The Montgomery advertiser., 1907-03-27
THE STOCK MARKET
ABRUPT REVERSAL OF PRICE MovE-
 MENT
It was Remarked Yesterday that Operations By tho Bears Had Taken on the
 Proportions of a Sa&ur-

New York. March 2s.--An abrupt reversal of price movement such as that which occurred today Is characteristic of prices unprfdled whether for the advance or the decline It was remarked yesterday that operations by. the bears had taken on the proportions of a saturnaiia. Today's real- izing sense of the position in which they had placed themselves by too needless sales of what they had yet to secure for delivery had the usual analogy with the experiences ulation
 The bear party made 2 further drive against the market with the beginning of the dealings and eentered a particularly savage attack on the cappers A further slump in the markets both for copper and terday:s success in breaking the prices of those stocks Tn seeking to take advan- tage of the opening break to secure the stocks they needed. it was disclosed to the bears that stocks offering were in scantaer supply than yesterday and that they were meeting with additional competition in the buying. 1t was the feeling of the market perceptibie to the skilled sense of the pro- fessfonal trade which was the decisive fac- tor in turning prices upward and starting the rush to cover by the bears. News to account for the turn was lacking when 1t occurred. although some of the days later developefnents gave ground for something Of the fears of speculators
 The most potential factor in the improve ment was check to the fall In prices It. self The things feared and which were prompting the indiscriminate selling of late were likely to be brought about by the very force of the fall in prices itseR, if from no other cause.
 It was the understanding of the danger of these forces of action and reaction which might be set loose in the market that probably prompted the more aggressive measures of support which were undoubted- ly extended today. Rumors of the plans and the resources of this organization of support reached exaggerated proportions in the same way that rumors of trouble were exaggerated while prices were deciininx
 The conviction of the presence of protect i've forces Tn the market. however, had much to do with the checking of demoral- ization and driving the shorts to cover The undisturbed condition of foreign marKets today in spite of yesterdays wild market here was surprise to the speculators for a further fall in prices, London's confidence in the successful completion of the stock market settlement without disastrous conse- quences was reported to be unfmpaired Ber- lin was also said to feel satisfied that ar engagements had been completed to assure the success of the April settlements. It stock exchange session that the trade had determined to deposit SIS, 5,00o, 900 of the customs revenues in New York banks, as we'll as to prepay April interest on the two per cents. and on the four per cents of 1907 The total amount of interest due fin April on those issues would amount to upwards received from washington showed that the treasurys offer to accept savings bank bonds to secure deposits in the banks in substitution for government fours of 1907. which should be offered for redemption. One notable effect of these relief measures for the money market was rebound in the foreign exchange market which had shown further early declines from yester- days low level. The extreme advances recahed to over. sewn points in most of the Hartman and Hill stocks, to six or over fin St. Paul, Canadian Pacific and Smelling: seven and one-half in Reading and Louis- willie and Nashville and from three to over four points in large number of the most active stocks.
 The. extreme gains were not all held and | the closing tone of the market was rather | irregular.
 Bonds were distinctly weak in spite of | the rally in stocks, and a large volume of 1 business done on the bond division of | the market. The total sales of bonds par l value were $3,390.o00. United states bonds were unchanged on call
 NEW YORK CLOSING STOCK HIST.