The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-13
[ THE STOCK MARKET
{ HAS CALMER TONE
Conference Between President
and Morgan is Discussed
A SIGNIFICANT INCIDENT
Action Of Market Seems to Reflect a
Feeling of HopefuIness That Good
VIII Result From the Pro.
posed Meeting.
A SIGNIFICANT INCIDENT

New York, March 12.-The stock mar
ket was notably free and still today from
the voluminous and indiscriminate SELL
ing which had so demoralizing an effect
on speculative sentiment up to the end
of last week. Freed from pressure of this
damaging condition there was some ex-
tension Of the recovery which was in
force yesterday. The buying demand
which affected this recovery was fltfui
and apparently hesitatins, falling at
times to very meagre proportions, and
alternating with some renewal of selling.
The selling, however, was at the highest
levels, and was not pursued on the de-
clines.
The incident of the days news on which
most stress was laid from the market
standpoint was the interview at WASH
ington between President Roosevelt and
]. P. Morgan Mr.. Morgan's appearance
In the avowed role of mediator to bring
about an understanding and cooperation
between the railroads and the national
government was accorded important sig
nifcance. The purpose of the proposed
conference between the President and
railroad executives as to what steps
night be taken to allay the public ankle
ty as to the relations between the rail-
roads and the government, is admittedly
of far-reaching consequence to the stock
market.
The action of the market today seemed
to reflect a feeling of hopefulness that
some good would result from the move
ments toward common understanding.
The ground of the hopeful feeling seems
tn he between
roads and the national government to Sc
cure the end sought by the government
may serve to allay the flood of measures
now pouring into state legislatures all
over the country for restraint upon rail-
road property, and which are feared
especially for their variety and conflict
ing requirements. Foreign markets
seemed to be, equally impressed with our
own as to the Importance of the proposed
conference
Buying of stocks for London account
was an important element in the strength
of the days market. The mixture of
hesitation and scepticsm In the tone of
the market owed it's origin largely to the
obscurity of the outlook over the money
question The growing tlghtness of the
New York money market became quite
manifest today, and the question of re-
sources to meet the heavy April settle
ments grows in Importance. Time loans
for short periods were practlcally unoI-
fered today, and the premiums began to
appear on the interest rate. London dis
counts meantime rose to the Bank OF
England rate and the price of Ameri-
can eagles was raised in the London mar
ket The Imperial Bank of Holland raised
it's discount rate / per cent to per cent
to protect its gold holdings. The sub
treasury at New York has taken from the
banks since the last bank statement
So, COO, which is more than enough TO
wipe out the surplus reserves of the
banks as it stood on Saturday. There are
large deposits being made at the sub
treasury for redemption of bank notes,
but customs collections are also running
very heavy. New York bankers are anxi-
Gus apparently avoiding to force demands
upon foreign money markets for gold.
owing to the bad effect on the demand
for American securities, which would fol-
low. 1t is for that reason that special
interest is felt in the defining of the
policy of the treasury department In the
use of the discretionary power given by
the new law to deposit customs collec-
lions as well as internal revenue with the
banks. The money situation was held
responsible for the light demand which
restricted the movement of the prices in
spite of the selling.
The days extreme advances were not
all held but the closing tone was fairly
steady.
Bonds we're irregular. Total sales. par
value. 81, $4,000. United States bonds were
unchanged on call.