The Washington herald., 1907-03-27
MARKET IN RECOVERY
Upward Trend Started by
COrtelyOu's Assistance.
coPPERs ALONE ARE WEAK
London aud Berlin Able to Make
Their Settlements, and This Adds
TO Strength Here After the First
Few Minutes-standard stocks All
Gain from Two 10 seven Points.

Few Mihutes--SsandaFd stocks All
Gain from Two 20 seven Points.
New York. March "A recovery in
stock market prices that on the face of
things was very similar to that which
took place following the violent break on
March a. but which on analysis was per-
ceptibly a different sort, occurred in Wall
street to-day. II was evident to begin
with that the heavy pressure upon the
market in the last three days Of business
had been almost exclusively of speculative
origin. and that for the fears, trouble
stories. and apprehensions with which the
financial district had been filled during
this period there was little. If any. sub
stantisi foundation.
It was disclosed that beyond peradven-
ture the tales of impending financial fail
ures In the Berlin and London markets
were utter fabrications; while bankers
here who keep the closest watch upon the
state OF affairs and whose positions en-
able them TO obtain a comprehensive
knowledge of such concerns were unani-
nous in their opinion after the close of
the market yesterday that the general po~
sition here was one OF a soundness and
stability that has rarely been equaled on
q similar occasion.
The greaJ Wall street commission
houses reported likewise that their ac-
counts had been so strengthened by the
throwing over of weak holdings in the
last seven months and by the great cheer
fulness with which responses were made
to such calls for additional margins as
were sent out that their condition was un-
impaired, and these statements all ob-
tanned ample verfication.
No doubt remained, therefore, that the
weakness of the market was due only to
concentrated and plunging operations on
the bear side Of the speculative account,
only comparable 10 the wild speculation
for the rise by the same sort of stock
market gamblers in times not so long
past There were no failures to-day In
Berlin. only one small suspension. and 1t
became known early to-day that there
were 10 be no confessions of insolvency
here,
London Settlements Made.
The only real ground for anxiety exist
ing at any time in the minds of intelligent
people as to possible untoward results
arising out Of the present situation was
that afforded by the fact that to-day re-
mittances by cable had to be made to
London Stock Exchange firms Of the bal
ances owing to these houses by speculs-
tors here who had been carrying stocks
for the rise In the London market and
were to-day forced to meet their obliga-
tions at the pending London settlement
These liabilities were. however, fully
met and discharged. Prices of American
stocks in the London market before the
opening of business to-day were in the
main considerably above yesterdays final
quotations here, 70 fiecting, of course, the
Improvement in sentiment that naturally
followed the morning. events in the for
eign markets.
An exception to this general tendency
was the Copper stocks, which We're weak
everywhere because Of further fall in
the price of options in the speculative cop
per market in LONDON. While the first
prices ia this market to-day in the stand
ard shares were either at or above their
yesterdays closing level, there was vio-
lent dron IA Amalgamated and Anaconda
Industrial securities. But efforts TO break
the general market by pressure upon these
stocks failed. The resiliency Of the mar
ket could not be restrained, and by the
close of the first half hour of business
prices OF all stocks, with the exception OF
the Copper shares. were rapidly rising.
The upward movement continued with one
or two brief pauses throughout the sday.
and the standard stocks closed usually at
gains of from two to seven points.
While the advance In the market to-
day could probably not have been averted,
it was obviously due to other causes than
those pertaining TO the almost compul-
s0ry rebounds that occurred on March
Is, or to the revelations that were to-day
made that sellers Of stocks, held for in
vestment or on margins. had recently al
lowed themselves to be scared by the
bogies raised by professional bears"
Aid at OppOrtune Time.
The great underlying factor in the stock
market to-day was the inherent and radi-
cal change that came over the entire
stock situation through the steps taken,
which, it is believed, will be further
taken by the Secretary Of the Treasury
10 relieve that monetary stringency which
has all along been the most serious and
powerful element in causing the markets
decline. Mr.. COTtelyOu, as one new in
charge OF a great Office, has naturally
been lOath to announce In a headlOng
way his determination on the policies on
such important subjects as those with
which he has TO deal, and there is no
doubt that lie Is not disposed to follow
many of the precedents set by Mr.. Shaw
He has, up to the present time. announced
that he would not Immediately ask the
banks for the return Of the $50, 000O00 spe-
cial deposits Of public money made with
them last year. and that there might be
substituted as collateral security for these
deposits certain classes of railway and
municipal bonds in the place of govern
fered TO redeem at once S25, 600 per
cent bonds maturing on July !.
All these measures of relief. however,
have been for manifest reasons Of mega
tive value. They were supplemented to-
day by steps Of a far more helpful char
aeter. The Secretary of the Treasury
directed that out Of the money taken
in by the government since January I in
receipts Of customs sl5O0o.000 should be
Immediately placed with the banks in this
city, this sum representing about the
shave OF money that the local banks
question had been deposited currently
with national bank repositories instead
Of with the local sGbtreasury, and the
Secretary also authorized payments in ad-
vance OF the interest on the government
bonds 20 April.
Although the Secretary did not so state.
4 I. -