The daily morning journal and courier., 1907-03-28
STOCK MARKET FEATURES
ATTACK TO DEPRESS VALUES
 FELT IN LAST HOUR.

FELT IN LAST HOUR. Reported Bankers Pool Subject of
 Some Discussion-First Transaction
 in Lake Shore in More Than Month
 Chief Reason for Turn in Market
 the Practical Aid Given by Treasury
 Officials.
 The attack by the operators who were trying to depress values was felt in full effect in the last hour, when Union Pa cific was driven down below 130, North ern Pacific to 12O 1-2 and Smelling to Ill 3-4, representing extreme losses of 5 to points. Support was almost who'll ly lacking. Ttlis had a disturbing eff feet. Many were asking where the supposed relief syndicate" was. and whether it had not sold out early in the day as many stocks as the market would take. Prices rallied somewhat after the mid-afternoon break, but there was very little buying power"
 The reported bankers relief pool'' was a subject of some discussion yes- terday It did not induce much buying of stocks. The stocks which the alleg- ed pool was credited with buying were chiefly Pennsylvania, Union Pacific, Southern Pacific, St. Paul, Northern Pacific, Steel and Amalgamated Cop per- It was assumed that if these stocks recovered others would do like wise Pennsylvania and Steel led Tues days recovery.
 At the time that James J. Hill was trying to secure control of a Chicago connection for his Great Northern and Northern Pacific systems he is reported to have tried to get St. Paul. James Henry Smith at that time was credited with holding $10,OOO,0OO St. Paul stock, and was said to be the largest stock holder MT. Smith was alleged to have placed value of $25O share on his stock, and appeared indifferent to sell ing at any price. Other wealthy hold CTS also named prohibitive prices, and the deal fell through. After that Mir. Hill paid $2OO share for Burlington.
 There were 150 shares of Lake Shore stock sold at the weekly auction sales yesterday at 3O5 down to 300. This is the first transaction in this stock in more tran q month, and represents a decline of 35 points from the last sale on the stock exchange on December IT last.
 The chief reason why the market turned and why it was so strong again yesterday was the practical aid given the money market by treasury officials and the indications. that the admins tration is more inclined to take note of the influence on general business con- ditions of so great a shinkage in se- curity values. The belief now is that the serious phase of the money situa- ton is over, and that the middle of April will see relatively easier rates.
 With yesterdays failures at the set- clement London has record of ten suspensions in the past month. New York has had none though the strain there has been much greater than abroad. It is said for London that the failures have been of small men with limited credit. To this one might re- ply that not even a New York curb broker has gone down in the crash. This market has undoubtedly had larger outside domestic resources to protect it than any other.
 About the only specific unfavorabe element now is the railroad strike prospect. This is thought to be rather serious. The railroads are not in a po- sition now to raise wages, as operating costs are already out of proportion vita gross earnings.
 The arbitrabe purchases amounted to { S000O or 40,000 shares. The successful completion of the settlement restored | confidence and led to buying of Amer ican home securities and eonsols. No change in the bank rate is expected to-day.
 YESTERDAY,S STOCK MARKET.