The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-03-15
Stocks Grain and Provisions.
NEW YORK LETTER.


New York, March 15.-The worlds
stock markets are upon the mend Up
to the noon hour and in fact up to the
closing hour, values showed a strength
ening tone. The decentralization of
yesterday was partly recovered Tx
cept in London no failures were an
nounced. Settlements on all of the
American exchanges went through
without a hitch.
At the opening the panic among the
bulls was turned into panic among
the bears. The changes were Of
drastic and revolutionary nature.
Bear plungers who went home last
night committed upon short side heav-
Ter than ever. were thoroughly alarm
ed this morning by the report that a
syndicate of New York fnanciers had
held a conference where it had been
decided to support the markets and
by the more plausible statement that
the administration at Washington had
resolved upon a policy in conformity
with the plea of brokers who had con-
ferred with the president.
The latter assumption was suppos-
ed to be supported by the announce
ment by Secretary Cortelyou, who over
night offered to take up some $4,000,
600 Of government bonds which do not
mature until July
In any event experts were agreed
that the market was entitled to a sharp
rally. The list had been heavily over
sold and any sort of covering would
bring rebound.
The rebound came with a vengeance.
Reading jumped from SO to 1O2 and
then to 104, surprising London's rec
ord on the same stock by one-half
point. Union Pacific rose points and
the Hartman shares y points. New
York Central advanced from 112 to
115, Atchison from So to S9A. Louis
vile & Nashville advanced from 112
to 1171b and the pet of the British in
weston, Canadian Pacific, from 1919 to
172
In the industrial group the per-
formances were not less startling.
Amalgamated Copper which of late en-
listed the energy and ingenuity of Bos-
tons picturesque operator and had in
consequence attracted a Falstaffian ar
my of fringe spectators, jumped from
ST to 90, while the blue chip" of the
high rolling men about town, American
Smelling. rushed forward points.
The superb bulge challenged liquida-
ton from quarters which had been
waiting for just such a recovery and
advantage was taken of the sudden up
shoot to pour out considerable blocks
Of securities, but the necessities Of the
pIungers caught short were so extern
sive that the selling was absorbed with
| little revulsion from the best figures
of the first hour.
London's experience at its opening
was a duplicate Of what occurred here
yesterday. Gable advices stated that in
the first hour over there a condition
of decentralization prevailed and amid
wild excitement three stock brokerage
houses confessed their insolvency.
Each of these had been committed in
! American securities and their downfall
was directly due to the panicky clos
/ ing in Wall street At the last range
! they were unable to meet their con-
tracts For some time quotations for
the Yankees" ruled about 8 points un-
der the American parity.
The appearance of several American
brokers with orders for British consols
gave the initial signal toward their
recovery. Consols had been quoted un-
der the closing of the previous session
but they gained rapidly under the in
fuence of government purchases. This
in turn affected the American share
list Shorts covered freely and when
purchasing commands were received
from America a general Reinforcement
ensued which soon became sensational