The Montgomery advertiser., 1903-03-10
WALL STREET REVIEW RECOVERY OF STOCKS SUR
 PRISED OPERATORS.
Securities Showed Better Prices Throughout the List and Man haitian Was Especially Strong.
 Bonds Were in Sympathy.

NEW YORK, March e.-The action of the stock market to-day verified a Wall Street truism that tine expected does not happen. Diso:ganized market and violent declines were looked for to-day by common consent. The event proved that opening prices were the lowest. The fluctuations made for recov- cry at work from the outset. There are vigorous contest of the clements for reac- tion and recovery during hour of furious activity. By that time the reactionary ten- dency had been arrested and the recovery gathered force for the rest of the day. The banks called loans to very large extent and stocks were thus disodged and forced upon the market. But the keen foresight of the bear party had evidently been anticipating the coming of this forced liquidation to by their large selling of last week, so that they were ready to buy stocks in order to cover their short contracts and take their profits to-day. eifc and Southern Pacific in the face of the opening tide of liquidation which was aggra- vated by the accumulation over Sunday of selling orders by mail, telegraph and cables from all quarters. It also developed during the day that while the local banking houses were calling loans the foreign banking houses able to make loans on call at the open ing at per cent. The exchange market was freely resorted to to replenlsh the fund of this lending so that the call loan rate was forced down to per cent, even while active borrowing of the day was still in progress and money rates broke to nominal figures after the demand had been satisfied. The sterling rate broke 60 to 65 points under the flood of loan bills offered. Posted rates were twice reduced t2C al time. Al the Safne tune sterling declined at London and Paris, indi- eating the extension of the New York pres a wider field. New York exchange at Chicago also recovered to 2c compared with 200 discount on Saturday. With the immediate apprehension regarding the money supply thus relieved the pressure from the shorts became more acute and later in the day they rushed up Southern Pacific A over Saturdays level. The rise in Union Pacific reached over three points and in St. Paul. Manhattan and Amalgamated Copper over a point Manhattan was strong feature all day, said to be on pool bearing. the opening rise in the stock being lA. The violent ad- vance in the price of copepr here and in Lon don helped the rise in Amalgamated. In the active list the early losses, which ran from l to points in many cases were gradually wiped out and the net gains reached much as 0 point in quite a number of leading rail- roads and specialtes. The influence of the failures of the dry goods trade announced on Saturday afternoon, which had been much dreaded. proved to be very slight owing to the time afforded to secure explicit knowl- trouble had been strictly localized.
 The bond market, which had been quite weak during the morning recovered in sym- pathy with stocks. Total sales. par value, S3.- l6o. ooo
 United States bonds were all unchanged on the last call
 Treasury Statement.
 WASHINGTON, March 9.-Treasury bal ances. S223, SOP eoI; gold, SI l6, 1908. .457.
 New York Stock List.