Daily press. [volume] (Newport News, Va.) 1896-current, 1907-03-16
STOCK MARKET TOOK
AN UNEXPECTED TURN
Fears Of q Disaster Not Realized;
|nsead There Was a Re.
bound In Prices.
SMALL BUYERS ARE IN EVIDENCE
Their Purchases Gave Positive
Supporting Tone. to the List
Secretary of Treasury's Action
Also Proved Beneficial 60 Market
Total Sales.
tBy Associated Press,

NEW YORK. March l5.-Yoster-
days presage of the disaster in the
stock market wee nc. fulfilled to-
day. A violent rebound in prices
occurred instead. The change in
conditions was outlined before trad.
ing began here by the wide advances
established il. London. Prices opened
higher in consequence of spasmodic
recoveriCS from the demoraiiZed con
ditlons existing yesterday. This in
wiling list of prices attracted very
large selling and wild fluctuations,
indicating that some accounts were
hastily closed out. which hal been
carried through yesterday presur-
ably with difficulty. This realizing
shook the market badly fCt. u tine
an.l the violent reaction caused a
rest of acute uneasincss. But the
support male itself effective agnin
ana IL became evident that the
panic conditions had subsidized. The
market remained very feyelisii, IN:
the violence of the fluctuations was
in diminishing dgree. The appear
ance of brokers Offices this mornmS
indicated tho arrival III the field i'll
force of the class of buyers known
in Wall street as ''bargain hunters. '
1t Is estimated that purchases
during the day i'll small lots by
buyers of this Kind aggregated sew.
oral hundred thousand shares
Stocks thus bought go out of the
street and appear no more until
some distant period of imitation and
excited speculation when they are
saiied again to the burden market
milEipu.a'ars OF a boom are Obliged
TO care fer. Buying of this class
In such vclnme On 4 single day is
rare aud formed positive support
ing factor in the market. Which
Ereater was It's Sentimental effect.
in hollers of stocks who declared
the frcnzicd selling that was done
yesterday nj tho extreme decline
was unnecessary sacrifice This
buying s,"ved to correct the i'm.
precision of the utter prostratca Of
Investment dcmard which wSis one
of the Gl1omtest portends of yes
terday's panic-sirickcn nlnEjng awar
of stocks. But the REIMBURSEMENT of
sentiment was not achieved with.
out an exer.ion of large derree
of main force in the market. This
came despite the liberal buying or.
ders distributed for account of large
banking houses as u result or con-
Suitation said to have beer held
last might after the demcralizcd
closing of the market. The taking
of such measures of support WAS
considered essential to prevent the
melting awav of values from run.
ming TO lengths which might threat
an tho general credit situation.
-, good effect was produced by the
Nrltrs issued by the Secretary of
the Treasury after the closing or
the market yesterday although some
doubt existed as to the razul. to the
money market to follow Rcspons-
es from holders OF government
bonds to offer for redemption even
on advantageous terms. are proverb-
daily slow and reluctant, inc limita.
fen OF deposit of customs receipts
with banks 10 places whore pn
supported me measures i'm its effect
@n business, but beclmse thc"e is 3
subtreasury AMI because TOO per cent
q" iI'wnr.ls OF ali customs collec,
I 'Ons ore nral.le here tue tran5.ar
to New York from other points of
the proceeds OF these dercsits Will
nrove of small account The prom
:ise Is for q weak bank return To-
yl:orrow, if not deficit below the
rsgal requirement. The loss in cash
is larger than the surplus as II
eXiIsl last week and itJiS believed
by bankers that the long contractn 81
by nsnck market liquidaticn has fui-
" Offset the special requirement.
for credits Call money today was
got as stiff rs yesterday, however, AM!
early effects are expectd from the
return CT The payments made today
to the money market The market
showed growing effect of the restor.
alton of confdnce ana closed buoy
ant Some of the days advancrts
While i'm sensational proportions did
not restore the losses of a single
DAYS selling Yesterday. Bonds were
active and irregular. Total saes
;nar value $3,752,00O. U. S. news 4s
advanced 1-2 rner cent on call.
Total sales today 1.75S,7O0 shares
izffWling COPPER s5GGO0; siuN f.
S'sb Smelling Smelling q t7 POO ToHaece.
80 800: a. C. l.. $500; -. r. T. %
800; CaE'3riian Pacific 25S00; c. *
-. 5000: St Paul $4,000; Pennsyi
vania 118.G00: RcadinG 237 800:
Southern Pacific 25l.400: United
States Steel 1900: United States
Steel pfil 1880; Northern Pacific,
200.
Adams Express ............ $50
Analgamated Copper ........ 1884
American Car e Foundry. 80. 30 l-2
American Car & Foundry pfd %
American Cotton Oil ... 90 10
A lit