Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-24

night or so ago to have acquired enough
OF to give him control of the Reading prop
erty, 59l2; Southern Pacific, 10; Union Pa
cifc. 63a4 Delaware and Hudson, another
stock in which ME-. Hartman has been large
ly Interested 6412; Amalgamated Copper,
34& Smelters. 401a; Sugar, 21B; General
ferred, 97s. including the rights which had
come off St Paul, showed a further net
loss of 343s Great Northern, 1873; Northern
Pacific. 1915 and northwestern, g.
Only on May D. 1901. were declines re-
corded in a single day that could be COM
pared in the memory of the present gen.
GRAFTON with the shrinkage in values last
Thursday, and on the Northern Pacific
corner day there was a wonderful rebound
in prices before the close of the market,
which reduced net losses in many cases to
relatively insignificant proportions COM
pared with the gross decline previously
shown. Last Thursday, however. the mar
ket closed at its lowest prices, while under
terrific pressure of liquid tion. The
called Boston panic on December 8, 1894
was childS play in comparison.
In still another way ii may be strikingly
shown what terrific strain Wall street
passed through successfully last week. The
panic. Atchison declined 357s points in that
year. compared with a decline of ;5a25as
shown on Thursday last from the highest
price of the year since last January Bal
timore and Ohio declined this year ~ COM
pared with 32ss in 1903; St. Paul, 321s as
against 30: Great Northern preferred 57&4,
against 40; Louisville 34ls, as against
351a; Pennsylvania, 31%, as against 461s;
Pacific, 26A, against 1885; Union Pacific.
63A. as against 39ss; Amalgamated Cop
per. 211a, against 90; Smelters,. 40, as
against 1875; National Lead, 25A. as against
10; Steel common, 6l2, as against 297s.
Rebound in Prices.
The rebound in prices which took place
on Friday in a way expected, but
tln1nS Wan ctr
sigh of relief when it saw quotations climb
ing upward on large dealings. AS they say
in chess, Fridays recovery and Saturdays
continuation of it were book moves" 1t
was quite in the natural order of things
that violent a collapse on such a heavy
volume of business should indicate, for the
time being at least, that the market had
struck bottom The classical precedent re-
quired sharp recovery, but Wall street
was gratified to find precedent so readily
followed. great deal of the recovery
must be attributed to the invasion of the
bargain hunter.
In 1893 and the early part of 1904 when
stocks We're on the bargain counter for
more than year, the investment buyer had
plenty of time, but not since then had he
had such an opportunity last weeks
crash afforded The bargain character of
prices thoroughly advertised by the at
tention which the press devoted to Wall
street occurrences, and the investment
buyers appeared in the financial district
IN large HumDerS before the opening on
Friday morning. Still more of them COM
muncated with bankers and brokers by
wire, with the result that an enormous
quantity of gilt-edged issues were taken
out of the market at the close of last week
in varying lots of from three. four ana five
shares up to blocks of several hundred.
One house which makes a speciality of
ouu-lot business was reported to have
boughtand sold 100000 shares in small
quantities on Friday, and another house,
banking house, was reported to have done
Zoo shares of this kind of business, and
every firm with a stock exchange connec-
ton had some share in these dealings.
There is no question, moreover, that bank
ing interests bought heavily on Friday and
Saturday and the short interest must have
pretty nearly completed its safe retreat be-
fore the market closed Saturday noon.
At that hour the recovery shown by clos
Ing prices was marked In a day and q
half Amalgamated Copper had regained
| 1914 points of its loss shown at the low fig
ures on Thursday, Shelters 1917, Atc'lison
11h. Baltimore and Ohio Z, ST. Paul IL,
Northwestern IL 1-3, Great Northern 1885,
Louisville, 9A, New York Central 8, North
ern Pacific. Is, Pennsylvania, 10A, Reading.
| 21k and Steel common. 81.
A Beneficial Effect.
| Presumably, the measures of relief which
Secretary Cortelyou announced on Thurs
| day night for the financial conditions, which
had approached stringency. had distinctly
beneficial effect apart from the direct
| benefit which the measures to be taken
| could have. 1t was an indication that the
new head of the Treasury Department
| would not pursue the policy of aloofness
from the money market which some con-
| lecture had accredited TO his intentions.
/ If the recent panic is to be in any way
/ ascrbed to the operations of daring manip-
I ulators for the monetary reward that