Omaha daily bee., 1907-03-27
NEW YORK STOCKS AND BONDS
Abrupt Reveral Of Price Movement Lus to
Buying by Bears.
SHORTS SEEK TO COVER CONTRACTS
supply Not rs Large as on
Monday and Market Rises
from -Four TO six
Points.

NEW YORK, March 26.-An abrupt re-
versal OF a price movement such as that
prices unbridled, whether for the advance
or the decline. II was remarked yesteTdey
that operations by the bears had taken aiken or. on
realizing sense Of the position in which
they placed themselves by too needless
livery had the usual analogy with the eX-
periences following a period Of reversals
and overstimulation-
against the market at the beginning OF the
dealings and centered a particularly savage
In the market both for copper and tin IN
London suggested repetition or yestet-
days success in breaking the prices OF
those stocks. In seeking to take advantage
of this opening break to secure the stocks
they needed. II was disclosed to the bears
that stocks offering were in scantier supply
ing with additional competition in the buy
ing. 1t was the feeling Of the market, per
ceptibe to the skilled sense Of the profes-
sional trader, which was the decisive fac
tor in turning prices upwards and starting
account for the turn was lacking when It
occurred. although some of the days later
developments gave ground for soothing the
! factor in the Improvement was the check
| to the fall in prices itself. The Things
feared, and which were prompting the in
discriminate selling of late, were likely to
| be brought about by the very force OF the
| fall in prices itself, II from no other cause:
I IL was the UNDERSTANDINGS VI AlC uNhboA "a
these forces Of action and reaction which
might be set loose in the market that
| probably prompted the more aggressive
measures of support which were pndoubt-
| eddy extended today. Rumors OF the plans
and the resources of this organization OF
! support reached exaggerated proportions
/ in the same way that rumors Of trouble
| were exaggerated while prices were de-
clinlng. The conviction Of the presence of
/ protective forces In the market however
| had much to do with checking the de-
morallzation ard driving the shorts to
cover.
The undisturbed condition Of foreign mar
kets today in spite of yesterdays wild
! market here was surprise to the specu-
confidence in the completion Of the stock
I market settlement without disastrous con-
4 sequences was reported to be unimpaired.
/ arrangements had been completed to assure
the success of the april settlements 1t
was announced during the course OF the
| Stock exchange session that the Treasury
| department had determined to deposit
Sl5,0OO,C0O of the customs revenues in New
York banks, as well as to prepay April
| interest on the per cents and on the 4
per cents Of 1907. The total amount of in
| amount to upwards OF 100000. At the
same time reports received from Washing
ton showed that the treasury's offer to
accept savings bank investment bonds to
secure deposits in the banks in substitution
for government Is Of 1907 which should be
| offered for redemption under the treasury S
proposal. was having decidedly stimu-
lating effect on the offerings OF these bonds
for redemption. One notable effect of these
relief measures for the money market was
a rebound in the foreign exchange market.
which had shown further early declines
from yesterdays low level The extreme
advances reached to over I points in most
of tho Hartman and Hill stocks, to oil
over in st. Paul, Canadian Pacific and
Smelling to 5h in Reading and Louisville
& Nashville and from to points in a
large number Of the most active stocks
The extreme gains were not all held and
the closing tone of the market was rather
irregular.
Bonds were distinctly weak, in spite OF
the rally in stocks and large volume OF
business was done on the bond division OF
the market. Total sales OF bonds, par value
S,390OO0. United States bonds were un.
Echanged on call. - ,-.-- ..... tr.g 4.. .s
The following was the range Of prices or
the New York Stock exchange:
iEh Inv CIoaa