Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-03-16
RAILROAD men CHANGE MINDS
Decide That They Cannot Voice
Wishes of Millions of Stock
holders Before the President.
NEW YORK STOCK EXCHANGE.

New York, March 15.-An unusual
scene was enacted on the floor Of the
Stock Exchange today just after the
market closed strong and buoyant in
sharp contrast to the decentralization of
yesterday. Brokers gathered around
the trading posts and cheered loudly
in demonstration of their relief and
satisfaction at today's change in spccu-
Ia;ive sentiment from the panicky feel
ing Of yesterday. Congratulations
were exchanged all round the room on
the fact that the members of the Ex-
change. without exception, had sue
cnssfully PASSED through the severe
declines in prices of the last two weeks
and hopes were generally expressed
that the worst was over.
Il feature of the day was a statement
by VIM. Rockefeller, who said the de-
cline was a complete mystery to him
and while public confidence had been
disturbed he did not believe it justified
50 great fell in prices and declared
il was very clear that the people VINO
were throwing away their securities AT
prices of a panicky nature, would sore
" regret it within the next six months
Todays stock market opened very
strong at much higher prices thanNyeS-
terdays closing figures, Reading lead
ing with a rise of IL points. Amaiga-
mated Copper and Union Paciflc also
were buoyantly strong ana WIN f'"du
in- practically the whole llSt III d
sharp inward movement. There We're
the usual reaction but the tone held
relatively strong. 1t was known N
Wall street that bankers rad rcacheu
their offices early and that carer I'll
i-yestiration of the situation dld ho'
reveal any cause of anxiety as 10 the
solyency Of any banking or brokerage
houses.
This knowledge had much erect OH
sentiment and together with inc An
rouncement Of government renei III
the money market made lat" yesterday
afternoon gave the traders cohild"ht'
that the situation threatened 70 "rdN'
danger and that the money h>"rN''
wound 10 able to care for all leGitlmat'
r-uuirer,ents. The trading ccntinu"d
active with the general tone w IL
throughout even the Il per cent. money
rate being of little effect At me cioSt
the market leaders showed the 1"lloN
ing advances. from yesterdays cloSe'
Amalgamatcd Copper T.: American
Smelling 10M; Anaconda 90: Atct'i~o'
AZ: Canadian Pacifis ~; st. laui ~
Great Northern 81; New York Centra
81; Missouri Pacific 6l&: Northern "a
ellis ia: Pennsylvania ga feaulnA
19I; Southern Pacific AZ: tnirn facl.i'
Nv: United states steel 3i2: ana IN
preferred 3t-.
All through the day there was hcaNA
buyinc by Bargain hunters lot III
yescment and their purchases were
heavy enough to strengthen the marhe
each time that prices weakened hun
dreds of thousands Ct shares arc pc
Eeye1 to have been taken by these pur
ChaScrS.
There the usual rumors we're III CIR
Culation today hut not much atten'i'i
was paid to them. One OF these va
that +. II. Hartman had lost conir'
of Union Pacific. Immediate d"hla
was given the report and it had n" n
fiuencc on the trading, Union Pacih
continuing at the close.
The Stock Exchange galleries Wer
filled today with spectators drawn |
the scene in the hope OF witnessing a
active and excited trading marker
They were not disappointed. for IN
openinc was one of the iivclicSt know
in n long time At 10 o'clock the gal
lerics were crowded and hundreds a
persons were waiting outside unable I
gain admittance. Among the visitor
to tie Exchange during the day Wer
many women.