The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-16
STREET THINKS
PANIC IS PAST
Market, While Fevcrish, Re.
bounded and All Prices
Were Higher.
BARGAIN-HuNTERs ON HAND
Money Ruled Easier and the
Whole Situation Has a Much
Healthier Tone.

NEW YORK, March 15.--Yesterday,s
presagcs OF further disaster in the STOCK
market were not fulfilled to-day. A yio-
lent rebound In prices occurred instead.
The change IN conditions was outlined
before trading began here by the wide
advances established In London. Prices
opened higher in consequence. as gpas-
modic recovcrics from the demorallzed
closing Yesterday. This inviting level OF
prices attracted very large selling and
%ild fluctuations, indicating that some
accounts were hastily closed out which
had been carried through yesterday, pre-
sumably with difficulty. This realizing
shook the market badly for a time and
the violent reaction caused revival of
acute uneasness. But the support made
itself effective again, and 1t became evil
cent that tie panic conditions had sub
sided.
The market remained very feverlsh
but the violence of the fluctuations was
in diminishing degree. The appearance
Of brokers' Offices this morning indicated
the arrival In the field in force Of the
class of buyers known in Wall Street as
"bargan hunters.'' II is estimated that
purchases during the day in small lots
by buyers Of this kind aggregated seve-
raj hundred thousand shares Stocks thus
bought 20 ont OF the street and appear
10 more until some distant period OF in
f,ation and excited speculation, when
they are added again to the burden that
\ market manipulators OF a boom are OBJ
liged to care for. buying OF this class
in such large volume formed the greatest
support and most positive support that
the market had during the day.
Much greater was the sentiment as
surfing holders Of stocks that the frenzich
break OF yesterday was done, and that
the extreme decline was at an end. This
buying served to correct the Impression
OF the utter prostration OF the invest
nlent demand, which was one Of the
Eloomicst portends Of yesterdays panic
stricken. hinging away of stocks But
the REIMBURSEMENT of sentiment was not
achieved without an exertion Of q large
degree of main force In the market.
This came despite deliberate buying
orders distributed in the principal
stocks for account Of large banking
houses as result of consultation said
To have been held last night. after
the demoralized closing of the market.
The taking OF such measures of sup
port WAS considered essential to pre-
vent the melting away of yaluea from
running To lengths which might
threaten the general credit situation
a good effect was produced by the
orders Issued by the Secretary of the
Treasury, after the close of, the markc,
yesterday, although Some doubt ex-
listed as TO the result to the money
market to follow Responses from
holders of government bonds to offers
for reclamation and the advantageous
terms are proverbalIy slow and re-
luctant, The Limitation Of the deposi,
of customs receipts where no sab
treasury Is situated Is practically OBJ.
Waited, and because seventy per cent
or upwards Of all customs collections
are made here so that transfer of the
l)receeds of these deposits will prove
of small account.
The promise Is for weak bank re-
turn Tomorrow. IL not deficit, be
low the legal reserve requirement
The loss in cash Is larger than the
surplus, MS It existed last week, ant
ii is believed by bankers that loar
contraction by stock market liquida
ton has been fully offset by the spe.
cial requirement. for credit in connec.
tion with to-day's settlements. Cal
money to-day was not so tiff as yes
terday, however. and other differences
OF credit are expected from the pay.
ments made to the money market to.
day.
The market showed growing effec
of the restoration OF confidence. ant
closed buoyant
Some OF the days advances. while O.
sensational propol ton, did not restor,
thu losses or single days selling o
yesterday. Bonds were active and ir
regular. Total sales, par value. 49,,
$4,000. United States new 4s. ad
vanced IL per cent, on call.
Total sales to-day 1,769,100 shares
NEW YORK. March 15,-Money o,
cali FIRM 4m15 per cent; ruins
rate, 12; closing bid, 1-2; offered a
a. Time loans very firm; sixty day
7l-2Ms per cent, and ninety day
Tdp7 IL; six months. 6Gp6 1-2 per cent
Close: Prime mercantile paper, 66p6l-
per cent; sterling exchange weak
with actual business in bankers bllIs
at $ls325M4S330 for denand, and n
si.IS65 @i.7S70 for sixty-day bills
Posted rates, s4.S004S01-2. CONNER
cial bills. s4.7s1-4, Bar silver G7 A.
Mexican dollars, 521-4 Governnen
bonds firm. Railroad bonds irregular