New-York tribune., 1907-03-20
STOCKS DROP AND JUMP.
HOPE FOLLOWS SCARE.
Rumors of Failure Fail-Street
Thinks Crisis Past.


at its close none Of the rumors OF impending
failures had made good. and hope was felt that
the crisis had been passed. The stock market
opened heavy. with prices from one-fourth to
fun point under Mondays last figures, and rap
idly developed renewed weakness.
The Street was flll Of rumors Of houses In
difficulties. and under heavy volume Of lquida-
tion and Of selling for the bear account prices
broke in a way to suggest a repetition OF the
crash Of last Thursday. Within the first hour
Union Pacific had fallen from 49, its opening
price, to. 130l2 a decline of IA points from
Mondays close; Reading. which had closed on
the preceding afternoon at 1O5as. and had
opened at 1o494. had dropped to 992a and other
active issues had suffered correspondingly seri-
Gus losses.
At little after noon partial rally occurred
but the market tone was one Of pronounced
weakness until along in the last hour when
sharp general recovery took place 1T becom-
ing assured that failures would be an
I,ounced
Union Pacific. for example. which was selling
at l3ll2 at o'clock rose in few minutes to
l36, and Reading advanced from 1O0ss 10 1912.
The close was at a small recession from the
high point Of the rally on profit taking and on
fresh selling for the short account: but final
prices showed a substantial Improvement as
compared with the low figures of the first hour.
some of the net losses We're: Union Pacific,
3i2 points Amalgamated Copper. ia: American
Smelling and Refining. 8; ST. Paul Is; Reading.
rs; Northern Pacific. .; Missouri Pacific z;
Louisville & Nashville 3; Delaware & Hudson,
ia: United States Steel common and preferred.
each Is per cent. Net gains included y per cent
IN Southern Pacific Z ia Pennsylvania. 1s in
Erie and s. in Interborough- metropolitan pre-
ferred. New York Central, Canadian Pacific and
fHDaC i1-T1
which closed unchanged from Monday.
MANY RUMoRs FALL THROUGH.
The rumors Of embarrassment included the
names OF some Of the largest and best known
houses in Wall Street but nothing developed IN
the way Of subsantiation Of any of these stories.
According 10 one report circulated IN the morn
ing hours the governing committee of the stock
Exchange was investigating the condition Of
the houses alleged to be in trouble. but this
story vas soon denied on authority and with
emphasis
1t was also said that group OF officers Of
Clearing House banks had made an inquiry into
the standing Of the firms mentioned in the Street
ru:nors. and had found no ground for the stories.
although admitting that some Of the large
houses had taken heavy losses last week.
At several nf the principal banks il was said
1hat no requests mad been made of those insti-
iuuois Tor assistance, and that no aid had been
given That one more houses may have
needed assistance in some degree. however.
after the market collarse Of last week IS rroh-
able: and there is also reason to believe that
the necessary aid has been afforded from some
source
Some picturesque stories Of losses incurred in
the panic were afoat yesterday. one that
three young operators. whose fathers had made
great fortunes respectively in railroading IN this
state. in street railways ana in real estate. had
lost S20000000 among them IN the panic An
other tale described the troubles of a pool OF
rich young men who were said Ia have had ad-
fra@1 FT4rsg..
dend increase last August and 10 have loaded
up at that time with about a quarter of a mill
ion shares of Union Pacific. The stock went up
10 1888. ~ which fheir paper profits were
very heavy. but they held for 200, 10 which
level The stock did not climb On tho break of
last "Wednesday and Thursday. the story goes.
the pool liquidated more than 100000 shares.
and II was again large seller yesterday
HARTMAN DENIES CONFERENCE.
z. H Hartman who returned on Monday
night from a short trip 10 Virginia. denied yes
terday morning that a market conference was
to be held IN which lie was to take part He
added Up 10 date there has been only one
side the market The bears have been nav
ing their innings. Now there is going to be an
other side. Let the bears play II out Nheh
he told that the market mad broken pdoS
he remarked: do not worry about the market
II viii take care Of itself when the time comes.
II being suggested that the Rock Island party
was selling the market, Ar. Hartman Saiu'
Are they AT il again?
Mr Hartman WAS asked IT TIC itp'4 g"
true which came from President Ripley or me
Atchison that. while il might not be true llltt
The Southern Pacific had been taken away IIoiii
Union Pacific. yet Mr.. Hartman was about 10
retire from active work in the railroad word
He answered: "Air Ripley has not consulted me
about this. ana you see am stun going mt tIie
presidents Office OF Union Pacific 10 get 10 Wofk
the same as usual. guess YOU VIII hi'1 ''ia'
Ripley never SAID II. -,
Asked about various rumors concerning tle
Union Pacific system. Mr.. Hartman said; IN
days like those OF the last week one can near al
kinds Of rumors. and it would be oniy d WASTE
Of time either to affirm deny them.
Concerning the report that the Union racine
IS retrencning in all directions, can tell you
that neither the Union Pacific nor the southern
Pacific is abandoning any Of the work Whlch II
has in hand and il is ludiCrous 20 say that we
are abandoning job when - per cent OF !a Lils
grading is done. The roads are not run that
way. a.,
We are going ahead and taking care Of the
big business which is being offered us diat' max
ing plans 10 that whatever business IS IN
sight is properly hPndled when the time comes.
Concerning the story that the southern IA
ciic is to spend S53 100000 this summer m new
construction, and that Il has thirteen new lIheS
building. the story IS Greek to me. IheTe IS 10
news on the subject except what IS contained
In the report which recently puDl1sned
believe this showed that the Southern Paclhc
has about fourteen lines projected III one way
or the other.
1--WE are just going ahead in our own way,
taking care Of everything in sight, which means
a good deal Of work and n good deal OF
new equipment and the expenditure OF many
millions Of dollars. But we are not running
ahead ars5 spending millions pel nell purely
speculative or imaginary hopes OF "hat may
be-
THE FOREIGN EXCHANGES