The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-27
WH|RL UPWARD
IN STOCK MARKET
Abrupt Reversal Gives Bears a
Stiff Jolt
S15,OOO,OOO U. S. DEPOSIT
To Go Into New York Banks-For-
y eign Confidence In Success of
American Settlements
: In April.
u. S. DEPOSIT

New York, March 26-An abrupt re-
versal of price movement such as that
which occurred today is characteristic of
prices unbridled, whether for the adj
vance or the decline. 1t was remarked
yesterday that operation by the bears
had taken on the proportions of a satur-
MALTA. Today's realizing sense of the po-
sition in which they placed themselves
by too needless sales of what they had
yet to secure for delivery had the usual
Il analogy with the experiences following a
tperiod of revels and overstimulation.
The bear party made a further drive
against the market with the beginning Of
the dealings, and conferred a particular
savage attack on the coppers. A further
slump in the markets both for copper
and tin in London suggested a repetition
of Yesterdays success in breaking the
prices of those stocks. In seeking to
| Jake advantage of this opening break to
secure the stocks they needed it was
disclosed to the bears that stocks offer
ing were in scantier supply than yester-
day and that they were meeting with adj
dtional competition in the buying. 1t
Y was the feeling of the market perceptible
to the skilled sense of the professional
trader which was the decisive factor in
turning prices upward and starting the
rush ID cover by the bears.
News to account for the turn was lack
ing when it occurred, although some of
the days later developments gave ground
for soothing the fears of spectators. The
most potential factor in the improve
ment was the check to the fall in prices
itself. The things feared and which were
prompting the indiscriminate selling of
late were likely to be brought about by
Nthe very force of the fall in prices itself,
il from no other cause.
1t was the understanding of the danger
of these forces of action, and reaction,
which might be set loose in the market,
that probably prompted the more agrees
sive measures of support which were I'M
doubtedly extended today. Rumors of
the plans and the resources of this organ
ization of support reached exaggerated
proportions in the same way that rumors
of trouble were exaggerated while prices
were declining. The conviction of the
presence of protective forces in the mar
ket however, had much to do with the
checking of Generalization and driving
: the shorts to cover. The undisturbed con-
ldition of foreign markets today In spite
of Yesterdays wild market here, was a
Y surpriSe to the spectators for further
fall in prices London's confidence in the
successful completion of the stock mar
ket settlement without disastrous conse-
quences was reported to be unimpaired.
Berlu $50 was said to feel satisfied that
arran ,s1nents had been completed to as
cure the success of the April settlements.
1t was announced during the course of
the stock exchange session that the
treasury department had determined to
deposit $4,000 600 of the customs revenues
In New York banks, as well as to prepay
/. April interest on the two per ceGts and
Non the four per cents of 1907, The total
amount of interest due in April on those
issues would amount to upwards of 81
900, GOO.
At the same time reports received from
Washington showed that the treasury's
offer to accept savings bank investment
bonds to secure deposits in the banks In
substitution for government As OF 1907,
which had been offered redemption under
the treasury's proposal, was having a
l3decidedly stimulating effect on the offer-
\ 'ings of these bonds for redemption.
The extreme advances reached to over
7 points in most of the Hartman and
Hill stocks to or over in st. Paul,
Canadian Pacific and Smelling, 11a In
Reading and Louisville and Nashville,
and from to over points in large
\ number of the most active stocks. me
extreme gains were not all held and the
closing tone of the market was rather
Irregular.
Bonds were distinctly weak in spite OF
the rally in stocks, and a large volume OF
business was done on the bond division OF
the market. The total sales OF ponds,
par value were $3,39000o.
United States bonds were unchanged on