New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-16
RALLY FOLLOWS BREAK
Y y. c. BELOW PAR.
c,ocE. Market SfcGdier -dfter Shoe
ing Signs of Panic

.o,, market i'm the first few minutes Of
g., yesterday seemed TO he running into
-, ranic prices falling with greater violence
-, Il ar1v previous time since the beginning
= 4,,e decline which has been going on for the
=. week or two. Soon, however. heavy buy
= orders we're rushed into the market. with
i.'7 ..,,,+ effect of arresting the collapse and
leaving prices. and thenceforward during the
- ,4,e price tendency was upward.
-4o first sale reported WAS 1000 American
e-.,,ino and Refining at 90. an overnight de-
- of 1 r,oints. New York Central opened
. ar lis lowest price since 1897. and on the
ora sale touched 9912 Union Pacific, which
= ciose5 on "Wednesday at l23iS. opened at
-, ,-a dropped 10 1.ol&. The first transaction
. 5.-eat Northern. which had closed on the
,5i,s- dax- at 1I624. at 115. and the
,,,-a MAS Al ia These declines were typical
. a.. course of the general list. the bears put
: 49,. ,,esv short lines confidently and panic
--s,lsen investors and distressed operators
..-oving over their holdings in great volume
,h. action Of the Bank OF England in advanc-
-. ;-s discount rate had depressing influence,
IS .,e chief factor i'm the early extreme weak
g z-ss the Pope failure OF the preceding day
= ,be aprrehension lest other large concerns
;vbf he destined for receiverships as a conse-
.rsnce Of the stringency in the money market
,-. crash in securities prices. however was a
tier If only few minutes and with the exc
etc, Of the investment and supporting orders
oosil,, sent in 2 covering movement began
b;eh contributed materially TO the subsequent
n-oxennent The rally became more steady
esar II o'clock. when il was announced that
IN ,he Clearing House sheets had gone through
.b;ch siEnifed that all members Of the ex-
.hange had reathered the tempest of Wednes-
s,- The news that the Standard oil Company
had declared the same dividend as at this time
last wear had an excellent effect on sentiment
as there had been rumors that the rate might be
rasucsd in view Of the possibility that the COM
,,,,. might later be forced to pay the enormous
4,a ;mposed upon its subsidiary. the Standard
,on f,oropany of Indiana. With the steadying OF
.,a market came time for calmer consideration
8 .be Significance of the Pope companys en-
bo-rsssr7ent which made il less probable that a
ss-;ss Of catastrophes were to be expected among
iraportant manufacturing and mercantile con-
oerns-
A report was also current Of an impending re-
arrangement of railroad relations which would
tend 10 remove popular and government criticism
n certain directions, re-establish conservative
competition among the big systems OF the west
and lessen "one-man power"
Forecasts of the references TO be made by the
President in his Provincetown speech next week
10 the financial situation and the policy OF the
administration I'm dealing with corporations were
IF a reassuriag nature, and the publication Of
these forecasts. which may or may not have
been accurate-for. according TO ruInor, copy
Of the address had got into the Street in some
mysterious nlanner-urdoubtedy had part in
giving the market its better tone in the after
noon
The traction stocks and Consolidated Gas
were once more among the weakest issues on
the list Consolidated Gas opened points down
AZ i0l its lowest level in many years, and the
,eu sale was at par. L did not rally with the
Of the list still standing at par at O'CLOCK
and it closed with a net loss OF points Brook
lyn Rapid Transit fell as low as 30. but in the
.ast hour sold up TO 431s, closing with small
fractional gain for the day at 42i. Interborough-
Metropolitan common reached s1z. another new
lor record but closed i up. at @3.- ana me
preferred. after having sounded the new low
depth of as. closed at its highest Of the day.
eSz. net advance of "a points Smelters re-
covered nearly points from its early low figure
and closed AZ e47s net gain Of 3. Union ia
ciic rallied an even points, CLOSING IA unaer
the best Of the day 25s points higher than on
Wednesday. Practically all Of the other prornl-
nent issues closed with net gains, which ranged
from !. for Northern Pacific and y for Anal
gama1ed Copper TO IL for Reading and points
for St Paul
Call money was as high a per cent. with
s per cent the ruling rate Time money rates
continued decidedly firm. with the supply "a
funds small. There were reports that repre-
sentative Of the Secretary Of the Treasury hao
been consulting with bankers as TO the neces-
sty for Treasury relief. but fhe feeling was that
such aid MAS not AT present imperativeiy needed