The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-07
MANY HIT HARD
BY STOCK SLUMP
Richmond Spectators Drop a
Few Dollars Playing
Market.
TUMBLE DUE TO HEAVY SALES
Local Financial Circles Interest
ed In Prospective Policy of
Secretary Cortelyou.

redeeming traits yesterday, but those
good traits came little too late for |
some of tho men who had been Opt |
mistic, or In the language OF the street, |
had been bulls" 1t is true, as has |
already been stated, that the ma
iorlty Of the men on the Richmond
market who deal in stocks deal along
safe lines-that is to say, they buy
what they can pay for and then hold
there are other,, and these others have
suffered not little within the past
week, during this awful and to them
unaccountable slump. 1t would be
hard to tell, IL one knew how much
good Richmond money has been lost
IN this slump, and 1t would not be
wise to tell 1t II one knew; but 1t Is
safe to say that in this general condi.
ton of liquidation, with Its conse-
quelit losses, Richmond dealers ir,
stocks have not been entirely exempt.
Some of them have lost heavily, ana
many of them have had to pony UP
and stand tho losses as best they
could. Some, however have been able
to hold what they had. pay UP their
margins. and await better day. These
latter have the stocks in their safa1,
and the same stocks may in time COME
back to the old-time value, and these
folks viii then be as rich as ever; but
this remains to be seen.
To this class OF holders of railway
and other stocks, the closing of the
market yesterday was little enconr-
| aging.
The opening was weak enough to be
| discouraging The sales were enormous.
and in the early hours of trading it looked
| as IL liquidation would never end; but
] about noon there was something OF
| rally. Perhaps the men who were In
| shy shape were too eager to recover
losses and they probably sold too heav-
| ily Be that as 1t may, the fact remains
that the bears again got the upper hand
| and drove prices down to the lowest level
OF the day.
The market rallied again, under the
leadership of Reading, which closed at
4 a fraction over 124, which was an adj
| vance OF ten points from the lowest mark.
1t is said that Reading sold up on q
well authenticated report that Hartman
had gotten possession OF tfat line. Other
Hartman interests took on boom. aud
all sorts of stocks advanced in sympa-
thy. the market closing with bettel
!, feeling and everything looking UP.
I Jiist as the market closed there was
what was considered as a practical con
firma ton of the report that Hartman hat
obtained control OF Reading, and this, TO
| some reason, had tendency to strengthen
up all kinds Of stocks, and the marke
!, was decidedly stronger at the close Pos
sibly this whole slunlping business ha
|been another Hartman coup. VIII
|knows?
In banking circles. the situation wa
!. as serene yesterday as May mornil;
: could well be expected tosbe. The bank
were letting out money on gllt-edgc IA
). per, as usual, and We're not concernin
themselves very much about the do'n
J, or the undong of the men who wer
handling stocks. Whatever may hay
been the Richmond losses in the stoc
slump, the banks evidently cared yer
= little. In any event. they were we'll Sc
s cured.
Considerable interest is being mail
tested in this city, as we'll as in 9th;
. financial centres, as to what may be T.
/, attitude of Mr.. Cortelyou, the new SET
Y rotary Of the Treasury.
.el Since the foundation of the covers
= ment its policy has been to lock up IL
!. customs receipts in the treasury, a,
= thus. shut so much money OFF from eli
- culation. There Is not another COUNT
= in the world that pursues exactly II
same policy. In England, for instanc
: the customs receipts go into the banl
= at least for "a while, and thus an In
mense amount Of money Is kept in clrcul
ton. Mr., Shaw, the late Secretary Of Il
le Treasury pvercame this kind OF trouble
II a certain extent by now and then depo
II iting certain amounts of government fun
W in the banks near at hand. tt has be,
Is whispered about that Mr.. Roosevelt HI
v whispered to Mr.. Cortelyou that the
. is no law against 1t, and no pnrticul
Is good reason why he may not introduce
t. entirely new system OF depositing go
te eminent funds In the banks straig
ii from the Nloulder, instead Of first locI
ing them up in the treasury vaults. :
is said that tho new secretary thin
we'll Of the suggestion. What he will
~ when he gets things well In hand r
L mains to be seen.
I'd A Chicago telegram says: Chical
I'D banks in February shipped TO the cou
10 try S12,072,200. and received $5,T9l,0t
I'll the net loss being s7,1S1,200. The Fe
~ ruary loss last year was s6.200,00O.
" The net loss for the first two mont
of the year Is S6,04S,700, against s.
,e 100000 last year
e. The action of a number of local sa
irgs banks in Cincinnati, In advances
r. their rates of interest on time depo
O. certificates. is accepted as an indie
s. ton that relatively high money ra,
id will prevail here for an indefinite I
he Rod,
to In all Of this stock slump Boston
serene. A telegram from there sn,
he Tho money market holds firm wi
ne very little business doing In outsl
he loans, other than call, 1t Is |
We lieved, nevertheless, that conditions &
gradually making for u hetterlnent
III the situation, The chief Influence
NJ the liquidation In the security mark
er though this feature is a more decic
de factor In New York than 1t ID he
n Then, again, it is believed that so
| f,.,,