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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Mar 15, 1907
Page
40
Trading in a day reached 2,500,000 shares with broad declines in key issues. Union Pacific and Reading led losses amid frantic selling, money rates spiked, and reports tied the turmoil to both U.S. and London markets. Banking figures defended margins while authorities considered limited relief plans.
Violent break on the Philadelphia Stock Exchange mirrors New York as prices crumble by close. Reading led the devaigue price while United Gas Improvement fell to 80 1 2, Cambria Steel to 39 1 4, Blackdale Storage to 47 1 2, Lehigh Valley to 7, Lehigh Navigation to 5 1 4, with many others down 1 to 3 points. close near bottom figures.
The treasury secretary acted to ease stock market pressure by unlocking about 71 million in funds and guiding banks to redeploy public deposits. He dismissed precedent concerns while aiding financial centers, with circulars allowing bond redemptions and shifts of customs receipts to national bank depositaries.
Banks must retire United States bonds and replace with Treasury deposits under the Aldrich act raising monthly retirement to 9 million. March engagements total about 15 million, with 4 million for April, benefiting dozens of cities while New York faces reduced direct benefit. Treasury announces redemption of 4 percent bonds of 1907 at face value plus six months interest, with cash redemptions possible given ample Treasury funds and bank deposits.
Panicky conditions dominated the Boston copper market on March 14 with heavy trading and widespread selling. Prices fell sharply all day, closing at lows as money rates edged up to 1 percent. Major losers included Osceola, North Butte, Copper Range, Utah, Quincy, Tamarack, Butte Coalition, and Trinity, with Trinity dipping to 1914 and losses of 5 to 7 points in several cases.
Avanta Ga March 14 Before adjourning its annual convention today the Southern Ice Exchange adopted resolutions viewing with great alarm the actions of national state and municipal governments in aggressive moves against invested wealth in general and corporations and transportation interests in particular The resolutions declared that legislative shortening of hours of labor interference against the employer by legislative action and attempts to interfere with all kinds of business through the law are undermining confidence in business investments and depreciating the quality and standard of labor and labor s product It directed that a copy of these resolutions be forwarded to President Roosevelt.
President John Mitchell of the United Mine Workers W D Ryan secretary of the miners organization and Commissioner Wood of the Indiana railroad commission left Indianapolis for Washington to protest the Interstate Commerce Commission against a 10 percent rail rate rise in Indiana and Illinois The miners say higher charges will be passed to workers as operators cut wage deals to absorb the increase
Railroad leaders clash with White House over invitation to meet President Roosevelt. James McCrea of Pennsylvania Railroad bars attendance without an official invite, while Mel len of New Haven and Newman of New York Central already signaled readiness to travel to Washington. The president advances his railroad program, advocating capitalization regulation and asset valuation, as Harriman and Illinois authorities probe the Alton deal.
Cincinnati hearing on transportation to-night heard Gov. Smith of Georgia urge limited government ownership to curb railroad power and favor stronger Interstate Commerce Commission authority. He warned of watered stock, three-fourths of mileage controlled by syndicates, and demanded federal oversight, including bonds and stock issues, with harsher injunction limits and public-rate protections. He praised La Follette as a potential nominee and urged reforms to prevent excessive charges and promote reasonable rates.
Weather conditions show heavy rain in the Ohio Valley on Wednesday night, with showers reaching the Gulf and Atlantic states and lake region snow. Colder temperatures dip in the Ohio Valley and Middle Atlantic, warmer in central valleys and West, with rain and local snow in specified zones and brisk to fresh winds along coastlines and major waterways. Local report includes hourly temps, humidity, rainfall trace, and tide tables.
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