The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-16
.LUSTY CHEERSAS
PANIC PASSES
Unusual Scene on Floor Of the
Stock Exchae;.1
ROCxEFElIFss5s j, CONFIDENT
His Faith In the Future of the Country
Is Not at All shaken-FaII In
Prices Is Not Justified
by Conditions.

change today just after the market had
closed strong and buoyant, in sharp con-
trast to the sharp decentralization of yes
terday. Brokers gathered around the
trading posts and cheered Justify in
demonstration of their relief and salts
faction at todays change in speculative
sentiment from the panicky feeling of
yesterday Congratulations were ex
changed all around the room on the fact
that the members without exception had
successfully passed through the severe
declines of the past two weeks and hopes
were generally expressed that the worst
was over
Rockefeller Hopeful.
In response to an inquiry from the AS
socited Press, Mr.. William Rockefeller
said:
1.-The present astonishing decline in the
values of securities is as much of a
mystery to me as it can be to any one
/ know that public confidence has been
disturbed, but l do not think that it
should have been in any such measure
as to justify so great a fall in prices
With genuine overwhelming prosperity
throughout the country there certainly
seems no adequate reason for 1t. AS for
myself and my associates, our faith In
the future of the country has not been
shaken at all, and we have been buyers
and not sellers throughout the past ten
days. Throughout these troubles we have
done and are doing all we can to restore
and maintain public confidence. 1t is very
clear to me that the people who are
throwing away their securities at panic
prices, will surely regret 1t within the
next six months,
,noday's stock market opened very
strong at much higher prices than yes
terdays closing figures, Reading leading
with a rise of II points, Amalgamated
Copper and Union Pacific also buoyantly
strong, and with Reading. led practically
the whole list in a sharp upward move
ment.
All Banks Solvent.
There were the usual reactions, but the
tone held relatively strong. 1t was known
in Wall street that bankers had reached
their offices early, and that a careful in
vestigation of the situation did not reveal
any cause of anxiety as to the solVency
of any banking or brokerage houses. This
knowledge had much effect on sentiment
and together with the announcement Of
government relief for the money market,
made late yesterday afternoon, gave the
traders confidence that the situation
threatened no grave danger, and that the
money market would be able to care for
all legitimate requirements. The trading
continued active with the general tone
firm throughout. even the 10 per cent
money rate being of little effect AT the
close the market leaders showed the fol-
lowing advances from yesterdays close:
Amalgamated Copper 13, American
Smelling 1Os4, Anaconda 91k, Atchison AS,
Canadian Pacific 51a, st. Paul 9&, Great
Northern 81, New York Central 5A, Mis-
souri, Pacific 61s Northern Pacific oa4'
Pennsylvania 6s4 Reading I'm. Southern
Pacific ~, Union Pacific liz, United
States Steel 3la and the preferred 3ls.
5 All through the day there was heavy
buying by bargain hunters" for invest
ment, and their purchases were heavy
enough to strengthen the market each
time that prices weakened.
There were the usual rumors today, but
NOT much attention was paid to them. One
of these was that E. II. Hartman had
lost control of Union Pacific. Instant de-
MEL was given the report, and it had no
influence on trading, Union Pacific contin-
ming strong at the close.