The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-02
HAD GOOD POWER
OF REIMBURSEMENT
Stock Market Receivers from
Saturdays Furry
BIG GUNS ARE INDUSTRIOUS
Large Part of the Days Buying Was
Done by These Men to Save
Themselves from Threat
ening Trouble.
BIG GUNS ARE INDUSTRIOUS

New York, May 1-Todays stock mar
ket was striking demonstration of how
financial affairs adjust themselves to any
contingency that is foreseen with suf-
ficient clearness. The precipitate fall in
prices on Saturday caused great uneasi-
ness throughout the financial district for
fear of the consequences of shrinkage in
values, to say nothing of the dangers
which was limited at Saturday in the
vague rumor mongering incident to
bear market
The event of today proves that the pre-
cautionary measures which resulted were
80 abundantly effective as to turn the de-
moralized weakness into a quiet. exuber-
ant show of strength An important part
of the measures in anticipation of course
lay with the speculative element itself
and were made in the form Of sales for
the short account which were put out
during Saturday in almost unlimited
amounts. The volume of outstanding
short contracts proved so excessive that
e expected offerings today failed to pro-
de material for this potential demand at
e close the shorts were crambling to
q cure supplies to make good their con-
tacts. The measures of the imitation of
the market is thus taken, anu the down
ward course of prices decsively checked,
having reached point where sufficient
demand interviewed to ABSORB the selling.
There can be no doubt that very large
part of the buying today was as a meas
ure of protection by financial interests
powerful enough to take this step to save
themselves and their associates from the
serious effect threatened by the down.
ward plunge in prices and the rapid
shrinkage in valuations forming the basis
for huge credits. Cecsuritles purchased
for such purpose are not expected to be
held permanently, and may be looked
for In the offerings for sale on a moderate
recovery or when the purpose of steady
Ing the market is effected. These sales of
such purchases are pretty sure to cause
the first check to a rebound The support
In the market today was not made eff
feotive without sharp struggle, which
at one time caused a threatening set
back after the first stand had been made
against depression. A great many calls
went out to customers from commission
houses all through Wall street on Satur-
day night for additional margins because
of the rapid declines of last week and
return orders to sell out or failures to re-
spond to calls for additions induced very
large pressure to sell when the market
opened. London was taking holiday, but
notwithstanding this a notable feature of
the early trading was the heavy demand
for foreign account here, which was said
TO come from various quarters in Europe
None of the whispers of money troubles
which circulated freely on Saturday was
confirmed by events today, and this had
a substantial influence in convincing
many sellers OF securities that they had
been precipitate. After the urgent demand
from the shorts had been satisfied, the
market became much quieter and showed
dienocitiO0 dAVplODmpntS.
ports of net earnings of railroads for
March showed some important increases.
such as for Union Pacific 26 per cent, St.
Paul 10 per cent, Illinois Central 16 per
cent and Colorado and Southern no less
than 10 per cent. The March figures of