Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-03-27
STOCK MARKET IS HIGHER
Cor = Reversal Of Sentiment Marks
= : Of Trading in Wall Street.
S FORCED TO COVER CONTRACTS
Sears Begin Buying on Announce
ment of Relief from Government
and Prices Advance
Rapidly.

stock market. Although London prices
we're lower this morning, the New York
exchange soon after the opening showed
much stronger tone than for some time
past, and quotations were advanced sharply
on heavy buying. The bears began to re-
treat on rumors that further government
assistance for the money market was inn
minent. and when the formal announce
ment came from Washington that such as
sistance was to be given, the shorts be
gan to cover up their outstanding contracts
At the same time there was renewal of
purchases for investment. The result was
an upward turn to prices that was almost
as sensational as was the sharp decline
| of yesterday. The trading was Wild and
excited as the bears sought TO cover and
before noon stocks were selling at from
TO points higher than the low points Of
! the earlier trading.
Accompanying the upward movement was
an industriously circulated rumor that an
enormous pool had been formed by the
greatest banking houses IN Wall street to
support prices This report, which lacked
confirmation, and which was rather depre-
cated by conservative brokerage firms made
It appear that S50000,0O0 had been sub
scribed by bankers to buy stocks with the
object of putting a stop to the recent pre-
! cipitate declines. Nothing whatever de-
veloped to give substance to this story but
It was not without effect on the trading,
except for an occasional recession due to
profit taking the strong tone continuing
to the close and the final prices throughout
the list were at substantial advances from
yesterdays closing quotations.
Opening IL Excited.
wild excitement and extreme confusion
prevailed in the stock market again today.
The action OF the market showed the con-
I fiictlng emotions of operators as TO con-
sequences to follow the fall In prices yes
terday and the nervous apprehension OF the
bears lest they had overdone the reckless
selling. The fight of the bears overbore
the current of the market In the course of
the first hour.
Then some further wide breaks TO far
below yesterdays lowest prices were con-
fusedly mixed with violent advances.
Different stocks in the same group moved
widely in contrary directions at first When
the upward tendency clearly developed
fluctuations were wide and feverish, varia-
tions between sales running to large frac-
tions full figures, both upwards and
backwards. This showed the dimculty of
discerning the prevailing quotations and OF
executing orders.
The copper stocks were most conspicuous
amongst the irst downward plunges
AmalEamated Copper and Anaconda
slumped to 81 and American Smelling
points; the last named, however, not get
ting back to yesterdays low point.
Cause of Copper slump.
The further break in the coppers was
directly traceable to the further slump in
the price of copper warrants in London
: The uneasiness OF the bears was height
ened by the continued cheerfulness Of the
advices today from abroad. Confidence wa'
professed that the London stock market
i settlement would be concluded without Sc
rious casualties. although additional small
failures were reported from there today
In Berlin also 1t was reported that invest
; ment buying at the declines had come t
> offer a supporting factor to the market
I and the money market seemed to be re-
, leved from the urgent pressure of prepara
, tions there for the April money settle
, ments.
3 According to board room gossip the buy
| ing Of stocks in the session was the mos
l substantial in many weeks. Support wa
) most conspicuous in ST. Paul. Pennsylvania
: Union Pacific. Southern Pacific, Atchisor
| and the copper stocks In fact. there wal
a good demand for all the high grad,
! Issues.
London bought and sold in the earl!
. trading. but operations for that accoun
? were so confusing as to make the net re
/ suits a matter Of doubt.
4 Reports were current in the financial dis
4 trict before the market opened that meas
' ures had been agreed upon in concer
amongst great bankers and controlling in
) terests IN corporations to support tn
values in the market OF properties in whicl
they were interested. One firm who's
a name was mentioned in connection will
! the rumor characterized It as absurd.
The further demand for stocks by tn,
4 uncovered bears was less excited but price.
recovered above the early level Additions
b reached a point or more In many cases
Union Pacific, touched Isl and American
J. Smelling rose points over last night
From these high levels prices slipped bacl
on movement 20 take profits at the low
levels by fortunate buyers.
On ForsiSn Markets.
LONDON. March B 2s.-Trading on tn,
stock exchange today opened with prices
: sensitive. The renewed weakness wal
largely attributed to yesterdays decline ii
I ! New York
There was no buying power here and con
! sequently very little business.
Americans opened above parity, but soor
became very weak en- offers to sell Latel
Americans became firmer and by 30 p. m
were generally about one point above tn,
lowest quotations OF the day.
In the cOurse Of the afternon the genera
tone Of the markets hardened though con
: siderable liquidation OF accounts causet
a much irregularity. The quotations o.
i Americans further declined and the droI
s IN the price OF the metal caused another
a weakening I'm copper stocks
{ BERLIN. March 2a-On the Bourse 70
day the general tendency was quiet. Do
n mestic shares improved. Americans de
: cllnad on Nav York aduicna hut r.........