The Birmingham age-herald., 1907-03-16
SHARP REBOUND IN THE STOCK MARKET Better Conditions Are Apparent
 Before the Opening FEWER VIOLENT CHANGES Bargain Hunters Get Busy In Wall Street-Thousands of Small Lots
 Bought and sated
 Away.
FEWER VIOLENT CHANGES

New. York March 15.-Y sterday's pre- sages of future disaster in the stock mar ket were not fulfilled today violent rebound in prices occurred instead. The change in condition was outlined before the trading began were by the wide ad- vance established In London. Prices opened higher in consequence of spas modic recoveries from the demoralized closing yesterday This inviting level of prices attracted very large selling, and wild fluctuations, indicating that some accounts were hastily closed out, which had been carried through yesterday pre- sumably with difficulty This realizing shook the market badly for a time, and the violent reaction caused a revival of acute uneasinessl
 But the support made itself effective again, and it became evident that the panicky conditions had subsided. The market remained very feverish, but the violence of the fluctuations was In dim finishing degree.
 The appearance of broker offices indl- cated the arrival in the field, of forced class of buyers known in Wall street as
 bargain hunters It is estimated that purchases during the day in small lots by buyers of this kind aggregated sev- eral hundred thousand shares. Stocks thus bought go out of the street, and ap- pear no more until some distant period of inhation and excited speculation when they are added again to the burden that market manipulators of boom are obliged to care for. Buying of this class in such volume on a single day is rare, and it formed positive supporting fac- tor in the market. Much greater was it's sentimental effect in reassuring holders of stocks that the frenzied selling that } was done yesterday at the extreme de- clines, was an unnecessary sacrifice. This buying served to correct the impression of the utter prostration of investment de- mand, which was one of the gloomiest portents of yesterdays panic-stricken flnging away or stocks. But the read justment of sentiment was not achieved without an eXertion of q large uegree of main force in the market. This came In the shape of liberal buying orders dis= trbuted in the principal stocks for ac- count of large banking houses as a re- suit of consultations said to have been held last night after the demoralzed clos ing of the market. The taking of such measures of support was considered es- sential to prevent the melting away of values from running to lengths which might threaten the general credit situa- ton. A good effect was produced by the orders issued by the secretary of the treasury after the closing of the mar ket, although some doubt existed as to the practical result to the money mar ket to follow.
 The responses of holders of government bonds to offers of redemption on advan- tageous terms are proverbially slow and reluctant. The limitation of the deposit Of customs receipts with banks at places where no sub-treasury is situated, prac- tically nullified the measure in its effect on New York, both because there Is a sub-treasury here, and because 70 per cent or upwards of all customs collec- tions, are made here, so that transfer to New York from other points of the pro- ceeds of these deposits will prove of small account. The promise Is for a weak bank return tomorrow, if not deficit below the legal requirements. The loss in cash is larger than the surplus as it existed last week, and 1t Is believed by bankers that the loan contraction by stock market liquidation has been fully offset by the special requirements for credits in connection with today's settle ments
 Call money today was not so stiff as yesterday, however. and early effects are expected from the return of payments made today to the money market. The money market showed growing effect of the restoration of confidence and closed buoyant Some of the days advances, while of sensational proportions, did not restore the losses in the single days sell ing of yesterday.
 Bonds were active and irregular Total sales par value, $3. 900. United States new 4a advanced la per cent on call.