The Washington herald., 1907-03-15
CONTINUED FROM FIRST PAGE

the last few minutes Of trading that it
advanced from this low figure. l20A. 10
a closing at 1913, net loss of 2424 points
for the day.
Reading Goes Down Fast.
There were two distinct periods of the
day In which the heaviest losses We're
sustained The first was between 1890
and 1880 Reading. in this hour, dropped
with amazing rapidity. and there were
extraordinary declines also In Amalga-
mated, Anaconda. Shelters. Delaware
and Hudson. Sloss- -Schoheld. and Union
Pacific. The whole market was thrown
into utter confusion by the decline of
these shares.
Again after a spasmodic rally, there
was a new wave OF selling pressure on
the last fifteen minutes. Copper, at 2:45,
was at 81. Five minutes later il was al
50. the low price Of the day. and it closed
cnly a point above that figure. Smelters
started this quarter hour at 100, and
struck 40 before the closing. which was
at 113 Anaconda dropped from 5S to Sc,
the low and the closing price; ST. Paul
from 127 10 125. Great Northern fell from
1S5 to 49, and then jumped TO 1S7, the
last sale. showing an advance of four
points. New York Central broke from
ll3 to 1922
\. =. In a Tumble.
Northern Pacific tumbled from i9l to
IG. and then rose to 120, Pennsylvania
meanwhile losing points and recovering
but = OF I point of the loss The break
in Reading carried It TO 81 from 81. with
la recovery 10 80; Southern Pacific broke
from q to 692s. and in the last half min
ute jumped back 10 761z Union Pacific
was carried from l2714 TO 1909. but. like
|Southern Pacific. rallied sharply in the
last half minute. Probably a more ex-
cited or demoralizcd fifteen minutes Of
Trading had never been witnessed.
As on Wednesday, the greater the liqui-
dation. the higher rose the rates for
ImOney. Renewals Of call loans were made
lin most cases at y per cent, as against
Il per cent on the previous day, and in the
Iearly afternoon the price for money rose
Ito . per cent There was practically no
market at all for time money.
Collateral Called For.
Bankers sent out calls for additional
collateral from the time the market
opened until long after it closed. In
scores Of eases. bankers said, customers
had anticipated such demands and had
voluntarily sent III additional securities.
In practically al cases, it was generally
lagreed, borrowers responded 10 the calls
amply and promptly. but however little
bankers were inclined to admit, there
we're hundreds of cases. brokers said, in
which stocks were thrown on the market
because borrowers were unable to produce
the requisite collateral or otherwise renew
the loans.
AS on all the previous days of the de-
cline, the break was attributed to the
Istlingency OF The money market. To
forced liquidation Of speculative and. in
many cases. investment holders of stocks,
90 quarrels among the big findnciers. and
TO the attitude OF the national administra-
I0u The talk about President Roosevelt
and his probable action centered prin-
IclpaIly upon the visit 10 Washington OF
James SpeyeT.
Spcyer's Interview.
! All that speyer would say regarding his
interview was:
L had Il long talk with the President
and came away realizing that the admin
istrstion thoroughly understood the tinan-
ciaI situation and also the conditions as
they applied 10 the railway industrial
corporations.
Whatever the source Of the report most
/ Of the men in the street soon became
thoroughly convinced that President
Roosevelt had convinced most Of the
fndnciers who have called upon him re-
Gently that no change need be expected
lin his attitude toward the railroads. He
insisted, il was said, that a close govern
mental supervision Is necessary for the
welfare of the travelling public and for
the security Of investors. II was believed.
however, as turned out 10 be the case
after the market closed. that both the
+ President and Secretary Cortelyou con
sidered the extension of aid to the money
market advisable as relief 20 general
business conditions.
Hartman Denies Selling.
Among the stories of big losses. there
was enc TO the effect that Hartman was
hard hit by the decline. and had thrown
over big blocks OF both Southern and
Union Pacific Hartman and Kuhn, Loeb
& Co. the story went, had had a disagree
ment. and the bankers had called loans on
Ihim y member of the banking firm crit
icised the story as absurd and Hartman
Silu tlidL lilIl5 " eS ilDt ttlS Si46HtS9t - 1AH
in it,
Il have not sold a single share OF either
Union or Southern Pacific" he said.
Hartman was asked TO give his views
on the general financial situation with
particular reference TO the market break.
I'D hate to tell YOU who could give you
absolutely correct information on that
point" he replied significantly.
Can. you even make suggestion
leading 10 Identification Of the person or
ipersonsg' he was asked.
No ne replied. IF did, might be
criticised.
Has Conference with Rogers.
Hartman a short time before the in
tervew had had long conference with
H H. Rogers. but undoubtedly Rogers
was not the man to whom he referred.
Most OF the guesses were to the effect
that Hartman had the Rock Island party
in mind
At any rate it is known that members
of the Hartman party have insisted re-
Gently that the Rock Island party is and
has been for three months leading the
bear element in the market. The Rock
Island men. they declare, have sold
stocks since early in December, and have
made millions by the decline. Hartman,
meanwhile, according TO good informa-
tion, has held on TO large number of
securities. though he sold out last fall,
IL is said. much of the line he took on
prior 10 the declaration of the Southern
and Union Pacific dividends.
The Rock Island people are carrying
the bag" Hartman said on the witness
stand in reference to the conditions in
which he left Alton. This remark was
recalled to-day, with the comment that