The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-03-19
NEW YORK. STOCK MARKET

~NAh, -IoItAL j. 1'DtTA va ,
pTesages Of further disaster in the
stock market were not fulfilled today
a violent rebound in prices occurred
instead. tn change in cJnC.liOl5
was outlined before trading began here
by the wide advances established in
London. Prices opened here in con-
sequence, at spasmOdic recOveries
from the demOraliZed closing yester-
day. This inviting test Of prices at
tracted very large selling and wild
fluctuations, Indicating that sOme ac-
counts were hastily closed out which
had been carried through yesterday
presumably with difficulty. This real
izing shook the market badly for 4
time and the violent reaction caused
a revival Of acute uneasines5. But
the support made itself effective again
and it became evident that the panic
conditions had subsidized The market re-
manned very feVeriSh, but the violence
Of the fluctuations was in a diminish
ing degree. The appearance Of brOk-
eTS' offices this morning indicated the
arrival in the field in force Of the
class of buyers known in Wall street
as 'bargain hunters" 1t is estimat-
ed that purchases during the day in
small lots by buyers Of this kind ag-
| gregated several hundred thousand
shares. Stocks thus bought go out on
the street and appear no more until
some distant period of initiation and
excited speculation, when they are
added again to the burden that mar
| ket manipuIatOrS Of a boom are ObIig-
ed to care for. Buying Of this class
in such volume is rare and formed
4 supporting factor in the market.
Much greater was its sentimental eff
feet in reassuring holders of stocks
hat the frenzied selling hat was
done yesterday at the extreme decline
was an unnecessary sacrifice. This
buying served t o correct the impress
sion of the utter prOstratiOn OF invest
ment demand, which was one of
! glOOmiest pOrtents Of yesterdays pan
ic stricken f1inging away OF stocks.
But the REIMBURSEMENT of sentiment
" C~o 1IOt LIN oA n AkAoIA
of a large degree of main force in
the market. This came in the shape
of liberal buying orders distributed in
the principal stocks for account OF
large banking houses. as a result Of
the consultations said to have been
held last night after the demoralizsd
| closing of the market. The taking
of such measures Of support was con-
| sidered essential to prevent the melt
ing away of values from running to
| lengths which might threaten the
| general credit situation. A good effect
was produced by the orders issued
| by the secretary Of the treasury after
| the closing of the market yesterday,
| although some, doubt existed us to the
practical result to the money mar
ket to follow. Responses from holders
of government bonds to offer for re-
demDtiOn, even on advantageous terms
are proverbialIy slow and reluctant.
The limitation of the deposit Of Gus
toms receipts with banks to places
where no sub-treaSury is situated
practically nullified the measure in its
effect on New York, 10Th because
there is a sub-treasury here and be-
cause 70 per cent and upwards Of
all customs collections are made here.
transfers to New York from other
points of the proceeds Of these depOs-
its will prove of small account. The
promise is for a weak bank return
tomorrow. if not a deficit below the
legal requirements. The loss in cash
is larger than the surplus as it exist
ed last week and it is believed by
bankers that the loan contraction by
stock market liquidation has been
fully offset by the special requirements
for credits in Connection with tOday'S
settlements. Call money today was
not so stiff as yesterday, however,
and early effects are expected from the
return Of the payments made today
to the money market. The market
showed growing effect of the restOra-
ton of confidence and closed buOyant.
Some of the days advances, while Of
sensational proportions, did not res
tore the losses of a single days sell
ing of yesterday. Bonds were active
and irregular. Total sales par value
$3,752,OO0. United States new is adj
vanced IL per cent on call. Total
sales OF stocks today We're 1,76S, 700
shares.