The Birmingham age-herald., 1907-03-17
FURTHER RECOVERY
 IN STOCK MARKET Confidence in Situation Seems
 Completely Restored BANK STATEMENT FACTOR f679,719,315 Are the Huge Money Set tlements-Day's Business Shows
 Large and Confident Ab-
 sorption of Stocks.
BANK STATEMENT FACTOR

New York, March 16-There was a fur ther recovery in prices today from the inordinate depression of the Thursday market. An over-extended bear account was an evident influence in the ebulliency of the late upshoot. The days business, however, showed a very large and conf- dent absorption of stocks going on, and confidence In the situation seemed to be completely restored. The complexion of the bank statement had something to do with this. The reduction of the de- posit item by scaling down Of loans proved sufficient to reduce the reserve require ment more than proportionately to the cash reduction, had to conserve an addi- ton to the surplus The loan item Is supposed to include the large preparations for the Friday settlements Of the earlier part of the week for greater effect on the averages than the loan contraction by stock liquidation later, so that the eff feet of the loan reduction is expected to be carried over into next weeks state- ment. The dimensions of yesterdays money settlements are indicated by to- days huge clearing house exchanges, which rose to $67S, 719,S15
 The only time this figure has ever been reached in the history of the New York clearing house was on January 8, 1906, when the annual settlements resulted in exchanges of s6S6,s44,S91
 Sterling exchange ruled at yesterdays low level, today indicating the power of New York to withdraw gold from London, unless that step should be deemed impoli- tic. The tenor of the United States Steel annual report, especially the reference to the sustained level of orders, received since the first of the year, was an infiu- encing factor In the strength of the mar ket. So also was tho tone of the mer- oantile agency reviews, showing an ex- banding volume of business throughout the country. Hasty profit-taking made the closing fo the market irregular, put there was excited buying still in progress.
 Total sales of bonds, par value, S,S6o,- poo.
 The collapse in price of stocks which has occurred this week has been so sud- den and so violent as to leave opinion dazed over the meaning of the demonstra- tion. The extent of the declines has been 50 portentious the volume of the offer fngs which have deluged the market have been so overwhelming, and at the same time the usual consequences of failures or
 
 hacking as to leave an uncanny effect on tho minds of observers. The extent of the slump Is the more remarkable coming on the heels of Q prolonged decline which had Already presumably gone far to discount the unfavorabe factors, which were sup posed to influence the market.
 The cumulative effect of the last spas snodic drop was all the more acute for this reason.
 There is no doubt that the prevailing opinion in the stock market, financial and railroad world, attribute the principal responsibility to the situation the rail- road corporations find themselves In from tho prevailing attitude toward them of governmental agencies and the prevailing public sentiment of the whole country. The stock discussion in Wall street Tor some time past has been of compilations of laws passed by various state legisla- lures for the restriction of railroad charges, and for other measures of regu lation, and of the course of proposed measures of the national government looking to additional restraint upon cor poration powers and administration. The Impression of this discussion has been greatly heightened by the course of prominent men in the railroad and bank ing world which was constructed as an indication of the keen anxiety they were laborlng under of the prospect offered by this course of events.
 The attitude of appeal to the public and the government authorities which this course suggests, has awakened the ap- prehension of holders of stocks. This is especially true of course of speculative holders, but the more prominent invest ment holders have been affected also to some extent The assumption has gained ground in Wall street districts that this was the feeling of the great controlling investors themselves in the leading rail- road systems of the country, and the fear has taken hold of the speculative im- epination that holders of securities Of this pre-eminent class were unloading their holdings indiscriminately in a spirit of utter hopelessness of the future earnings, or dividend paying power to their properties. Early in the week this feeling was somewhat allayed in specula-