The San Francisco call., 1907-03-19
New York stock Market

NTrv YORK March Is.-rhere was marked
abatement If excitement in the dealings IN
stocks today from the enormous transactions
sud wild price fluctuations OF last Week me
,riee movement stir showed a degree Of fever
ishuess that was the after effect Of lsst week $
turbulent market. but the reduction IN the Nol-
ume Of fhe days sales is conclusive efloeh'e
OF the settling back Of the market INTO hOIe
normal conditions 80 also was me eheeA 20
the headlonC advancing tendency OF oatuiuha'
which was wholly due ~ the oistress oI @DeiI @
operators who had continued 70 seD stocks snort
i rerkleeslv down 10 the lowest depths OF Thurs
DAYS plunge and who were compelled 70 buy 70
cover Saturday by the violent recovery me
very violence Of the recovery gave warning ~
ifs unreliable nature. and speculative sentl-
nen- was quite prepared for a check ana re-
49,. - ~ -. - ,ndon marker had
already anticipated this course before trading pc
gan here and sent over materially lower ran-e
Of prices than the closing here. The drop N
the opening dealings here was WIDER thdh en-
t'eipsrcd snd had the effect Of reviTing some
II the excitement which prevailed last Week,
But ID appeared that the wilder nuctuAtlons "els
largely due 20 the plunging operations OF a pro
: fessonal element which had become hapllualeo
g - free action BY last week experience. e.
fcctive support appeared f. the market, and the
proceedings then were much Quieter ana more
orderly. although the renewed weakness OF the
later market made the lowest prices OF the
day The market continued 20 show Tie oorInal
effects following such price eontoruons as those
of lsst week-that is. IL showed the lack OF
the large demand from shorts which was
. squeezed into covering in Saturdays market aud
felt the effects of reselling TO take pronts ny
those who secured stock IN Thursdays slump
or who had bought on Friday merely Tor the
purpose OF supporting prices ana HNertln& WhAt
threatened to become disaster 70 the mar
ket. The diminishing activity Of the market
indicated the dfspositioE 10 pause after the
. severe experience OF last week and take stock
of conditions and of promise before entering
again upon large operations IN stocks General
information as 70 the causes and the sources
of the unloading which produced the CONFUSION
IN the market Is stin largely lacking Certain
conclusions however. find warranted acceptance
The extent of the liquidation must have gone
far 10 cure the trouble. whatever " was. II
I j. granted also that the investment demand
have largely reduced the floating supply OF
stocks IN the market. Not only was the alb
| s0rpti0n by private investors very large, but
investment institutions were believed 70 have
taken advantage Of the opportunity 10 extend
their holdings Of securities at an attractive rate
Of return Confidence Is felt also that the re
auction ~ credits affected VIII AFFORD available
resources for the better digestion Of some Of
the new capital issues. which had become q
Clut the market Obstructing the channels
against the movement n other desired issues
The money market showed the effect of the
greater ease co1duced 10 recovery In foreign eX-
change. The Bank OF England. however. had
20 advance it's Aid again 70 secure the supply
Of GOLD in the market Railway traffic reports
offered no trace Of reacti0nary tendency IN
business which the stock market slump has in
creased the wafchfulness for.
The last prices showed substantial losses
from Saturdays closing level
Bonds were irregular. Total sales (par valuel.
81 10000.
United States bonds were unchanged on call.
New York stock List
r. r. Hutton s. Co.. 40 California street
members Of the New York Stock Exchange,
furnish the following LIST OF bond and stock
sales yesterday;