Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-15
Sharp Recovery in Prices Mark
ed the Opening.
SOME DECLINES RECLAIMED
Heavy Buying for Foreign Account q
Striking Feature.
RALLY DUE TO RELIEF PLANS
Fluctuations Were Wide and Wild
Currency Movements Showed a
Big Bank Loss.
special Dispatch to The Star.

Special Dispatch TO The star
NEW YORK March 15.-There was
very sharp recovery in stock-market prices
this morning; but despite the upward re-
action. it could not be said with truth that
the dealings presented any other than ex-
tremely unsettled characteristics. On the
rise in prices a goodly proportion of yes
terdays extensive declines were regained.
but throughout the day the trading was
characterized by very fevcrish tone ana
there were many sudden and violent re-
actions from the extreme advances.
Theoretically the rally in the market was
attributed to the announcement made at
the close of business yesterday with re-
gard TO the money market relief measures
adopted by the Secretary of the Treasury.
For the same reason American stocks raj
lied very sharply in the London stock
market from a state of practical demorali-
zatiOn at the opening of business.
The most striking feature of the dealings
upon the local stock exchange was the
exceedingly heavy buying for foreign ac-
count Arbtrage purchases amounted to
fully 10000 shares and very heavy buying
on direct orders was reported by banking
houses with foreign connections.
Todays transactions reflected to an ex-
tent which has long Deen missing some
measure OF concerted support Buyers
orders of this description were evident in
many stocks and their presence led natural
ly to a heavy covering movement by the
short interest In the early dealings adj
vanceS extending to from D to 10 points
We're not uncommon in many of the active
stocks in the various departments of the
market In the railway list conspicuous
features were New York Central. Pennsyl-
yania, Atchison, st. Paul. Delaware and
Hudson. Reading and Southern and Union
Pacific.
The transactions in the last named stock
were exceptionally heavy and suggested
the repurchase of the security by indi-
vidaas who might have been early APP
prised of the happenings in that stock yes
terday and the day before.
The Wild Fluctuations.
III sensational fluctuations in Union Pa
ciAc and, for that matter, in the market at
large. were accompanied by much gossip
of Il more less personal nature, the
greater part OF which was naturally i'm
possible of confirmation, or even of in
TestigatiOn.
Price movements and the general ten
denotes of the dealings in the industrial
and miscellaneous shares. and the traction
stocks were Identical 10 those noted in the
railway list. Sharp recoveries took place
in United States Steel common, Sugar Re-
fning American Smelling and Amalga-
mated Copper. but discussion bearing upon
the movements in each instance was con-
fined within mocha nical market lines.
The money market continued extremely
active in all it's divisions. and most of the
days borrowing on call was arranged be-
tween 10 and 10 per cent The preliminary
estimates of the principal movements in
currency during the week indicated a loss
by the banks In excess of $4.OU.OOO. but 1T
did net appear to be the case that the
consequent outlook for tomorrows bank
statement played much part In the days
transactions in securities. The rates for
sterling exchange declined further, thus
improving the prospects that our bankers
may secure some part of the gold to be
laid down in the open London market on
Monday.