The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-24
WALL STREET HAS
HAD NERVOUS WEEK
Newport Society Group Said to
Have Lost $2O,OOO,OOO
MORGAN RICHER THAN EVER
Hartman Is Still Most Commanding
Figure In the Market--EngIlsh
Royalty Was Heavy Loser
Recently on Street.
MORGAN RICHER THAN EVER
BY w. G. NICHOLAS.

New York, March 23.-(Special.) 1.-The
enormous liquidation in securities tnat
eliminated for the time in the panicky
selling of last week, has left Wall street
in a very nervous state. A good many
people of wealth were badly hurt in the
long decline, and the street is full OF
rumors of narrowly averted trouble in
high quarters. That no failures imme-
diately resulted from the collapse has
caused a great deal of wonder. The
Street would really feel easier II there
had been some failures. Some who were
badly hurt were carried over by their
friends, and the nervous fiuctuating mar
ket of all this week is evidence that
the wounded ones have been trying to
get out whole. Stocks bought In large
blocks during the panic to save the mar
ket from going to pieces utterly have
been coming back on the market again
this week, and the market has taken
them with bad grace. The buying power
for the time being has been greatly I'M
poverished. The investment buying from
all over the country has been very large,
but this has only been in small lots, and
it has done very little to steady the mar
ket. Men of wealth, although they be-
lieve that many standard stocks are on
the bargain table, are very cautious in
making heavy purchases until they are
assured that the Conditions that brought
on the severe decline nave permanently
improved Nothing can be certain about
the future of Wall street, but 1t Is as
reasonably certain as anything can be
here that opportunities such as very
seldom come to investors are now De-
ing offered. Railway stocks, when earn
very large SURPRISES In excess OF tnelr
dividends, are selling at prices that re-
turn the investor from to I've per cent.
When money gets cheaper again STANDARD
stocks will sell nearer a per cent. basis.
Among those who have been most hurt
in the market are some or the sons OF
the great captains of finance and indus
try. Some of the richest young men In
the Four Hundred have lost millions of
dollars. No one seems to be very much
worried over this except the young men
themselves. 1t is understood that some
of the young men in the Newport set
formed a big pool in Union Pacific last
summer on the expectation of an In
crease in the dividend They had big pa
per profits ON the sharp rise in stock
above $50, and they held their pool in
tact They were so sure that they could
sell it at 5000 that they neglected the
opportunity to sell when the stock rose
above $3.50. Their cupidity was their I'M
doing. The 200 price was never reached,
and the young society leaders saw their
paper profits fade away. They hung on
stubbornly, buying more stock on the de-
cline with the expectation that the price
would recover to the old high figures. 1t
is said that some of the forced selling
of Union Pacific at the bottom prices
last week was for the account of this
society pool that could not hold on any
longer. The losses of the young men have
been placed as high rs $2o,000,00O. One
story was that a big block of Union Pa
cific was taken off their hands at price
considerably below the lowest panic
price,