The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-16
SUN SHINES ONCE
MORE IN MARKET
Cloud of Panic That Hung Over
Wall Street Dissipated
by Reaction.
LARGE AMOUNT BARGAIN
HUNTING IN EVIDENCE
Close Is Strong, Although All of
Thursdays Losses Are
Not Regained.

NEW YORK, March 15.-Yestcrday' $
presages of further disaster In the stock
market were not fulfilled today. vio-
lent rebound In prices occurred instead
The change I'm conditions was outlined
before trading began here by the wide
advances established in London, Prices
opened here. In consequence. at spas
moGic recoYcres from the demoraliHed
closing yesterday. The inviting level OF
prices attracted very large selling and
wild fluctuations, indicating that some
accounts were hastily closed out which
had been carried through yesterday pre-
sunaably with difficulty. This realizing
shook the market badly for a time. and
the violent reaction caused a revival Of
acute uneasincss But the support made
Itself effective again. and 1t became evi-
dent that the panic conditions have sub
sided. The market remained feverish.
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 calls of buyers known
in Wall street as bargain hunters. II is
estimated that purchases during the day
Gregated several hundred thousand
shares. Stocks thus bought go out Of the
street and appear no more until some
succession, when they are added ngaln
TO The burden that make the manipula-
tors of a boom obliged TO care for, Buy
ing OF this class In such volume in sin
gle day is rare, and formed positive
supporting factor in the market, Much
greater was its sentimental effect In re-
assuring holders of stocks that the fren-
zied selling OF yesterday at the extreme
declines WAS an unnecessary sacrifice.
This buying served to correct the I'M
preston Of the utter prostration of in
vestment demand, which was one OF the
gloomiest portents Of yesterdays panic
stricken flinging away of stocks
The readjustment Of sentiment was not
achieved without an eNertion of large
degree OF main force in the market. This
came in the shape OF liberal buying or
ders distributed In the principal stocks.
for the account OF large banking houses,
as a result of consultations said TO have
been held last night after the demoral
lied closing OF the market. The taking
OF such measures of security was consid
cred and was to prevent the melting
away of values from running to lengths
which might threaten the general credit
situation.
orders issued by the Secretary of the
Treasury after the closing of the mar
ket yesterday, although some doubt eX
isted as to the practical result TO the
money market TO follow. Responses from
holders OF Government bonds to offers for
redemption, even OH advantageous terms.
are proverbialy slow and reluctant. The
limitation Of the deposit of customs re-
Ceipts 10 places where no suh-troasury is
situated practically nullified the measure
In it's effect on New York. both because
there is q sub-treasury here and because
20 per cent or more of all customs col
lectionS are made here. so that transfer
from New York to other points OF the
proceeds of these deposits will prove OF
small account
The promise is for a weak bank return
tomorrow. Ii not a deficit below the local
requirements. The loss in cash is larger
than the surplus as II existed last week,
and II is believed by bankers that the
loss contraction by stock market liQuids-
tion has been fully offset by the special
requirements for credits in connection
with today's settlements. Call money to-
day was not so stiff as Yesterday, how
ever. and early effects are expected from
the return of the payments made today
TO the money market,
The market showed growing effect OF
the restoration OF confidence and closed
bnoyant. Some OF the days advances
restore the losses In the single days SELL
ing Of yesterday.
Bonds were active and irregular. To-
tal sales, par value. SO. I02, 600 United
States new is advanced per cent on