The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-15
VANDERBILT SOLD
OUT. SAYS RL)MOR
No Failures Reported, Although
More Than One Great House
Is Reported Hard Hit.
Vain Appeal Sent
to the White
House.
Especial to The rImes.pIspatch. ]

Especial to The Times.Dlspatch.
NEW YORK, March 14--The Wild
est scenes that Wall Street has wit
messed since the Northern Pacific panic,
May o. 1901, when for time scores
OF banking and brokerage houses tot
tered on the verge OF ruin. took place
to-day on the Stock Exchange.
Nearly $4,000, 100000 OF Stock Ex-
change values were slaughtered by
the victorious bears during the five
hours trading Scarcely Stock mar
ket interest was spared. Amalgamated
Copper, the pet stock OF Henry II.
Rogers. and supposed to have behind
St tho protecting hand Of the great
Standard OIL Trust. between the hours
OF 10 and 3 to-day declined $21.700,000
IN market value. Union Pacific, the
head OF II. II. Harriman's great sys-
tenn, which was placed upon a. 10 per
cent. dividend basis last August and
which Mt that time sold at 195 3-s.
declined In market value to-day s4o,-
100000.
Vanderbilt Sold Out.
Although from the very opening to-
sheets OF the clearing house went
through, and, to the great surprise of
ali not single failure WAS an
nounccd. Rumor however. was busy
with the natnes of n number of rich
men and firms that had been hard hit
by the slump According to one of
these reports. the account Of one OF
the younger vandcrb.lts In promi-
nent brokers' house had been closed
out. This story was telegraphed to
London and caused CONSERVATION
there. Brokerage houses denied all
1xr oAt,n NJ ipri hnx
ever. Brokers who usually represent
the yanderbits declared that they be-
lievcd the story to be untrue.
Only Five Minutes Of Rally.
N-Hrn t!ic gong sounded at 10
o'clock. pandcmonium reigned on the
floor. The voices of excited brokers
weilod into n mighty roar. In the first
than the selling. and stocks Dcgan
to gain slightly above the close of
the day preceding.
For the first five minutes the market,
though excited, showed steadincss
that surprised every one, and led TO
tho hope that the crisis had finally
been passed. 1t was, however. one OF
these ftful rallies that for days have
merely offered the bears a rallying
ground from which to renew their
attacks. Within fifteen minutes the
prices, and values began to crumble in
way that filed the stoutest heart
with alarm.
Appeals to President in Vain.
Throughout the entire day tinnn-
ciers were keeping the Washington
wires hot with urgent appeals to Presi-
dent Roosevelt and Secretary Cortel-
you to do something or say something
to stop the slaughter. Not the slight
est word OF comfort, however, came
from the White House or the Treas
ury Department until after the mar
ket closed.
The point was made throughout Wall
street that the bear market had come
80 gradually. and that such n large pro-
portiOit OF ,te traders had been on the
short sid" Of the market. that most of the
Stock Exchange houses were bare OF
stocks, and that they were IN much
stronger position than they would have
been had the conditions been reversed
ana the break had come at the end of ~
big bull movement.
A Modern Nero.
1t is not generally believed that the
action of Secretary Cortclyou will have
very much effect upon the financial sit
uation here Immediately, although 1t
was regarded as step In the right di-
rection. Brokers regarded 1t as entirely
inadequate, and so expressed themselves.
'rhc most severe criticism OF President
Roosevelt and Secretary Corteyou was
heard throughout the entire financial dis
trict. The President was described as
n second Nero. amusing himself with
Idle pastlmes while the business centre
Of the country was in the throes of the
worst panic 1t had known In years.
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