The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-14
Operators We're UnSCru-
pulouS in Circulating
Wildcat Stories.
PANIC WAS
BARELY AVERTEDs
If the Public Had Been in che
Market, Nothing Could Have
Saved the Day, But the Ss
Field Was Occu-
pied by the Pro- !8i
fessionals. 3,gs
Special to The Times-plspatcf.

Especial to The Times-D ispatch sS
NEW YORK, March 1S.--It was the sSss
money market which took the centrsss
or the stage to-day thereby confirm. 5sfsis
ing at least one belief entertained yes-ssS
terday that something new must bs II,
produced to direct the course of values.g
The days collapse In prices was Very ss
violent, and there were reasons for q I. 8
Wall Street lnpsed into an attack Of Asl
1T In at least four years. Whatevergasy
doubt may exist as to the ort GIN Of thassS
selling orders which broke the markpt
five to ten points in tho first three 81
hours of business, there is no doubsss
whatever as to the nature OF the sell- "
Ing. 1t was a raid, pure and simple,
backed by undoubtedly large resources.
and sustained by the circulation oe
bear rumors," which were as n baso II!
and unscrupulous-to make q bold 4:
comparison--ag were the 'tbull rumors'ss IN
of last September. London was iti-5i
formed Of impending disaster In New
York; New York OF impending disas-
ter in London; both OF them OF an ap j y
to say. these pleasing stories were all
Invented on the Stock Exchange, The
| market, in short, taken along with tte8
episodes OF last autumn, provided ex-
cellent illustration Of the versatility
of high finance. 585s
l. The picture Uis commended to those
astute outsiders" who bought stocks
confidently last November. because $.'ts the
big men are safe to follow ssg III
i : Il Z.
Close to Panic.
a sa For several hours to- day Wall Street
was 50 close to "a pan that the sthon5-s
Il ands who tiliunged the broker \, I. Offices
cafes and other places. between the hours
q OF 10 to 3 expected that the crash would
4 come any moment. and that the Wild
scenes enacted In the great panic day
i of May ., 1901, would be repeated. That
A there was no actual panic was due al-#
4 most wholly to the fact that the publlc.i
which specuates on margins, has been
a virtually out OF stocks for three months
and the game Is almost entirely conflned: lr
I to professionals, who are usually able to-
weather such storms, At any time. how
. ever, there We're rumors that several Of
the big houses. which trade on their
i own account, wore In q critical tlon.
but when the settlement hour had passed
!. 1T was known they had been able to pull
q through. 81 n;
Object Lesson for RooseVelt.
IL Wall Street charges to-day s demoraliza.t
4 ton to the attitude OF the admins ton
toward the great railroads of the coun-
: try, and some persons discerned In IT an
$ object lesson for President Roosevelt.
Y Most judges of the situation, however,
4 saw In Il complete absence Of public
= buying, even at tho bargain prices which
|. now prevail, the widespread disgust with
n the stpck-jobbing methods Of those who
t control the great railroads Of the coun-
j. try, the stock-watering processes OF
Il which they have been guilty, the general
q Indifference on their part to the rights
and interests Of the public, and the
: defiance by the corporations Of laws de-
Z signed to regulate and control them,
y 1t has been years since the public Mas
n failed to respond to the low range s9of
k prices which was established by to-day'a
8 selling The panic was not ayerted by
4 outside buying, Whatever support there
q was came from banking interests who
4 interposed their influence to prevent
\, complete disorder