The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1907-03-15
from / to 8 points above the lowest.
NAfilA Raar,a

from to 8 points above the lowest.
Wild Rumors Current.
Wall street was so excited during
the worst period OF the afternoon that
almost any rumor received some be-
lief. One report that had consider.
able effect on the market, and on
Union Pacific particularly. was that q
serious break had occurred in the
friendly relations between B. H. Har-
riman' and the banking firm Of Kuhn,
Loeb & Co. According to this report,
Mr.. Hartman had been requested by
the banking Arm to take up large
amount of securities which they were
carrying for him. The story was al-
most instantly denied, put notwith-
standing the denial, continued to have
effect. Another reason put forth for
the heavy break in Union Pacific and
Reading, accompanied by the sharp
falling of in Baltimore C Ohio was
said to be that the Union Pacific was
having difficulties in financing it's
purchases of B. & o.. Atehison and
other stocks. I'm order to finance these
operations, it was asserted, the road
would be obliged to issue short time
notes, and the issuing Of those notes
would be affected by the fact that the
recent declines in Baltimore g Ohio
and Atchison show losses Of many
| millions OF dollars from the prices
at which they were purchased by the
Hartman interests. It was pointed
out also that the decline in Reading
showed heavy loss to Baltimore &
Ohio, which holds about $4,000, 600 OF
Reading stock.
| After the close Of the market much
relief was expressed that there had
been no failures during the day, and
I! that of all the ru1nors in the street
4 there seemed to be none affecting the
solvency of any banking or brokerage
house OF any importance. The banks
reported that their demands for fur
ther collateral from brokers had met
with prompt response, and that SO fal
as they were concerned their position
as to the stock market was satisfac
tory.
4 Foreoeen MoNthe Ago.
! A. remarkable feature Of the presen
! decline in Wall street values is tina
it was foreseen several months aga
and that warning was given SO tha'
brokers generally had protected them
selves by requiring their customers t
deposit and maintain ample margins
on their trades. In this respect th'
; present situation differs widely from
that OF 1901, when the contest owe
the Northern Pacific brought about
panic at time when bull speculation
was rampant, and when the pubn
was carrying heavy lines or stock o.
comparatively slender margins. A
; that time brokers suffered heav
losses through failure OF their custc
mers to respond to calls for funds. s.
far as is known no such state OF al
fairs exists today. Some OF the lare
er commission houses have reporte
3 for the last several weeks that the1
, customers were out of the market er
tirely.
' Secretary Cortelyou's announcement
/, Of government relief was receive
!. with much satisfaction in financ1s
r circles, it being pointed out that
t would aid the banks greatly in NAL
:, ing payments due on the Pennsylvanl
. railroad rate issue and the Stant
S ard Oil dividend.
e Explains Cause of Depression.
q Victor Morawetz, chairman OF tn
A. T. & S. F. Railway company
r hoard. had the following to say as
g the causes of the present depresslo
s lin financial circles:
v 81 am satisfied that the present d
d preston is caused almost entirely Q
j., sentiment and vague fears, most
J. which are unfounded. Spectators IL
l. a decline have taken advantage
n this condition and have used ever
vt trick in order to depress values, vii
g the result that many weak or TIM
g holders have been led to sell at a sa