Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-15
CONFIDENCE RENEWED
Opening Wall Street Prices
Showed Large Advances.
SOME EXTREME REBOUNDS
Potent Factors Brought About the I'm
provement.
100000 SHARES IN FIRST HOUR
Reaction Carried Few Active Stocks
From One to Five Points-Fur-
Their Forced Liquidation.
5000 SHARES IN FIRST HOUR

Certain influences contributed to
restoring confidence in a measure to
Wall street operations today, and
prices opened at marked advances
. over Yesterdays closing. However,
the fluctuations were wide and a re-
action carried some OF the active
stocks back from one to five points.
Supporting measures were persisted
in, and there were some notable re-
coveries. When it became known
that clearing house sheets OF ex-
change members had gone through
successfully and the determined sup
port was seen to be effective, the re-
covery gained renewed force. Prices
rose above the previous level, and
gains were extended i'll many o., the
leaders. =.
NEW YORK, March 15.-First prices in
the stock market showed large advance
from Yesterdays close. Union PACING
opened at 1870 or 512 above last night; ST.
Paul was up 6la, and Northern Pacific "a.
Reading opened with sales of $4,000 from
1oe to 1O4 an advance of to II points from
last night.
Nervousness and excitement prevailed IN
the financial district previous to the open
ing of business at the stock exchange TO-DAY,
owing to the consequences to be dreaded
from the slaughter of prices yesterday. Ihe
action of the market itself was eagerly
over night.
eonvuIsive rebound in opening prices
showed the result of protective measures
adopted over night and of the scramoie
among shorts to cover which was precip-
itated by these developments. The nrst
buoyant upward flight of prices was imme-
diately taken advantage of TO resume the
selling of stocks. and prices began TO cruni-
bIe again in a manner which aroused the
feeling of uneasiness prevalent yesterday.
Fluctuations were very wide ana 1eVerlSh
for a time below the opening level, nut
without all OF the opening gains being sac
Iifced.
The extreme rebounds at the opening
reached In Reading. II points; Delaware
and Hudson. 12f4; Amalganated Copper, u;
Sugar, SIS: St Paul, ~. Smelling, q; LOUIS
willie and Nashville. 6l2 Union racine,
Northern Pacific and Missouri Pacific, o.;
New York Central and Great Northern ore
certificates. 5I2: Pennsylvania. "a; Balti-
more and Ohio, Northwestern and Ana
cunGa. >. Atchison and Canadian Pacific,
4lo; Great Northern pTelefTtur b. many
others up to three points.
Buoyant Rise in London.
These extreme gains at the opening
brought prices up closely to the London
parity. This buoyant rise in London was
the prime factor in lifting prices here.
Sentiment was somewhat treasured also
by several other news developments.
The orders issued by the Secretary of the
Treasury after the market closed yester-
day gave hopes Of relief from the money
s;ringency. although considerable confu-
sion was shown in the opinions held TO
how great the effects of these measures
would be. Previous responses to offers for
redemption of government bonds had been
so light as to leave a question OF the re-
Spouse in this case. although the offer in
sures full return the bonds TO their
maturity on July l.
IT was hoped that the large disbursements
falling due today of dividends and interest
would cause n prompt return to the money
markets OF funds tied up in preparation
for these disbursements. In the same way
~ was expected that payments of subscrip-
tons on new stocks and railroad notes
would he redeposited with the banks and
become Immediately available in the money
market.
A More Potent Factor.
An even more potent factor in estab lish-
ing some renewal of confidence was the
belief. founded on published reports, that
been in conference over night in regard
to the situation and come to a detarrnina :
ton to adopt protective measures for sup
porting prices. Satisfaction was felt that
no failures had resulted from yesterday S
violent unsctilemcnt. and over the general
testimony of bankers that they saw no
signs of unsoundness in the banking situa-
tion or the condition of credits The com
pletlon ot the clearing of brokers sheets
through the stock exchange clearing house
Was looked for, however, with keen at.
tcntton.
The reaction from the openinp carried
Reading back five points. and some of the
other most active stocks three to four
points. In few stocks there was evil
dence of further forced liquidation. the
ROCK Island stocks and the Mackays fall.
ing away sharply to below last night sup
porting measures We're persisted in and
the wild fluctuations of the first dealings
showed a narrowing tendency.
The first hours business amounted tc
60 900 shares.
Shortly after II o'clock It was stated thai
the clearing house sheets OF the exchanp,
members had gone through without dif
fculty. This was adopted as an indica
ton that no failures would be announced
today.
Cali money loaned at is per cent shortl,
before noon.
Buying on Large Scale Renewed.
The buying was renewed on a large scale
all through the list, when the effectiveness
of the support was demonstrated. The news
that the clearing house sheets had all gone
through without any failure helped to re-
store confidence. Before noon such gains
were recorded as to carry prices above the
previous level.
Trading by noon appropriated 1000. OO(
shares. Business fell OF after midday, with
the advance in call loans to Is per cent The
banks and brokers generally reported ar
all-round demand for odd lots of the better
class of securities by small investors. Cal
money declined to IL per cent before
= o'clock
Several of the less prominent members O
the stock exchange were helped out of thei
financial difficulties today, according 20 re
ports current In conservative quarters.
AT one OF the banks 1t was admitted tina