The daily morning journal and courier., 1907-03-16
BROKERS CHEER LOUDLY
 AROUND TRADING POSTS
AN UNUSUAL SCENE AT THE CLOSE OF THE STOCK
 EXCHANGE.

Demonstration of Their Relief and Sat-
 isfactiOn at Yesterdays Change in
 Speculative Sentiment From PanicIxy
 Feeling-COngratula Exchanged
 That Members, Without Exception,
 Had Successfully Passed Through
 Severe DecIines-WiIlinm RockefeI-
 Ter and Jacob H. SchiR Issue Reas-
 surfing Statements.
 New York, March 14,-An unusual scene was enacted on the floor of the stock exchange to-day, just after the market had closed strong and buoyant in sharp contrast to the demoralization of yesterday. Brokers gathered around the trading posts, and cheered loudly in demonstration of their relief and satisfaction at to-day's change in spec ulative sentiment from the panicky feeling of yesterday Congratulations were exchanged all around the room on the fact that. the members of the ex- change, without exception, had success fully passed through the severe de- olines in prices of the past two weeks, and hopes were generally expressed that the worst was over. A feature of the day was a statement by William Rockefeller in the afternoon.
 He said; "The present astonishing decline in the values of securities Is as much a mystery to me as it can be to any one. l know the public con- fidence has been disturbed, but l do not think it should have been in any such measure as to justify so great a fall in prices, With genuine, over whelming prosperity throughout the country there certainly seems no ade- quate reason for it.
 "As for myself and my associates, our faith in the future of the country has not been shaken at all. We have been buyers and not sellers throughout the past ten days. Throughout these trou bIes we have done and are doing all we can to restore and maintain public confidence.
 Tt is very clear to me that the peo- pie who are throwing away their se- curities at panic prices will regret it within the next six months.
 To-days stock market opened very strong at much higher prices than yes SSrday's closing figures. Reading lead- ins with rise of Il points, Amalgam- ated Copper and Union Pacific also were buoyantly strong, and with Read ing practically the whole list started in sharp upward movement. There were the usual reactions, but the tone held relatively strong, It was shown in Wall street that bankers had reach- ed their offices early, and that a care full investigation of the situation did not reveal any cause of anxiety as to the solvency of any banking or broker age house. This knowledge had much effect on sentiment and together with the announcement of government relief for the money market made late yes- terday afternoon, gave the traders con fldence that the situation threatened no grave danger, and that the money mar ket would be able to care for all legi- innate requirements. The trading con- tinued active with the general tone firm throughout, even the fifteen per cent. money rate being of little ef- feet. At the close the market leaders showed the following advances from yesterdays close.
 Amalgamated Copper 13, American Smelling 10 34, Anaconda 1-2, Atch- ison 3-S, Caadlan Pacific, 1-2 St. Paul, 3-4, Great Northern 1-4, New York Central, 3-4, Missouri Pacific, 1-2, Northern Pacific, 9-4, Pennsyl- vania, 6 3-4, Reading 12 IA, Southern Pacific 1-2, Union Pacific Il IA, United States Steel 3 1-2, and the pre- ferred IS. All through the day there was heavy buying by "bargain hunt CTS" for investment, and their pur- chases were heavy enough to strength- en the market each time that prices weakened. Hundreds of thousands of shares are believed to have been taken by these purchasers.
 There were the usual rumors in cir culation to-day but not much atten- tion was paid to themA One of these was that E. H. Hartman had lost con- trol of Union Pacific. Instant denial was given the report, and it had no in- fluence upon the trading, Union Pacific continuing strong at the close.
 The stock exchange galleries were filled to-day with spectators drawn to the scene in the hope of witnessing an active and excited trading market. They were not disappointed, for the opening was one of the liveiiest known in long time At 10 o'clock the gal leries were crowded and there were hundreds of persons waiting outside unable to gain admittance. Among the visitors to the exchange during the day were many women.
 Augusta, Ga, March 15.--Jacob H. Schiff of New York, who is stopping at a hotel near Aiken, s. C, declared to- day that he could see no reason why the Wall street panic should spread to the general business conditions of the country.
 In reference to the present railroad situation, he said:
 The railroads and the people will be brought nearer together. The welfare of one is indissolubly connected with the success of the other. President Roosevelt did not bring about the mud dle; he simply recognized earlier than most others whither we were drifting. By the wise course he has taken he has rendered great serviceto the peo- pie, and to the corporations them selves. The lesson will be available to the corporation managers in the fu- ture."