Daily press. [volume] (Newport News, Va.) 1896-current, 1907-03-19
WALL STREET STEADY
FOR AWHILE ANYWAY
" ID FIuclua ion and Enormous
Transactions Marked by
Their Absence.
MARKET, HOWEVER, WAS FEv@RIsa
Very Violence of the Recovery Mikes
the Spectator Doubtful If the Pres.
ent Conditions VIII Prevail for
Very Lons-The Total Sales and
Closing Quotations.
tBy Associated Press.J


marked state of excitement in
the dealings in stocks today from the
enormous transactions and wild price
fluctuations of last week. The price
movement still showed degree OF
feverishness that was the after effect
of last weeks turbulent market, but
the reduction III the volume of the
days sales Is conclusive evidence of
the settling back. of the market into
mere normal conditions So also was
the check to the headlung advancing
tendency of Saturday, which was
wholly due to the distress of bear Cd.
orators who had continued sell stocks
short. recklessly down to the lowest
depths of Thursdays plunge and who
were compelled to buy to cover on
Saturday by the volatile recovery
! The very violence of the recovery
gave warning of its unreliable nature
and speculative sentiment was quite
prepared for n check and reaction
today. In fact. the London market
mad already anticipated this course
before trading began here and sent
over materially lower range Of
prices than the closing here.
The drop in the opening dealings
hSiC "oo "ttl tllill ana
had the effect of reviving some of the
excitement which prevailed last week
But il appeared that the wilder fluc.
tuations were largely due to the
plunging operations of professional
element which had become habituated
to free action by last weeks experi.
encc. Effective support appeared in
the market and the proceedings then
wnrn m1IPl, pninfnr
although the renewed weakness of the
later market made the lowest prices
of the day. The market continued to
show the normal effects following
such price contortions as those of last
week.. That Is, 1t showed the lack of
the large demand from shorts which
| were squeezed into Saturdays market
| and felt the effects of resellIng to
make profits by those who secured
stocks In Thursdays slump or, who
had bought on Friday merely for the
nope of supporting prices and avert
ing what threatened to become dis
aster in the market. The diminish
ing activity of the market continued
the disposition to pause after the
severe experience of last week and
take stock of conditions and of prom
Use before entering again upon large
operations In stocks. General infor-
nation as to the causes and the
sources of the unloading which pro-
duced the convulsion in the market
is still largely lacking.
Certain conclusions, however, final
ly warranted acceptance. The extent
oil the liquidation must have gone far
to cure the trouble, whatever 1t was.
II is taken for granted also that the
investment demand uncovered by the
extent of the decline must have large.
~ reduced the floating supply of
stocks in the market. Not only was
the absorption by private investors
very large, but investment institu.
tons are believed to have taken adj
vantage of the opportunity to extend
their holdings of securities at an an
ticipated rate of return
Confidence is felt also that the re.
duction of credits effected will afford
available resources for the better di.
gestion of some of the new capital
issues which had become a glut In the
market obstructing its channels
against the movement of other desir-
ed issues. The money market showed
the effect Of the passing Of the March
lo settlement and its greater ease con.
ducea to recovery in foreign ex-
change.
The bank of England. however. had
TO advance its bid again to secure the
supply of gold In the London mraket.
Railroad traffic reports show no
trace of reactionary tendency In bust.
ness which the stock market slump
increased the watchfulness for.
The last prices show substantial
losses from Saturdays closing level.
Bonds were irregular. Total sales
par value S2,6iO,000. United States
bonds were irregular. Railroad
bonds were unchanged on call.
Total sales today 1,142,500 shares.
including Copper, 127,10O: Smelling,
34,4OO; Sugar, 1900; Tobacco, 1900;
Anaconda. 27,100; Atchison IS. 700; A.
.. y. 1000; G. & o. 400: ST. Paul
1000: Pennsylvania $500; Reading
10000; Southern Pacific $4,000; I'm
ion Pacific 149,3O0.
Adams Express $50
Amalgamated Copper ........ 90 SIS
American Car & Foundry -. &c 81
American Car G Foundry pfd 81 l-2
American Cotton Oil .... 80
American Cotton Oil pfd 49,. SIS
American Express 21O
American Hide e Leather pfd 90
American Ice so
american Linseed Oil ....... ~ f-2
American Linseed Oil pfd -. 81
american Locomotive .... 65 81
American Smelling & Refng.. 1903 rs
american Locomotive pfd 49,. 105
American Smelt & Refng. pfd 1O7 II
American Sugar Refining 49,. 122 IA
American Tobacco, pfd certif.. %
Anaconda Mining Co.. ... 63