Show STOCK MARKET ARKET WELL PROTECTED Downward Course of Prices Decisive Decisively ly Checked r SCRAMBLE OF THE SHORTS CLOSE WAS STEADY AJ A NEAR THE T TOP P Pew New ew York May lay tock market markel was a striking of hot ho financial affairs adjust t them to any contingency l that at is fore foreseen seen en wIth sufficient clearness The precipitate fall in prices on Saturday caused real uneasiness throughout the financial district for fear of time the con of oC the shrinkage in values to sa say nothing of the dangers which were hinted at on Saturday in the vague rumor mongering incident to a abear abear bear market The event of the Wi day proved that the pr cautionary measureS which resulted were so abundantly ef effective effective as to turn the demoralized weakness into a quiet exuberant show of strength Au An important part of the mEasures In anticipation of course lay with the speculative element itself and were made in the form of sales for the short account which were put pul out dur during during ing Saturday in almost unlimited amounts The volume of short contracts proved so excessive that the expected offerings s today failed to provide material for thIs potential de demand demand mand and before the close the shorts were scrambling to secure supplies to tomake tomake make good bood their contracts The mess mea ure of the inflation of the market is thus taken and the downward cou course of prices decisively checked d having reached a point where a sufficient de demand demand mand intervened to absorb the selling There can caim he no doubt that a very large part of the buying today was wasas wasas I as a measure of protection by financial interests powerful enough to take these steps to save themselves and their as associates from the serious effects threat threatened ened by the downward plunge In prIces and the rapid shrinkage in forming the basis for huge credits Securities purchased for such a pur purpose purpose pose are not expected to be held per permanently permanently and may be looked for in the i offerings for sale saJe on an any moderate re recovery Overy covery or when thE purpose of steady log ing the market is effect d These sales of such purchases are pretty sure to cause fause the first heck chock to a rebound The support In the market tOday was not effective without a sharp glo gi at ntH mime time a threat threatening offing ening setback alter after the first t stand had been made against A great many calls went out to customers from commission houses all through Val street el on Saturday ni night ht margins because use of the rapid declineS of last week and return orders to sell sellout sellout out or failures to rt respond spond to calls calis for additions induced very er large prESsure to sell when the market opened Jondon was taking a holiday but notwithstanding standing this a notable feature of the earl early trading was the heavy demand for foreign account hers her which said to COme from various quarters in Europe None of the whispers of money troubles which circulated freely on Saturday was confirmed by events today and amid this had a substantial in influence fluence in convincing many sellers on Sat Saturday that the they had been precipitate tate After the urgent demand from the x morts had bad been sati satisfied fled the market much quieter and showed a disposition to await developments Re He RePorts ports of net earnings of railroads for March showed some important in increases creases such as for Union Pacific 25 f per cent St SL Paul 12 per cent Illinois Central 16 6 per cent and Colorado 8 Southern no l I ss than per cent The March llarch figures of oC traffic of some of the great groat systems are reported to have reached record figures for an any month The usual weekly reviews by railroad traffic officials today however admit a considerable shrinkage from the March level although general sa satis satisfaction faction is still professed with the busl busi ness offerings The belief in general prosperity 6 stems ems unabated but confidence confidence dence is ig recognized as a prime lIt ces sity ity in iii the maintenance of prosperity and there i is some question to be en whether the vents events which have shaken speculative confidence in inWall Wall Van street treet have left the fun full confidence of the business world at large unimpaired pared paired by shary recovery was well maintained ama the closing was steady near the best BOI s were firm Total sales par value United States bonds were aU all un unchanged cum changed ed on call |