Los Angeles herald., 1907-03-16
all Signs of Panic
Disappear in
New York
Brokers Greet Favorable
Signs with Loud
Cheering
Well Posted Financiers Declare There
Is No Cause to Fear a Crash.
Confidence Is Now
Restored

By Associated Press
NEW YORK, March 15.-An unusual
scene was enacted on the floor of the
stock exchange today just after the
market had closed strong and buoyant
in sharp contrast to the Generalization
of yesterday.
Brokers gathered around the trading
posts and cheered loudly in their relief.
The feature of the day was a state
ment by William Rockefeller, who said:
THE present astonishing decline in
the values of securities is as much a
mystery to me as 1t can be to anyone.
1 know that public confidence has been
disturbed, but I do not think that it
should have been in any such measure
as to justify so great a fall in prices.
with genuine overwhelming pros
perity throughout the country, there
certainly seems no adequate reason for
it. AS for myself and my associates,
our faith in the future of the country
has not been shaken at all and we have
been buyers and not sellers throughout
the past ten days.
Throughout these troubles we have
done and are doing all we can to re-
store and maintain public confidence.
1t is very clear to me that the people
who are throwing away their securities
at panic prices will sorely regret II
within the next six months"
Market Opens Strong
Today's market opened very strong at
much higher prices than yesterday S
closing figures, Reading leading with a
rise of IL points.
Amalgamated Copper and Union Pa
cif1c also were buoyantly strong, and
with Reading led practically the whole
list in sharp upward movement.
There were the usual reactions, but the
tone held relatively strong.
1t was known in the market that the
bankers had reached their offices early
and careful investigation of the situ-
alton did not reveal any result of anxi-
ETY. as to the solvency of any banking
or brokerage house.
This knowledge had much effect on
the market, and. together with the an
nouncement of government relief for
the money market, gave the traders
confidence that the situation threatened
no grave danger and that the money
market would be able to- care for all
immediate requirements.
the general tone firm throughout. even
the 10 per cent money rate being of
little effect. At the close the market
leaders showed the following advances:
Many Stocks Advance
Amalgamated Copper, 10; American
Smelling, 1O%; Anaconda, 91s; Canadi-
an Pacific, 51s; st. Paul, 9%; Great
Northern, 6A; New York Central, 5A !;
Missouri Pacific, 6A; Northern Pacific,
81; Pennsylvania, 6% Reading, 12A !;
Southern Pacific, Az; Union Pacific,
11A; United States Steel, 3h; United
States Steel preferred, SB.
All through the day there was heavy
buying by bargain hunters for in
vestment, and their purchases were
heavy enough to strengthen the market
each time that prices weakened. Hun
dreds of thousands of shares are be-
lieved to have been taken by these pur-
chasers.
There were the usual rumors in cir
culation today but not much attention
was paid to them One was that e. H.
Hartman had lost control of Union
Pacific. Instant denial was given the
report and 1t had no influence on the
trading, Union Pacific continuing
strong at the close.