The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-03-20

New York. March 1s.-The London mar
ket reflected no advance or decline in
American stocks to-day, but soon after
the New York exchange had opened a
selling pressure developed which carried
active speculative issues down from 10
points. The break was sharp in the
first hour. and continued through the
forenoon.
Amalgamated Copper sold down to s9lk
or ~ points smelters to 11S14. on 81.
Anaconda to 60. Of 81
AtchisOn to S9%. on ~.
Baltimore and Ohio TO ssss, OF sls.
Brooklyn Rapid Transit TO 81, OF 81.
Great Northern TO 1881. of 5zs
Northern Pacific to rs, OF *
New York Central to lls14. Of lZ.
Pennsylvania to 122 of ia.
Reading to s9l. of SIS
st. Paul TO 80, of 8.
Southern Pacifc TO 77ss. of rs
Union Pacific TO 1907. OF "a.
Steel common 10 S57s. on IA; preferred
to IS, on 21s.
sharp Break at Opening.
So sharp was the break at the opening
that many stocks fell from l to 3 points
in the first few minutes of trading
Through the first hour there seemed 10
be little or no support for the issues that
were being pounded the hardest. The
break was helped along, if it was not
largely the result OF numerous rumors in
regard to the failure of stock exchange
houses that had been hit hard by the
recent panicky market One rumor had
II that at least Two houses had TO be
helped in the renewed slump, and an
other. which spread through the street
shortly before noon. was TO the effect
that prominent bankers. who had rendered
helping hand in the panic last week.
were going over the books and securities
of two big houses to find out whether il
would pay them to stand by the guns
IN the downward trend which the market
had taken
Busy Denying RumOFs.
All reports of trouble were thrown down
hard by officers Of the stock exchange and
also by prominent bankers. Secretary
George ". Ely, of the stock exchange,
characterized as "a deliberate lie" a re-
port that the board of goveruors. had met
to consider some means Of tiding over one
or more firms. Mr.. Ely did not hesitate
20 say THAI he believed the report was
thrown out solely for market reasons.
President Pomeroy, of the stock ex-
change, also denied that any such action
had been taken BY the board Of governors.
He regarded the circulation of the reports
as most reprehensfble.
Oficers of two OF the largest banks in
the city said that they had not extended
help to anybody IN the course of the
morning slump, and had not been asked
20 do So They denied that any investiga-
tion was being made by banking interests
into the condition Of stock exchange
houses, and so Ear as they knew no large
house was seriously embarrassed by the
break.
Hartman Is Cheerful.
E. II. Hartman was greeted upon his
arrival at his office shortly before noon
with the news of the sharp break in
Union Pacific He was cheerful.
Don't worry about the market" said
he 1T will take care of itself when the
time comes. Up to date there has been
only one side to it, The bears have been
having their innings. Now there is going
to be another side. Let the bears Play it
out"
Hartman declined TO go any further
into details His statement was taken ty
some 10 mean that Hartman and others
behind him might combine to support
prices II was reported in the street that
Hartman in the course Of the day would
have conference with other representa-
tives OF Wall street in regard'to the CON
ditions Of the market When asked about
this, he said:
! wouldn't tell you If such a conference
had been held. but since there wasn't
any. don't mind saying so"
Market Rallies Toward Close.
One reporter suggested that the Rock
Island folk were busy raiding the mar
ket, and Hartman remarked:
Are they at it again?"
Hartman was asked If the report cred
tied 10 President Ripley. of the Atchison.
were true, that he, Hartman. was about
10 retire from active work in the railroad
world.
Mr.. Ripley has not consulted me about
this. and I doubt whether he ever said
it."
He was asked whether he Intended to
retire when he was sixty years of age.
That depends on circumstances, was
his reply.
The assurance that the failure reports
were groundless and the Hartman inti-
nation that there might be something
doing soon on the other side of the mar
ket resulted in a recovery in the after
noon. which continued until the close. and
left the stock losses comparatively light.
n A r ANGERrn AT uAuTv