Daily press. [volume] (Newport News, Va.) 1896-current, 1907-03-27
BEARS HAVE BUSY TINE OF IT
Supply of stocks Was scanticr Than
On Monday and There Was Diff.
Guilty In Covering orders-No Elk.
element In London-Total Sales
and Closing Quotations.
{ BY Associated Press.l

NEW rOhh, MIR. 2U.---An abrupt
reverse Of price movement such us
that which occurred today, is clarac.
terlstlc of periods OF unbridlcd spec
ilation, whether for tho advance or
the decline. 1t was remarked yester-
day That operations by the bears had
taken on the proportions of suturna.
la.
The bear party made a further drive
against the market with the beginning
OF the dealings today. and conferred a
particularly savage attack on copper
In seeking to take advantage OF this
opening break to secure the stocks
they needed, It was disclosed TO the
bears that stocks offering were IN
scantIer supply than yesterday, and
mat they were meeting In additional
competition in buying. 1t was tho
feeling of the market, perceptibly to
the skilled sense of the professional
traders which wns decisive feature
In turning prices upward and started
the rush to cover by the bears.
The most potential factorin the i'm
provement was the check to the fall
IN prices Itself. The things feared
hnd when were prompting the intliB-
criminate selling Inter were brought
~ the very force of the fall in prices
II no other cause. 1t was the under
standing OF the danger of these forces
OF action and reaction which might
be set loose In the market that prob
ably prompted the more aggressive
measures OF support which were un-
doubtedly extended today.
The undisturhed condition of foreiEn
markets today In spite of the wild
market here was surprise to the
spectators for further fall In prices.
1t was announced during the course
or the Stock Exchange session that
the Treasury Department had deter
mined to deposit S15,000,00O Of the
customs revenues In New York banks,
rs well as to prepay April interest
on the two per cents. and on tho
four per cents of 1907. The totnl
amount of interest due In April on
these Issues would amount to upwards
Of sT000,000 AT the same time, re-
ports received from Washington show.
ed that the Treasury's offer to accent
savings bank Investment bonds to sc.
curedeposits in the banks In sukstitu-
ton for government tours OF 1907
which would be offered for redemp-
ton, was decidedly stimulating to the
market on the offering on these bonds
for redemption.
The extreme advances reached to
over7 points In most OF the Hartman
and Hill stocks. to six or over in st.
Paul, Canadian Pacific and Smelling,
TO s IL in Reading and Louisville Sc
Nashville, and from to over four
points In large number of most ac-
tice stocks. The extreme gains were
not all held and the closing tone of
the market was rather irregular.
Bonds wero distinctly weak, in spite
of the rally in stocks, and large
volume of business was done on the
bond side Of the market Total sales
par value, S3,390,OOO. United States
bonds were unchanged on call. To.
tai sales today, 1.258,1OO shares, in.
Guiding: Copper 165.500; Smelling
$500; Sugar $500: Tobacco 1000;
Anaconda 26,900; Atlantic Coast Line
$500; Canadian Pacific 26,400; Ches-
apeake &c Ohio $500; Erie 21,6O0;
Louisville G. Nashville 200; PennsyL
vania G6,600; Reading 129.100; South.
ern Pacific 39.1OO; Southern GOO;
Union Pacific 143.4O0: United States
Steel $4,000; United States Steel pfd
d4,S00; Northern Pacific 3O,1O0;
Great Northern pfd 16S,10O.