The daily morning journal and courier., 1907-03-16
STOCK MARKET FEATURES
THE RUSH-UP IN PRICES AND
 RELIEF FROM PERIL.

The Advance Begun in LOndOn-PriceS
 Here Opened Several Points Higher
 in the Actives-SuppOrt Given the
 Market-Immense Buying by Bar
 gain Hunters-Probably soO,OOO,OOO
 Thus Taken Out of the Market by
 InvestOrs-Gossip of the Day.
 The great recovery in stocks yester- day, after the panic of Thursday, was welcomed by holders of stock and by the brokers with a sigh of relief.
 Some of the most prominent stocks rose from 10 to 15 points, and the re- covery was well held.
 It was kaleidoscopic change from Thursdays condition of demoralization, when stocks were being thrown over without regard to the prices they would bring.
 Up to 2 D. m. sales amounted to 1,37O,- 900 shares. The total sales for the day was about 2,OO0,OOO shares.
 The man who was short yesterday was in an uncomfortable position be- cause there was no fixed price at which he could cover, and demand that seemed urgent generally sent the quo tation up from to points.
 
 Bargain hunters, who always come to the financial district at times of panic, were fiocking in by the thou sands, loaded down with cash to take up the securities they bought. Their purchases may not again come on the market for months, or even years.
 Leading brokers reported as high as 5000 or 10000 shares each and one 15,000 shares, which were bought to take out of Wall street The total investment purchases for yesterday probably ran close to 500,000 shares. The amount on Thursday was probably 100000. On both days many lots of fifty to one hundred shares were bought chiefly of dividend paying issues on basis of 51-2 to per cent. return on the pur- chase price. Railroad stocks predomi- mated, Union Pacific, Southern Pacific, Baltimore and Ohio, Reading, Penn sylvania and New York Central being conspicuous. Of industrials Sugar Re- fining, Amalgamated Copper, Anaconda and some of the preferred issues were favorites.
 The buoyancy continued practically throughout the session, and was at tended. by transactions of enormous volume The fact that no failures re- suited from Thursdays smash was one of the most potent factors in establish ing the high afternoon range.
 During the exciting moments when Wall street was on the verge of panic and the kings of high finance were bat ting on the floor of the stock exchange scene fully as strenuous was being enacted in the Broad street exchange of the New York Telephone company where 250 operators were answering the frenzied calls of 5000 Wall street brok- CTS So great was the strain on the girl operators that number of them faint ed or went into mysteries It was the busiest day in the history of the ex- change.
 The market needed support yesterday and 1t had it. Large banking and rail- road interests here supplied London with very heavy orders, which were re- sponslble for the great rise abroad. European bankers, among them the Rothschilds, announced publicly that they were buying securities and would render assistance to a reasonable limit,
 Time money rates advanced sharply yesterday to 8 per cent. for thirty days, 1-2aS for sixty and ninety days, and 61-2 per cent. for other maturitles. The supply of time money was so limited as to make ia very difficult for borrow CTS to get what they needed Nearly all the banks kept what they had out on call, and did not seem inclined to tie up funds on time. Call loans were re- newed at 12 per cent. and averaged 8 and 10 per cent. for fresh loans.
 A number of instances were afforded of stocks that had to be sold in order to provide extra margins Consolidated Gas went to 11O the lowest yet, Illinois Central went to 139, New York Air Brake lost several points, and Federal Shelters sold at SO These were all stocks with narrow market Rock Island common went to 20, and Kansas and Texas preferred went to 61.
 So great was the activity of the mar ket during the early forenoon that it was not until 10:45 o'clock that half minute was found to send quotations of government bonds over the ticker. On other days they are quoted full half hour earlier
 The estimate was made yesterday aft ernoon that in the past three days the investment buying for people who will put their stocks away and forget them" amounts to 500,000 shares In other words, securities valued at from $40, 900 O0O to S60,OOOOOO have been taken out of the market,
 One element which restrained some from buying was that, with money to invest and the sense that stocks are cheap on the basis of value alone, pos sibly the situation was without prece- dent, and that new conditions were be- ing created which might cause an en- tire readjustment of old ideas of what