The daily morning journal and courier., 1907-02-14

4He SloCk market naQ US pull DoOLS on yesterday and prices rose quite rap idly in all parts of the list. The tired feeling" seemed to be dissipated to large extent and the renewed optisism was due to prospects of useful financial legislation, while the bears, frightened by the strength of the marked, rushed to cover.
 Sentiment has grown very much more favorable in the past week, and natural ly increases in strength as prices rise. It was apparent fortnight ago that liGuidation was near its end. Then the buying based on good investment values began.
 The market throughout held well above Mondays closing prices, and, in the late trading. broadened materially with genuine buoyancy. There was good support at the higher lever.
 In general it was the purchase of 50,- poo shares for London account and the Indications that some form of currency relief will pass congress at thi session that gave the market its start. The fact that stocks in London on Tuesday was bid above Mondays New York closing prices and that, again yesterday morning, the foreign market rose above tts own level of Tuesday, seemed to es- tablish the advance on a somewhat per- manent basis The London buying was chiefly in Steel, Anaconda, Southern Pacific and Atchison.
 The markets renewed hope was based on the action of Senator Aldrich in re- porting his measure providing for the issue of gold certificates in $5 and $10 denominations, and making it possible for the banks to retire three times the volume of circulation that is now al- lowed under the present limit.
 Technically the market is losing in strength as the short interest diminish es, though such evidence of strong ab sorbing capacity as it showed yesterday when realizing sales were on a large scale, gives it a better position than for some time.
 Senator Aldrich's measure preserves some features of the bankers plan, which was carefully considered at the recent conference at Washington. The simplicity of the scheme is what leads to the conclusion that it may go through, and that it has the approval of the leaders in both branches of con- gress.
 Tn two months exports of cotton amounted to about $145 5OOO,OO0, which, with $5O,OOO,00O of railroad notes taken abroad and the transfer of large block of securities from London to New York, explains why we are able to draw gold from the English market.
 First transactions were at general ad- yances, with Anaconda Copper the feat ure. It came out at wide opening prices some points above Monday s closing and quickly rose to 300 IA, a new high record.
 Tn the midst of so much evidence of rising railroad costs decrease of $609,- GOO in the December quarterly statement of the New Haven attracts attention. Going further, however, an explanation seems to be found in a rise of $1,664,0O0 in fixed charges. In other words, im- nrovements are capitalized instead of paid for from earnings.
 The previous high record of Anaconda Copper occurred just year ago yester- day, at which time the termination of Litigation between the Heinze and lAmal- gamated Copper interests was announce ed. and it was made known that the United States company had been &C., ouired by people affiliated with the Amalgamated. The highest price of Amalgamated Copper for 1906 was also touched on February 1S.
 The recovery fro nthe low level of ten days ago is something over ? per cent. The total decline was nearly IA per cent. Individual shares have risen from to 6 points. The sentiment among the bulls seems to be that stocks have a right to an additional average advance of 3 to 5 points before mother decline.
 The idea that the dividend on Ana conda will be increased in the near fu- ture, or that Anaconda will be eXchang- ed for Amalgamated Copper, was not generally entertained.
 Those who pretend to have knowl- edge of how far the present upward movement can go say that the rise will culminate coincident with the Harri- man investigation on the 25th, unless his testimony is very bullish.
 It looked very much yesterday as if bankineNinterests were paying much more attention to the market and saw the way clear to higher prices. Many large blocks of stock came out yester- day afternoon, and closing prices were with only a small recession from the top