The daily morning journal and courier., 1907-03-12


 Was Quite Steady Until the Last HOur-over 4,OOO Little Lots of Stock Bought Yesterday by Investors. The stock market had rally yester- day, and sentiment was mich more cheerful than it was last week. The rally kept up until the closing hour when prices slipped off considerably rom the highest.
 level to which prices had reacted and the return which high-cIass securities gave at current quotations The fact tHdt stoeKS are now nearly as cheap as money has been well advertised and has brought response in the shane of the largest odd-lot buying the street has seen in several years. Over 900 such transactions were cleared yester- day.
 The evidences were that buying of a substantial character had made a much deeper impression on the market sup ply ln the closing days of last week than had been commonly supposed, and that many, if not q majority, of the list were in position where control by poWeftul interests had again been re- established.
 Of the situation as a whole it must be admitted that the market cannot suddenly change it's entire aspect, and lnat those who bought at the low lev els are not doing so for permanent ac- counts, but will figure as sellers when ever the list advances sufficient to af- ford a good profit.
 The resumption of bearish activity in the last hour was because the fact began fO i01nrpcc ifca1F a t,,l of the professional traders that stocks had had pretty generous recovery from their low levels; that the gains, indeed, extended from to points speculative position might in conse- quence have been rendered rather vul- nerable again.
 Great Northern preferred made a new low record under this selling whole market closed unsettled at a con- siderable decline from the high figure of the early afternoon.
 In spite of the days upturn in prices, there was some belated liuuidation and readjusmtent of values. Jersey Gen. tral, Tennessee Coal and Iron, Duluth, South Shore and Atlantic, Nickel Plate, United States CasS Iron Pipe, Pacific Coast and United States Steel 5s were
 
 prices not equalied for several years. Tennessee Coal has been trying to stay above 140. with the rest of the market at the lowest in years. Yes terday it had it's turn. It is still on q government bond income basis.
 Great Northerns decrease of $551,000 in gross for February-some 20 per cent-n1ay have been the ostensible reason for selling this stock. But it may be noted that the Hill issues have checking a rally, Such seems to have been the case yesterday. Northern Pa cic sold off in the late trading.
 It is said that the dividend on Atch. ison will be increased at the end of this month. A poll of directors was taken at last weeks meeting, when it was decided to raise the rate to per cent semi-annual. This is the cause of the stocks advance.
 News developments were generally more favorable It is probable that the reports of gold engagements had some effect on sentiment, though not much hope was held out that any gold imports could be brought about in the immediate future because of the money market tension in two leading financial centers of Europe
 The bulk of the buying was by the short interest pufThe extent of this Is large. It was said that one house that borrowed 125,00O shares Saturday took up 40000 shares of Pennsylvania Sew eral houses that have been lending stocks freely lately called their loans yesterday. Southern railway preferred loaned at a premium of 1-16.
 The rapid recovery of Steel common was one of the midday features This created a good impression, because Il tended to set at rest the stories about large cancellations of steel orders by the railroads,
 Thursday, March A. donation day foI