From 10.55 to 11.45 a.m. on April 15, 200 Mercantile Marine common changed hands at 5 1/2, 200 at 5 5/8, and 500 at 5 1/2. Of the preferred, 200 changed hands at 21 1/2, 100 at 21 3/4, 100 at 21 5/8, and 100 at 22.
From 11.45 to 12.45 p.m. on April 15, 100 Mercantile Marine common changed hands at 5 3/4, 100 Mercantile Marine preferred at 22 1/4.
From 12.45 p.m. to 1.45 p.m. on April 15, 200 Mercantile Marine common sold at 5 3/4; of the preferred, 200 sold at 22, 100 at 22 1/8, 100 at 22 3/8, 100 at 22 1/2, and 40 at 22 3/4.
From 1.45 to 2.15 p.m. 100 Mercantile Marine preferred sold at 22 3/4. That was the only transaction recorded during that time.
From 2.15 until 2.45 p.m. on April 15, 100 Mercantile Marine common sold at 6, 100 preferred at 22 3/4, 100 at 23, and 100 at 23 1/8.
Those were all of the transactions up to within 15 minutes of the close of the market, at 3 o'clock, according to our records.
The closing price on Mercantile Marine common was at 6; unchanged for the day. Mercantile Marine preferred closed at 23 1/8; down 3/8 net for the day.
Senator SMITH.
Mr. Farrell, the bulletins which you have handed me are all that contain news items regarding the Titanic, which items appeared on the ticker?
Mr. FARRELL.
I think, Senator, there is one item - one bulletin - which we lost. This item which appears on the ticker, and which has already been incorporated in the record, was on one bulletin which was lost, somehow or other:
Officers of the White Star Line stated at 8 o'clock this morning that passengers of the Titanic were being taken off in boats and that there was no danger of loss at life. The Baltic and the Virginian, they said, were standing by to assist in the rescue.
Substantially the same thing was published in the bulletin.
Senator SMITH.
In all other respects these bulletins which you have handed to the committee contain all the information that appeared on the ticker and, I assume, in the Wall Street Journal as well?
Mr. FARRELL.
Yes.
Senator SMITH.
Regarding the Titanic?
Mr. FARRELL.
They contain more than appeared in the Wall Street Journal, because in making up the Wall Street Journal we rewrote the statement, partially, so as to make it more readable.
Senator SMITH.
How about the succeeding days? If you have the ticker tape for Tuesday and Wednesday, I would like that?
Mr. FARRELL.
Yes. Before I go I would like to compare them with the bulletin so as to be positive. They are all numbered, so that I can very easily check up.
Senator SMITH.
All right.
Mr. FARRELL.
This is the ticker tape for Tuesday, April 16. I suppose that I had better give this in chronological order. Since I got your telegram yesterday I have not had time to carefully check up these for Tuesday, but I think I can explain everything.
Senator SMITH.
I will let you go through and check them up, if you prefer, and we will come back at 2 o'clock.
Mr. FARRELL.
There is very little on this which requires investigation.
Senator SMITH.
Very well; proceed.
Mr. FARRELL.
At 8.02 a.m., April 16, we published the following:
White Star liner Titanic sank at 2.20 a.m. Monday, five hours after crashing into an iceberg. More than 1,500 persons have been drowned.
Senator SMITH.
This was Tuesday, the 16th of April?
Mr. FARRELL.
This is the 16th, Tuesday. You recollect that the information really came out after 6 o'clock Monday night. (Continuing reading):
At 7.30 a.m. this morning an officer of the Mercantile Marine stated that company had been receiving names of those saved all night and that so far they had received 200. He stated the captain of Carpathia estimated there were between 800 and 850 persons saved. The names of Mrs. J. J. Astor and maid are among those received, but no mention is made Col. Astor or J. Archibald Butt.
Latest message is Carpathia has 806 passengers aboard. Grave fears for rest of Titanic's passengers.
First definite message received was from Capt. Haddock, Olympic, which stated: "Carpathia reached Titanic position at daybreak. Found boats and wreckage only. Titanic sank about 2.20 a.m. In 41.46 north, 50.14 west. All her boats accounted for containing about 675 souls saved, crew and passengers included. Nearly divided women and children. Leyland liner Californian remained and searching exact position of disaster. Loss likely total 1,800 souls."
That was a summary gleaned from the morning newspapers, which were at hand, and by a reporter who visited the White Star offices that morning; but they had practically nothing more than all the newspapers had at the same time.
Senator SMITH.
So that you based that publication on general information?
Mr. FARRELL.
On general information.
Senator SMITH.
Which the papers had printed?
Mr. FARRELL.
Yes.
Senator SMITH.
In their morning editions?
Mr. FARRELL.
Yes.
Senator SMITH.
And not upon any conversation that you had with any official of the White Star Co.?
Mr. FARRELL.
When our reporters visited the White Star offices we got similar information, of course. It was common property at that time.
About 8.16 a.m. Tuesday, April 16, we published the following:
It is estimated cost of building and equipping Titanic was between $7,500,000 and $8,000,000. How much insurance was carried on her has not been officially announced, but is understood to have been about $5,000,000. Her cargo was worth $750,000. Insurance men estimate loss to International Mercantile Marine Co. will be somewhere around $3,000,000.
That information I received myself from one of the officials of the White Star Line, whose name I do not now recall. That has not much direct bearing.
Senator SMITH.
I would like very much if we could identify the source of this information which came from the White Star. If you can think of the name of the man, I wish you would give it.
Mr. FARRELL.
I can easily find out who the man was. Of course, ours being a financial publication, the financial end was what we were primarily interested in, after the humanitarian end, and some of the morning papers had vague inferences as to the loss, and desiring to get something more definite, I myself went down to the White Star Line, early that morning, somewhere around 8 o'clock, or shortly thereafter, to see Mr. Franklin, but he was engaged in a conference at that time. I wanted to inquire concerning two particulars, first, as to the value of the vessel, and, second, as to the insurance; and another point I wanted to inquire about was as to why the information subsequently proved to be false had been given out at the White Star offices all day Monday, and on what authority he based that information. We will come to that later. I was referred at that time to the head of the insurance department, I believe, for this estimate on the cost of the Titanic and the amount of the insurance.
Senator SMITH.
Who was he, do you recall?
Mr. FARRELL.
I do not recall his name, but I can find out his name and let you know.
Senator SMITH.
I wish you would do so.
Mr. FARRELL.
I will make a note of that.
Senator SMITH.
And also please let me have the names of the other persons you talked with.
Mr. FARRELL.
Yes, sir; I did not know, until I got your telegram yesterday, that you would want to go over the news of Tuesday, Wednesday, and Thursday, so that I have not identified that in so close detail as I did that of Monday. Of course it is really less important, anyhow.
About 8.28 o'clock a.m., on the 16th of April, we published in the course of our regular news summary of the morning events this item concerning the Titanic:
Net money loss to International Mercantile Marine from sinking of Titanic, estimated, $3,000,000. About 1,350 lives lost; around 900 saved.
That was based on general information of which at that time had become public.
Senator SMITH.
That was on Tuesday, the 16th?
Mr. FARRELL.
That was on Tuesday, the 16th.
Senator SMITH.
At what hour?
Mr. FARRELL.
About 8.30 a.m. About 8.45 we published the following:
White Star Line has received wireless advices so far telling that the following passengers on Titanic were saved.
Then follows a partial list of those who were saved.
At 8.57 a.m. we published this:
Among those passengers who have not yet been heard from are Col. John Jacob Astor, Isidor Straus, George D. Widener, Maj. Archibald Butt, Benjamin Guggenheim, Charles M. Hayes, Francis D. Millet, Henry B. Harris, William T. Stead, John B. Thayer, and W. A. Roebling, 2nd. Although early reports were that J. Bruce Ismay, president of International Mercantile Marine, had been saved, definite news has not yet been received confirming it.
We took the list of those who we knew were aboard or had been booked to sail, and those reported to have been saved, and these persons had not yet been reported.
Senator SMITH.
That was the only source of your information?
Mr. FARRELL.
Yes. Of course Wall Street was very much interested in the fate of all those men, so that we singled those out.
About 9.20 a.m., April 16, we published the following:
Cunard Line people say the Carpathia is expected at New York late Thursday night or Friday morning.
That was received from the Cunard Line offices by one of our reporters; I think, from Mr. Stead. I am not sure about that, but it was from one of the Cunard people down there.
About 9.25 a.m. we published this:
JOHN B. THAYER AMONGST SURVIVORS.
PHILADELPHIA.
Wireless dispatch just received by family of John B. Thayer, vice president Pennsylvania Railroad states Mr. Thayer, Mrs. Thayer, and their son were saved, and are on board the Carpathia.
I suppose that came from the Philadelphia News Bureau, our Philadelphia correspondent. I am not positive on that.
Senator SMITH.
Do you know from whom it came?
Mr. FARRELL.
I do not know. I am not positive. As I told you before, I have not had time to take up these sources of information for Tuesday and Wednesday.
About 9.30 a.m. on Tuesday we published this:
Titanic's lifeboat equipment, it is said, consisted of 16 lifeboats and 4 collapsible rafts, which could take care of but one out of every three aboard. Officials of bureau of inspection of steam vessels say that it is customary for vessels to carry sufficient life-saving apparatus for but one-third of its complement and passenger list.
Senator SMITH.
Where did you get that information?
Mr. FARRELL.
I do not know exactly where we got this, but it is a compilation which anyone in the office might have made, having no direct bearing on the disaster itself, and I rather think that it was prepared in the office.
Then, about 9.40 a.m., we published this:
Police reserves have been called to handle the crowd which filled White Star Line offices.
Of course that was from some of our reporters down at the White Star offices.
At 9.42 a.m. we published this:
All securities on the Titanic addressed to Wall Street and transfer offices of various American railroads and other corporations were necessarily insured. In order to effect this insurance in London a list must be made out, and this is by certified the notary public before the American consul. It is necessary, therefore, to secure a duplicate of this in order to obtain from companies concerned a reissue of securities. A bond must he filed for twice the amount involved, and there is the usual and legal delay for public notice by advertising in newspaper before new securities can be issued.
Proof of loss must be submitted and actual sinking of the Titanic is not necessarily conclusive. Registered mail from the steamer Oregon was picked up several days afterwards, and it is quite conceivable that responsible officers of the Titanic, knowing that vessel was sinking, endeavored to save the registered packages.
That was simply written up by one of our men who knew the usual procedure in such cases.
Senator SMITH.
Without any definite information?
Mr. FARRELL.
Well, except his general knowledge of the procedure in such cases.
About 9.56 a.m. we published this:
White Star officials this morning say first news they had directly yesterday was received after 6 p. m. They gave out to all inquirers the indirect information they had received in newspaper reports from various quarters and unofficial wireless despatches said to have been received at Montreal, Halifax, and other places.
The news men took the reports from White Star office and believed them to be official, and White Star officials believed them to be authentic, although not directly received.
I got that message out from the White Star offices, as I mentioned a while ago. I went down there to find out why they had given out these dispatches and published them, which had subsequently proven to be false. I went to see Mr. Franklin, but he was held up in a conference and I wanted to get at some one in authority as soon as I could, so that I was turned over to one of his assistants, and I asked him, "How is it that these dispatches were given? This information came from your office yesterday." I said, "Did you receive that news?" He said, "No; the first definite news we received was after 6 o'clock last night, and directly after that we called up the newspapers and gave it out." I said, "Well, our reporters were down here yesterday at the White Star Line offices all day." He said, "Well, that was not official. We had received that information from various sources, and we just gave it out."
Senator SMITH.
You are now giving the conversation you had with him?
Mr. FARRELL.
Yes; that is approximately it.
Senator SMITH.
And when you say "6 o'clock" you mean 6 o'clock; you do not mean -
Mr. FARRELL.
To be exact, I think he said around 6.30.
Senator SMITH.
Around 6.30?
Mr. FARRELL.
Yes. As I remember, he first said after 6 o'clock, and then I said "What time is it?" He then said that it was around 6.30.
Senator SMITH.
So that that declaration stands?
Mr. FARRELL.
Yes.
Senator SMITH.
Of course, the importance of that declaration lies in the fact that at 7.51 that night a telegram was sent by the White Star office to Representative Hughes of West Virginia that everybody was saved. That is the reason why I was so anxious to have you fix the hour.
Mr. FARRELL.
Yes. I guess it has been pretty definitely established that they actually did receive the news between 6.20 and 6.30 Monday night.
Senator SMITH.
This information that you give is direct and positive?
Mr. FARRELL.
Yes.