Los Angeles herald., 1907-03-27
BEAR PARTY IN
AGGRESSIVE MOOD
DRIVE ON STOCKS SUDDENLY
CHECKED
Government Provides $ts,ooo,ooo to
More Than Meet April Settle
ments-Marked Advance in
Railway Stocks
Rv Associated Press.

NEW YORK, March 26.--An abrupt
reversal Of privc movements such as
that which occurred today Is charac-
teristic of prices unbridled whether for
the advance or the decline 1t was re-
marked yesterday that operations by
the bears had taken on the proportions
of saturnalia. Todays realizing sense
OF position in which they placed them
selves by sales of what they had yet
to secure for delivery had the usual
analogy with the experience following
a period Of revel and overstimulation.
The bear party made a further drive
against the market with the beginning
OF the dealings and conferred practical
attack upon the operators. The further
slump in the markets both for copper
and tin in London suggested a repeti-
ton of yesterdays success in breaking
the prices of these stocks. In selling
to take advantage of this opening break
to secure the stocks nueeded 1t was
disclosed to the bears that stock offer
ings were in scantier supply than yes
terday and that they were meeting with
additional competition in the buying.
1t was the feeling of the market which
was the decisive factor in turning prices
upward and starting the rush to cover
by the bears. News to account for the
turn was lacking when 1t occurred. The
things feared and which were prompt
ing the indiscriminate selling of late
were likely to be brought about by the
very force of the fall in prices itself, II
not from any other cause.
II was inc OIL InG udll-
ger of these forces of action and reac-
tion which might be set loose in the
market that probably prompted the
more aggressive measures of support
which were undoubtedly extended to-
day. The conviction of the presence of
protective forces in the market how
ever. had much to do with checking
the generalization and driving the ope-
rators to cover
The undisturbed condition of foreign
markets today in spite of yesterdays
wild market, however, was a surprise
TO the speculators. Londons confidence
in the successful completion of the
stock market settlement without dis
astrous consequences was reported to
be unimpatred. Berlin also was said to
feel satisfied that arrangements had
been made to assure the success of the
April settlements.
1t was announced during the course
of the stock exchange session that the
treasury department had determined to
deposit $4,000, 900 for the customs rev.
enues in New York banks, as well as to
prepay April interest on the per cent
and per cent bonds Of 1907. The total
amount of interest due April on those
issues would amount to upward of ST.
900, 900.
At the same time reports received
from Washington showed that the
treasury's offer to accept savings bank
Investment bonds to secure deposits in
the banks in substitution for govern
ment fours of 1907 which should be Of
fered for redemption under the treas
ury's proposal. was having decidedly
stimulating effect upon the Offering of
these bonds for redemption.
One notable effect of the relief meas
ures for the money market was a re-
which had shown further early declines
from Yesterdays level. The extreme
advances reached to over points in
most of the Hartman and Hill stocks,
to Or over in st. Paul Canadian Pa
ciflc and Smelling: to 51s in Reading
and Louisville &c Nashville and from 3
tive stocks The extreme gains were
not all held and the closing was ir-
regular
Bonds were distinctly weak in spite
of the rally in stocks and a large vol
ume of business was done upon the
bond division of the market.
Total sales, par value, $3,390,O0O.
United States bonds were unchanged
on call,