The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-03-15
1T PUZZLES HIM.
Nm. Rockefeller Can't Under
stand Wall Street Panic.
He Says There Is No Real
Foundation for 1t.
HE HAS BEEN A BUYER
Confidence in Future of the
Country Is Unshaken.
People Who Have Sold Will Be
Sorry, He Says.
HE HAS BEEN A BUYER

an inquiry from the Associated 8r6SS,
Mr.. William Rockefeller said:
THE present astonishing decline in
the values of securities is as much a
mystery to me as it can be to any one.
I know that public confidence has been
disturbed but 1 do not think that it
should have been in any such measure
as to justify so great fall in prices.
With genuine overwhelming prosperity
throughout the country there certainly
seems 10 adequate reason for 1t. AS
for myself end my assistants, 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 tTou-
bles we have done and are doing all we
can to restore and maintain public
confidence. 1t is very clear to me that
the people who are throwing away their
seculi tiles at panic prices will screly
regret it within the six months"
The Market Stiffens.
New York. March 15.-Excitement
prevs lied in the financial district pre-
vious to the opening of the stock ex-
change todey owing to the conse-
quences to he dreaded from the slaugh-
ter of prices yesterday.
convuIsive rebound in the opening
prices fer stocks showed the result of
protective measures adopted over night.
The first buoyant upward flight of
prices was Immediately taken advan-
tage of to resume the unloading of
stocks and prices began to tremble
again in a manner which revived the
unee siness prevalent yesterday. F1uc-
tuations were very wild and feverish
for a time. below the opening level, but
without Ill of the opening Sains BE-
| ing sacrificed.
The extreme rebounds a the OPEN
ing reached ir Reading IL points, Della,
ware & Hudson 12A, Amalgamated
Union Pacific, Northern Pacific and
Missouri Pacific. These extreme gains
at the opening brought prices up close
ly to the London parity.
The buoyant rise in London was the
| prime factor in lifting prices here. The
| orders issued by the secretary OF the
treasury after the market closed yes
terday. gave hopes of relief from the
| money stringency although consider
able divergence was shown in the
| opinions held as to how great the eff
fects of these measures would BE-
! Previous responses to oHerS Ior re-
| demption of government bonds had
| been so light to leave a question OF
| the response on this case.
1t was hoped that the large dis
i-bursements falling due today of d1v1-
dends and interest would cause
| prompt return to the money markets
| of funds tied up in preparation Tor
| these disbursements. In the same way
| it was expected that payments OF SUP
! scriptions on new stock and railroad
| notes would be redeposited with the
| banks and become Immediately avail
No Failures Resulted.
An even more potent factor in
establishing some renewal of conf
| dence was the belief founded on pub
| lished reports that large banking ana
| financial interests had increased con-
| fdence over night in regard to the
situation and came to detern11natloh
| to adopt protective measures Tor sup
| porting prices. Satisfaction was 1elt
| that no failures had resulted from
| vesterday's violent unsettlement and
| over the general testimony of bankers
| that they saw no signs of unsoundness
| tion of credits. The completion of the
| clearing of brokers' sheets through the
stock exchange clearing house was
! looked for, however. with keen atten-
The reaction from the opening car
| ried Reading back points and some
| of the other most active STOCKS 10 4
points. In a few stocks there was cyl
| dence of further forced liquidation,
| the Rock Island stocks and the Mack
avs falling away sharply to below last
night. Supporting measures were
! nersisted in and the wild fluctuations
| IF the first dealings showed a narrow
| ing tendency.
The first hours business amounted
| to 100000 shares.
| shortly after 1 O'Clock it was stated
| that the clearing house members had
gone through without difficulty, This
| was accepted as an indication that no
/
| Call money loaned at Is per cent
! shortly before noon.
/ Buyjng was on a large scale all
| through the list when the effectiveness
/ of the support was demonstrate ted. The
news that the clearing house sheets
| had all gone through without any fail
| ures helped to restore confidence. Be
! fore noon such gains were recorded as
| to carry prices above the previous
| level.
| Trading by noon approximated one
| million shares. Business fell off after
| midday with the advance in call loans
to Is per cent. Banks and brokers
| mand for odd lots of the better class
| of securities by small investors.
! Call money declined to II per cent
| before / o'clock
Several of the less prominent mem
| hers of the stock exchange were help
ed out Of their financial difficulties to-
| dav according to reports current in
| conservative quarters.
| At one of the banks it was admitted
| that a few loans had been closed out
today because of inability of the
| brokers to. respond to calls for addi-
| tional collateral. Sales of stocks at
1:3O were estimated at 10000
shares Call money was then quoted
at per cent.
Flurry Is About Over.
Washington, March 15.-Secretary of
| Treasury Cortelyou was one of the last
| cabinet members to leave the White
House after the regular meeting today
There were several references during
the meeting to the financial situation,
but so far as can be ascertained there
were no new developments, one of the
members expressing the opinion that
the furry appeared to be about over.
A fell azl- n f7aiE,