The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-03-22

| Of the stock market was accepted as a
| dc demonstration Of the profound dis
| trust of values which has resulted
from the smash in the securities mar
kets. There was a violent rally at
| the outset from the depression Of yes
| terday and the fears which were so
| general yesterday that some important
| failure was imminent as a conse-
ouence OF the stock market slump had
sutsided to a large extent. Little was
heard Of yesterdays rumors. In fact
Il became quickly obvious that the Ge-
naEd which put prices up was Of a
| strictly professional character and
tl'at the highe~ prices were taken i'd
vantage Of for the free marketing Of
| stocks. In a lew stocks this selling
had the appearance OF forced liq2I.
datiOn and it was taken for grart-d
that further closing out of the Grip
| pied accounts was in progress. II
| was not this, however, which had the
II est discouraging effect on specuIa-
two sentiment. Rather it was tiIe
prCstratiOn Of the demand al any c V
c. prices thus far touched. The sup
position was induced that buying ar
the first declines which was attrib IL
&c to so called bargain hunters AMI
which would be presumably taken Cu+
OF the market was in fact designed
SD ply for a profitable turn in .hc
market on its first rebound from yio-
lei declines. Dealings Of this kind.
for foreign account especially, have
proved disappointing and have con-
back upon the market in volume al
most equal TO the purchases on The
decline. Moreover. the demand at re-
neWed declines proved much Tess effec-
tive than on the downward plunge.
the more deliberate downward move
ment seems to be feared more than
tie panic break for the greater Lack
Of resiliency which it may show. The
mysteries Of the sources Of the enor-
nous sales and the corresponding
losses, which are presumably frotl
last weeks market as Il culminati1u
OF the previous heavy decline, are
not yet cleared up. This helps to con-
fuse the attempted explanation Of the
causes Of the forced selling. The
/ grounds for the present conditions in
tie worlds financial markets are in
fact not yet clearly understood. The
TClnt in the situation which is out
OF joint remains obscure. That the
| situation is out of joint makes IT,
u over the causes more impress
siVe in begetting caution and cOnsa~-
vatism. Opinions are much mixed as
to the relative importance 10 be al
lowed to sundry factors in the pre-
sent situation including tightness Cf
money in the strict sense which -
world wide, and actual shOrtness of
capital as distinguished from money
| ID meet huge demands for new outlay,
a distrust on the part of capital OF TIE
credit of corporations which ask for
rev supplies, the part played by the
anti-corporation agitation in causing
this d1Strust and the part played iy
the large output of gold in ~dislOcating
PREVIOUS relations in prices, interes'
rates and other standards which form
Tire basis for financial and commercial
| CLeratiOns. In tOday's market theto
| v a some fear that special develop
1nents overhung the market with
which it would still have to contend
in effecting any recovery. Stocks
which have lain dormant through all
the disorder Of the panic period but
which are, nevertheless subject to
altered conditions of values and Of
credits were under observation duriu@
the day. Explosive possibilities wee
| suspended in at least one such stock.
| The suspicion was a factor in the ur-
settled state which still hung about
the market. Money continued I O
work easier, but the passing Of April
LIST settlements, both here and abroad.
is somewhat dreaded Sterling en-
| change continued TO decline, broaden
irs the apparent profit on the erga-
cement of gold abroad for import. The
| ext IN fluctuations Of the dav from
the opening high level to the depth
If the reaction were wide, b. he
days net changes on some Of tn
most active stocks are mited to aurolI
| fractions.
Bonds were irregular, ontal sales
par value $4,000, 900. United States
| bends were unchanged on call. Total
I sales stocks today 913,Sa0 shares.