The Montgomery advertiser., 1907-03-16
K. E. Johnstone & Co. Cotton Buyers and Warehousemen
 rrops Hurter
 cstton Bought Any Point in Alabama. Storage and Conenents Solicited Lowest Insurance best facilities
THE STOCK MARKET

New York, March 15.--Yesterdays presages of future disaster in the stock market were not fulfilled today. violent rebound in prices occurred m stead. The change in condition was out lined by the trading began here Dy the wide advances established in Lon don. Prices opened higher In conse- quence of spasmodic recoveries rom the demoralized closing yesterday. This inviting level of prices attracted very large selling and wild fluctuations ih- dicating that some accounts were mas tily closed out which had been carrisa through yesterday, presumably With difficulty. This vealizing shook the market badly for time and the vio- lent reaction caused revival of acute uneasiness But the support made itseii effective again and 1t became evioeht that the panic conditions had su0sidea. The market remained very feyerish but the violence of the fluctuations was in diminishing degree. The appearance of brokers officers indicated the ar rival.jn the field of forced class or buyeYs known in Wall Street as bar gain hunterses It Is estimated that pur- chases during the day in small lots by buyers of this kind aggregated several hundred thousand shares. Stocks thus bought 20 out of the street and appear no more until some distant. period or imitation and excited speculation when they are added again 10 yhe burden that market manipulators Of boom are obliged to care for. Buying or thls class in such volume on single day Is rare and 1t formed positive sup porting factor in the market. Much greater was its sentimental effect in reassuring holders of stocKs that the frenzied selling that was done yester- day at the extreme decline was an un- necessary sacrifice This buying served to correct the impression of the utter prostration of investment demand, which was one of the gloomiest por- tents of yesterdays panic stricken f1inging away of stocks. But the read justment of sentiment was not achiev- ed without an exertion of large de- gree of main force in the market. This came in the shape of liberal buying or ders distributed In the principal stocks of large banking houses, as result of consultations said to have been held last night after the demoralized clos ing of the market. The taking of such measures of support was considered essential to prevent the melting away of values from running to lengths which might threaten the general credit situation. A good effect was pro duced by the orders issued by the sec retary of the treasury after the clos ing of the market, although some doubt existed as to the practical result to the money market to follow. The re- sponse of holders of government bonds to offers of redemption on advant- ageous terms are proverbially slow and reluctant. The limitation of the deposit of customs receipts with banks at places where no ub-treasury is situated practically nullified the meas ure in it's effect on New York, both because there is sub-rr~ssury here and because seventy per cent or up- wards of all customs collections are made here, so that the transfer to New York from other points of the proceeds of these deposits will prove of small account The promise is for 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 settlements. Call money today was not so stiff as yesterday, however, and early effects are expected from the re- turn of payments made today to the money market. The market showed growing effect of the restoration of confidence and closed buoyant. Some of the days advances wnIIe of sensa- tional proportions did not restore the losses in the single days selling of yes terday Bonds were active and irregu- lar. Total sales $8,752,00 United States new, fours advanced 12 per cent on call.
 NEW YORK CLOSING STOCK LIST.