Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-03-15
EARLY GAINS LOST
Opening Prices on the New York
Stock Market Were Higher Than
Yesterdays Close, But the Heavy
Offerings Later Caused Violent Re-
actions.

New York, March 15.--The first
prices in the stock market showed large
advances from yesterdays close. Union
Pacific opened 51s higher St Paul 61a.
Northern Pacific 5A, and Reading 9
to IL. Almost Immediately heavy Of
ferings were thrown upon The market
violent reactions followed, and most o..
the early gains were lost.
Fluctuations were very Wild and few :
erish for a time and below the opening
level. but without all of the openin :
gains being sacrificed Extreme re-
bounds at the opening reached, in
Reading, II points; Delaware & Hud-
son, 12&; Amalgamated Copper, y;
sugar. SM; st. Paul, IN; Smelling, 4;
Louisville & Nashville, 61: Union Pa
cific. Northern Pacific and Missouri
Pacific, s; New York Central and
Great Northern ore certificates 5K;
Pennsylvania, 5A; Baltimore-& Ohio,
Northwestern and Anaconda, o. All
Gibson and Canadian Pacific, Az; Great
Northern preferred, 4, and many otf-
ers up to three points. These extreme
gains at the opening brought prices
up closely to London parity.
This buoyant rise in London was
the prime factor in lifting prices here.
Sentiment was somewhat reassursd
also by several other news develo p
ments. Orders issued by the secreta "
of the treasury after the market closed
yesterday, gave hopes of relief from
the money stringency. altho consider
able confusion was shown in the opi,l-
ions held as to how great the effects
of these measures would be. Previous
responses to offers for the redemption
of government bonds had been so
light as to leave a question as to re-
sponse in this case, altho the offer IN
sures full return on bonds to their
maturity on July L.
1t was hoped that large disburse-
ments falling due today of dividends
and interest would cause a prompt re-
turn to the money markets of funds
tied up in preparation for these dis
bursements. In the same way 1t was
expected payments of subscriptions on
new stock and railroad notes would be
re- deposited with banks and become
Immediately available i'll the money
market.
The reaction from the opening car
ried Reading back five points and some
others of the most active stocks three
to four points. Supporting measures
were persisted in, and the wild f1uc-
tuations of the first dealings showed a
narrowing tendency. The first hours of
business amounted to 100000 shares.
Shortly after II o'clock it was sta.ed
that the clearing house members had
gone thru without difficulty. This was
accepted as an indication that no fail
ures would be announced today. Call
money loaned at Is per cent.
In the second hour prices rose to
about the previous level. Delaware &
Hudson gained 13A, Amalgamated
Copper 141k, Reading II, Union Pacific
10. Smelling 81, Anaconda 91s, and
Pennsylvania and Sloss- Sheffield seel
I. There were reactions of 1@1R be-
fore noon. Bonds were irregular.
Business fell off after midday, and
banks and brokers generally reported
an all round demand for odd lots OF the
better class of securities by small IN
vestors Several of the less prominent
members of the stock 'axchangeSwere
helped out of their financial difficulties
today, according to reports curren: in
conservative quarters. At one of the
banks it was admitted that few lenes
had been closed out today, because of
the inability of brokers to respond to
calls for additional collateral. Sales
of stocks at 1:3O o'clock were estimated
at 100000 shares. Call money was
quoted at per cent.
The market continued very active
and buoyant during the final hour, and
except for setback due to profit TAX
ing on the days extensive rise. corltin-
ued SO to the closing. Confidence
seemed to be completely restored.