The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-19
BEARS AND BULLS
ARE CAUTIOUS.
Market Still Showing Signs Of
Fcverisllncss, But It's .rcn1pera-
turc Has Gone Down.
MONEY RATES ARE BETTER
Prices Went Down, But There
Were No Evidences of Panic
Like Last Week.

NEW YORK, March 1S,--Thcre was
marked abatement of excitement In
the dealings In stocks to-day from the
enormous transactions and Wild price |
fluctuations OF last week. The price]
movement still showed Il degree OF /
teverishncss that was the after-cffect
of last weeks turbulent market, but I
the reduction In the volume of the |
days sales Is conclusive evidence OF |
the settling back OF the market into |
more normal conditions. So also was !
tho check to the headlong advancing |
tendency Of Saturday. which was
wholly due to the distress OF bear opera
tors who had continued to sell stocks
short. recklessly. down to the lowest
deDths OF thursdays plunge and who
were compelled to buy to cover on
Saturday by the volatile recovery. Tho
very violence of the recovery gave
warning OF Its unreliable nature, and
speculative sentiment was quite pre-
pared for check and reaction to-
day. In fact. the London market had
already anticipated this course before
trading began here, and sent over Il
materially lower range Of pricea than
tho closing here The drop in the
opening dealings here was wider than
anticipated and had the effect of re-
prevailed last week. But II appeared
that tho wilder fluctuations were
largely due to the plunging operations
OF professional element which had
become habttnated to free action by
last weeks experience. Effective sup
& port appeared In the market. and the
proceedings then were much quieter
and more orderly. although the re-
newed weakness of the later market
made the lowest prices OF the day.
The market continued to show the
normal effects following such price
contortions as those OF last week That
IL. 1t showed the lack OF the large
demand from shorts. which were
squeezed into covering ia Saturdays
market and felt the effects of resell
Ing to take profits by those who Sc
cured stocks In Thursdays slump or
who he'd bought on Friday merely for
the purpose OF supporting prices and
averting what threatened to become n
disaster to the market.
Pause, Look, Listen.
The diminishing activity OF the
market Indicated the disposition to
pause after the severe experience OF
last week. and take stock Of condi-
tions and of premise before entering
again upon large operations in stocks
General Information ns to the
causes and the sources OF the unload
Ing which produced the convulsion
In the market Ia still largely lacking
Certain conclusions. however find
warranted acceptance
IT liz taken for granted that tho
Investment demand uncovered by the
extent OF the decline must have
largely reduced the floating supply
OF stocks In the market. Not only
was the absorption by private inves
tors very large. but Investment insti
buttons are believed to have taker
advantage OF tho opportunity to .ex
tend their holdings Of securities a
attractive
dence Is felt also that the reduction
OF credits effected Will afford avail
Able resources for the better diges
tion Of some of the new capital is
sue, which had become glut in tn,
market. oostructing Its channel
against the movement Of other de
sired issues, The money marke
showed the effect OF the passing O
the March 18th settlements, and 1t
greater case conduced to recovery
England. however, had to advance 1t
bid again to secure the supply of gol
IN the London market Railroa
traffic reports offered no trace OF tn
reactlonary tendency in business
which the stock market has increase
the watchfulness for. The last price
show substantial losses from Satur
days closing leyel.
Bonds were irregular Total sales
bonds were unchanged on call.
Total sales OF stocks to-day wer
l,lA250o shares.
MONEY AND EXCHANGE: CLOSE
Money on call easier, age per cent
ruling rate, 1-2; closing bid l..
offered Mt 3, Time loans strong; sixt
and ninety days, 8 Ia per cent; 81
months. s per cent Prime mercar
tile paper. 6@6 IA per cent Ste,
ling exhange strong with actut
a, rs,,nx IT,, H., >I,o, 4.
4.s340 for demand and at $4.784Ot
4,7S45 for siSty-days bills. Poste
rates, S4.S0n4.s0 la and $4s4 l-2'
l.85. Commercial bills. $4,7S IN
AIS as: bar silver, 90 70 cents; Me,
Scan dollars, 81 IA cents