Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-03-21
new YORK STOCKS ANDBONDS
MARKET Opens with Violent Rally on
Buying BY Professionals
RISE BRINGS FLOOD OF OFFERINGS
Quick Reaction Follows and Trading
BECOMES DuII-Close - at Low
Level, with Few Net
Changes.

NEW YORK. March 2O-The action Of
the stock market was accepted as a demon
stration Of the profound distrust OF values
which has resulted from the smash in the
securities market. There was a violent
rally at the outset from the depression Of
yesterday and the fears which were so gen
eral yesterday that some important failure
was imminent as a consequence of the
stock markets slump had subsidized 20 a
large extent. Little was heard OF yester-
days rumOrs, In fact 1t became quickly
obvious that the demand which put up
prices was OF a strictly professional char
acter and that the higher prices were taken
advantage Of for the free marketing of
stocks. In few stocks this selling had
the appearance OF forced liquidation and
u was taken for granted that further clos
ing out Of crippled accounts was In prog
ress. 1t was not this, however, which had
the most DISCOURAGE effect on speculative
sentiment. Rather IL was the prOstratiOn
far touched. The suppOsition was induced
that buying at the first declines which was
attributed to so-called bargain hunters and
which would be presumably taken out OF
the market was In fact designed simply
for profitable turn in the market on its
first rebound from the violent declines.
Dealings of this kind for foreign account
especially have proved disappointing and
have come back upon the market In volume
almost equal to the purchases on the de-
cline. Moreover, the demand at renewed
declines proves much less effective than on
the first downward plunge. The more de-
lberate downward movement seems to be
feared more than the panic break for the
greater lack of resiliency which it may
show.
The mysteries Of the sources Of enormous
sales and the corresponding losses which
are presumable from last weeks market as
a elimination Of the previous heavy decline
are not yet cleared up. This helps to con-
fuse the attempted explanation Of the
causes Of the forced selling. The grounds
for the present conditions in the world
| financial markets are, in fact, not yet
| clearly understood. The point in the situa-
ton which is out Of joint remains obscure
| That the situation is out of joint makes
| the doubt over the causes more impressive
| In begetting caution and conservatism.
opinions are much mixed as to the rela.
| tive Importance to be allowed to sundry
| factors In the present situation, Including
| tightness Of money I'm the strict sense which
| Is worldwide and actual shortness Of CAPT
tai as distinguished from money to meet
| huge demands for new outlay, a dstrus
| on the part of capital Of the credit OF
| corporations which ask for new supplies
| me part played by the anti-corporatior
/ agitation In causing the distrIst and the
| part prayed Dy the large output of gold II
GlsIocatlng previous relations in prices
| interest rates and other standards which
| operations.
In todays market there was, besides
| some rear that special developments over
hung the market with which II would still
| nave to contend In effecting any recovery
STOCKS which have lain dormant through
az the disorder of the panic period. bu
| which are nevertheless subject to aItere,
| conultions of value and of credits, wer
| 49, oDSe I've llon curing the day. EXplO
| slNe possibilities were suspected in at leas
| one such stock. The suspicion was a facto
N the unsettlement which still hung abou
the market.
The money market continued 70 wor,
easier, but the passing Of the April I set
| dement's both here and abroad Is somewha
dreaded. Sterling exchange continued L
decline, broadening the apparent profit NJ
the engagement of gold abroad for minors
The extreme fluctuations of the day fror
Ihe opening high level TO the depth of tn
| reactOn were wide, but the dave Nc
changes on some of the most active stool
are limited to small fractions
Bonds were irregular Total sales ma
unchanged on call NOiuS "ei
dhe ioHowing was the range of prices O
the new York Stock EXCHANGE: