New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-27
STOCKS PRICES CLIMB.
PENDULUM SWTNGS AGAIN
Mondays Crash IN Street Balanced
by Rise Yesterday.

The severe stock market decline OF Monday was
followed yesterday by a correspondence extensive
recovery initiated by the concerted action OF I'M
portant interests and powerfully aided later IN tho
morning by tho announcement of the decision %
the Secretary OF the Treasury 10 place win te
local depostary banks receipts TO the esli
mated aggregate amount Of about Sl5ocG@o
The opening gave little promise Of the improve
rent about 10 set in. most OF the active ISSUES
starting the day levels lower than those vi
Mondays close: but within the first half hour the
rally began which continued without substantial
check during the rest Of the session, final prices
being from 10 seven points higher than thoSe
Of the preceding day. American Smelling and he-
filming common. which had been conspicuous tor
weakness on Monday. opened yesterday at ioo7s. OF
2lz points under the last figure OF Monday ana IN
the first few minutes dropped TO 105; but by IL
o'clock IT selling at Ito. Amalgamated COP
per. which had opened 2iz points down. at 81 De-
clined 10 7SiS in the first half hour ana Dy Il
O'clock had advanced points, TO s4i2.
The railway issues followed a similar course
Union Pacific. for example. rose from lz'& at 4V0"
to l2S at il O'Clock. Some OF the noteworthy net
gains made in the day were ga points IN Union
Pacific. 4s4 in Reading. ga in Great Northern 6's
in Northern Pacific, So in Canadian Pacific O1a IN
Delaware & Hudson. 6 in Illinois Central ~ IN
Atchison. 3& in Southern Pacific. S1s IN Ne" ioIA
Central. "a in Pennsylvania, ~ in ST. Paul. IN
Baltimore & Ohio. 81 in American Smelling ana
Refining 2 in United States Steel common ana -
in the preferred. So in .Tennesses Coal ana iron
and 29S in National Lead,
Rumors were current at the opening OF a con-
ference Of fnanciers overnight at which an agrees
ment had been reached for supporting the market
the prevailing report being that a S25Ooe"O pool
had been formed That wonderful change hao
over the temper Of the market was speediiy
apparent, for after the weakness at the very out
set already noted such heavy ard confident buy
ing orders were rushed IN for execution that the
bears saw their peril and fastened Ia cover their
purchases, Of course, adding material impetus 70
the upward course Of prices.
The best opinion yesterday was that no pool had
been formed including the great interests OF the
Street. however. but that arrangement had
been made under which each OF several strong
groups OF capitalists pledged itself 70 protect
the stocks with which that group was prominently
identified.
o., Monday. it was said yesterday. a representa-
tive Of the Secretary Of the Treasury had been in
this city and had visited number Of the leading
hanks. getting the views Of their heads as to the
sponses from ali OF these institutions Writ
ually 10 the same effect-1hat such assistance was
Al the close of the day the bankers felt convinced
that Secretary Cortelyo1 might he expected 10 take
some action. although its nature could only ne
coniectured. The announcement that he would de-
post in the government depository hanks many
millions of customs money was nailed py tlS
Sr,arcial community as a message OF real relief,
a. the customs receipts are 10 ali intents pur
poses new money. as fully as would % eold Ir3ln
Europe since they may be utilized as basis for
new credit up Ia three four times their volume
Moreover il is understood that Secretary ortelyou
stands ready 10 make further deposits whenever II
NAV be made apparent 10 him that such action Is
absolutely needed. An important result OF me
Secretarys order relating 10 customs moneys banh-
ers pointed out would he its influence IN hiiayhs
apprehension in Europe which has a eeen 3cG a.
stoned by the realization by the great InahclHi IN
sfitutions OF London and the Continental capitals
that the control of their gold supply lay WIN inc
United States. -, ata .,o--
feel treasured in the knowledge that the new sec
Tetarv of the Treasury would ADOPT the pollcE OF
-Isc11 government money in the banks IN case OF
emergency thus obviating the necessity OF draw an
ing gold from abroad Wnen Europe "'si' NS -
able TO spare IL - - -. ~. ,bt. mas
the highest rate Of the day, the quotation aeGlls
10 per cent in the late afternoon undef the IN
fUence Of the important addition furnished 70 inc
EtsnDiv Of cash in this market by the action OK the
Secretary encouraging reports came rom Lon on
don Of the sarsfactory progress OF the iorhlsntlg
Excitement and the situation In Berlin also was
ennounced 10 be greatly improved a careI9ll IN IN
0Ilirv bv local bankers into the position mere fau
~ disclose any bank or trust company N me
isvtesf dIf1cuity and the best opinion at the END
~ The day was that the stock marker woul1 psIoIs
long relapse into a condition or duiness, Wlthont
much further decline for At least Some ItIas 70
come At the present levels many issues give az
tractiye dividend returns the Investment ana a
great many inquiries rom intending lHNeSeo4S az
reported by commission houses