected in the bank statement
n TODAY. although It Nil have some influence.
II is the belief in the best Informed quarters that
the money@stisIis sency Hiu soon be relaxed as the
VeTy large sums disbursed within The last two
three days IN dividends and IN payments on
he Pennsylvania note issue and The Chicago &
Northwestern stock issue. in preparation for
financing which requirements Tie banks called
loans earlier in the week VIII within "A
few days be returned - the usual none
tary channels. a report that the National
City Bank and the Hanover National Bank
would turn in 10 the Treasury Department the
H25.OO0,O0G bonds which Secretary Cortelyou is
about 10 redeem was found TO be incorrect bur
Il is understood 10 be entirely probable that III.
entire amount viii he presented by private hold
there being in the hands Of the public
about SIOOO00o Of these bonds. IL viii De
several days before the fuli quota is made up
but the best opinion is that within a week ol
so there VIII be added 10 the money available
for business uses in the country SD On
from fhis source. il was taken for granted IN
some quarters yesterday that the Secretary
order relative the deposit OF customs receipt.
in banks would apply 10 this city. bingIng into
the depositary institutions Of New York about
S4O0O0OO or S50000OO week. but this is a.
together uncertain. IN 10 late hour yester
day afternoon Assistant Treasurer Fish had re.
ueived no instructions from Washington bear.
3ug the matter.
The pr2ce recovery in yesterdays stock mar.
ket may he said 10 have ra 10 about one-half ~
fhe lecline Of the preceding dav. This Is IN.
msurl course observed after a panic Later &
presidents continue 10 hold there viii come 2
Era9Eal recession. prices declining 10 around tn,