The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-03-29
NEW YORk STOCK MARKET

New York, March "a abrupt
reversal of a price movement, such as
that which occurred today, is charac-
t~eristic of periods Of unbrided specu-
latiOn whether for the advance or
the decline. 1t was remarked yester-
day that operations by the bears had
taken on the proportions of a Satur-
MALTA. T0day's realizing sense of the
proportions in which they place them
selves by too needless sales of what
they had yet to secure for delivery
had the usual analogy with the eXper-
fences following a period Of revels
and over stimulation. The Dear party
made Il further drive against the mar
ket with the beginning Of the dealings
today and centeTed a particularly say
age attack on the cOppers. A further
slump in the markets both for copper
and tin in London suggested a repe-
titiOn Of yesterdays success in break
ing the prices Of these stocks. In
seeking to take advantage of this OPEN
ing break to secure the stocks they
needed it was disclosed to the bears
that stocks Offering were in scantier
supply han yesterday and that they
were meeting in addition cOmpeti-
ton in buying. 1t was the feeling Of
the market perceptibly to the skilled
sense Of the professional trader, which
vas the decisive feature in turning
prices upward and started the rush
to cover by the bears.
The most potential factor in the i'm
prOvement was the check to the fall.
ing prices itself. The things feared
and which were prompting the indis-
criminate selling of late were likely
to be brought about by the very force
of the fall in prices if no other cause.
1t was the understanding Of the
danger of these forces of action and
reaction which might be set laase in
the market that probably prompted
the more aggressive measures of sup
port which were undoubtedly extend
ed today.
The undisturbed condition of foreign
markets today in spite of Yesterdays
~ maj Z 1OIO q " Sul III 1oo "
the spectators for a further fall in
prices. 1t was announced hat during
the course Of the stock exchange ses-
sion that the treasury department had
determined to deposit SIS, 000, 900 of
the customs in New York
banks, as Well as to prepay April IN
terest on the two per cents and the
four p%ercents of 1907.
The total amount Of interest due in
April on those issues would amount
to upwards of $1,000, 900. At the same
time reports received from Washing
ton showed that the treasury's offer
to accept savings bank investment
bonds to secure deposits in the banks
in substitution for government tours
of 1907 which should be offered for
redemption under the treasury'S pro-
posal was having a decidedly stimulat-
ing effect on the offerings of these
bonds for redemption.
The extreme advances reached to
over Z points in most of the Harri-
man and Hill stocks. to six or over
in St. Paul Canadian Pacific and
Smelling, to 5 1-2 in Reading and
Louisville and Nashville and from 8 to
4 points in a large number of the most
active stocks. The extreme gains was
rather irregular. Bonds were distinct
~ weak in spite of the rally in stocks
and a large volume of business was
done on the bond division of the mar
ket. Total sales Of bonds par value
So $3.50, 900. United States bonds I'M
changed on call. Total sales today
1850, 100 shares