The daily morning journal and courier., 1907-02-01
SHOCK MARKET FEATURES
AT LAST 4 FAIR RALLT WAS
 VISIBLE.

Some Real Support Given-Shorts Did
 Some COvering-CIosc Was Near
 Highest of the Day--Some Further
 Improvement Expected but No Tear
 ing Bull Hopeful Feel
 ing-Gossip of the Day,
 Stocks had a rally at last yesterday and for the time at least the bottom has been reached. N
 Genuine support was evidently ex- tended to the market from banking in- terests.
 Stocks opened firm, but they did not hold for any length ofs time. A large mass of liquidating and short selling orders came in to start prices down ward. Many weakly markined ao- counts were sold out. There were num- erous trouble rumors, which, referred to, houses in New York and London,
 The rally that occurred was the only one that has held since prices started to break over week ago, Yesterday s closing average showed the first net gain in seven market sessions.
 Union Pacific and St. Paul were among the points of special strength in the closing hour. The1market closed generally at the best prices of the day
 The market has been in "a position where rally was justified by the long continued decline and the invest ment level on which many good shares now rest.
 A good deal of heed has been given the fact that prices now are such as to yield the buyer a good return even should he have to take up his stocks for an indefinite period.
 In connection with the recovery in stocks during the moruing, reports were circulated broadcast over the country that leading bankers had ad- yised the railroads that they would not take any more new issues of notes at the present time.
 Those who watched the tapes closely found that the market rallied much more quickly than it has been doing It showed more apprehension on the part of the short interest. The sharp breaks yesterday in cer- tain ecialties-including Toledo, St Louis and western and "Soo"-and the ] earlv offering down of Northwestern on small transactions, was thought tc represent throwing over of accounts which had to be liquidated. in order to limit losses. This sort of thing is incident to all sharp declines.
 Some day the public will wake III to q realization of what it means fol a corporation to pay for $75,OOoOO' plant out of it's earnings, as the Stee people have done" said 8 broker But just now it makes no impress l sion
 Call money touched i S-4 per cent yesterday. This was the lowest ratt since the week of July 21, when 1 1-' per cent. was reached. This ease at tracted a great deal of attention, 1T view of the fact that it came at tht
 moment when the banks were Shane ing the February dividend payments and supplying bidders with money tC subscribe for the New York city $SO,' l 900 1000 loan, which is to be offered to l day.
 Erie first preferred sold ex-divident at s. This shows how preferred is
 sues of second class roads are consid cred, The stock yields at yesterday nrice about the same as Southern Railway pf. Nearly 1-2 per cent. il | heinz earned on the common.
 Now that MT. schiff has expressed his views on the situation it is inter
 estinr to find the number of bankers
 who agree with him, Most of then
 were too timid to say so publicly.
 An interesting report which wa
 current during the weakest period yes
 terday morning was that $3,OOO,OO loan was being close out by a leading
 bank. This appeared to emanate iron
 quarters where they were interested il seeing stocks go down. They wer
 short and wanted 'to cover the ad ] vantage. It seems unlikely that an in