New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-26
CONFIDENCE IN LONDON.
No Panic, Lord ROthschiId Says
OnIy One Small Failure.

Tondon March 25-The break in prices in
wall Street produced a weakness in the street
rrices Of Americans here to-day. OtherWlse
she Stock Exchange surmounted the hrst ia!
Of the dreaded settlement with much greater
ease than was expected Money was plentiful
and the carry over WAS easily arranged. Inc
Ep4eulative accounts proved smaller than was
feared. and only one unimportant failure was
registered. The influx of the general investing
r,ublic at tie ruling low prices helped greatly 10
sustain the market
II had been supposed that the difficult situa-
slon might induce the committee of the Stock
Exchange 10 depart from its usual custom OF
closing on Easter Saturday. and their decision
80 adhere 10 the closing is taken as E"peIui
sign showing that the committee takes prac-
ideally the same view of the situation as does
Lord Rothschild, that there is absolutely no
danger" OF further trouble.
Il is apparent that the account open in Amerl-
cans here IS not large. and therefore the break
3n Wall Street did not have the expected great
influence in London. While the possibility OF
further small failures before the end of the set
Element is reached is not excluded, the general
Selief is that the worst is over.
There IS absolutely no danger" was the reply
az Lord Rothschild when asked this morning
about the fears that the settlement would result
an trouble. He added:
There may be a few small failures but the
reports that a big financial house is in diff
culties that serious troubles are anticipated
are mere inventions The London holders Of
American securities have been induced TO sell
through fear that President Roosevelt contem-
plates taking steps toward Matchmaking the
railways. or at least eIacIing legislation that
may curtail the roads earning capacities For
she same reason. some German holders OF
American securities have been selling in Lon
don. Then, OF course, there are great demands
for money from all points, but have every con-
gdence IN the ability of the market to bridge the
difficulties. one thing is certain. there is no
panic and there is no danger Of a panic in
london.
Americans opened to-day at about parity, but
after the earryOver had been arranged there was
an around improvement, the features being
Union Pacific. which opened at l34 and ad-
sanced TO 1855, and Canadian Pacific, which
went up from l64la to 1851 Paris began SELL
3ng Kafirs. but this was soon stopped. and the
market became YerJ steady. There was con-
siderable talk Of dealers being helped by hnan-
cial houses, but the bankers denied that any
serious demands had been made. The fall IN
Canadian Pacific has been the most serious feat
ure for British spectators and investors, many
OF The latter having lleen compelled 10 dispose of
Their holdings at the lower prices in order to
sneet other obligations while in the case OF
the former Canadian Pacific had been favorite
since Englishmen began TO avoid Americans on
account OF the disclosures made in the course Of
the Interstate Commerce Commissions investi-
roads and the threats Of legislation and reprisals
by the roads
ConsOls opened at S47s and by noon had
reached -. An hour later COnsOs touched S.IIs
The carryoVer rates for Americans were about
The same as those at the last settlement