The daily morning journal and courier., 1907-03-13

But There Was Net Gain in Prices
 Less Trnding-$1, 100000 Gold En-
 gagged in EurOpe--sentimen Was
 Helped by MOrgan's Move-stuyves-
 ant Fish in Mo. F.
 The stock market yesterday held firm with net gains in prices for the day. despite heaviness toward the close of the session.
 The general trend indicated the mar ket's recovery of its equilibrium. Prices went niger, and in some in- stances the advance was raid. But the trading at all times was quiet and re- ffected an extremely cautious temper on the part of the financial community.
 Much satisfaction was expressed with the reports of MT. Morgan's trips to Washington, and with the conference which he succeeded in arranging be- tween the president and several of the railway heads, and hope was expressed that this meeting might result in some reassuring statement regarding the ad- ministrations attitude toward the rail- way problem. This undoubtedly was the main incentive to the market ad- vance yesterday.
 The Improvements was enough to give greater courage to the bull clement al- so to increase caution among the short interest.
 In view of MT. Harrlman's state- ment that several hundred millions of capital had been lost because E.uro- peans were frightened at the uneasy feeling over corporation agitation, it was significant that MT. Morgan had appeared as an Intermediary for the foreign investor. From this 1t is in- ferred that, given a satisfactory settle- nent of the existine differences of opin- ion, Europe will be once more willing to buy our bonds and notes, and per- haps some stocks.
 Tight money crops up again. No movement involving fresh combination of stocks on large scale and a rising market can be looked for on the basis of the present bank position; nor Is 1t easy to see how that position can be improved through increase in reserves. As high as 1-2 per cent was paid for time money yesterday, with 6 per cent. for twelve months. The banks have lost over $9,O0O,0OO already this week in government operations.
 With the announcement that $1,00O,- 900 gold in transit from Holland to London had been diverted to this cen ter, foreign markets adopted quick ob- structive measures yesterday in the effort to ward off the American de- mand.
 The market did not advance without some opposition. The trailers after the bear party, who have refused to cov- CT, kept offering stocks, But they did so nalf-heartedly.
 An interesting feature ofthe after noon movement was the drop of point in the price of Pennsylvania stock at the moment when the news was circu- lated that the stockholders meeting in Philadelphia had ratified the companys new capital proposition.
 AS an illustration of the size of the short interest it was stated that one house was borrowing 100000 Pennsyl- Yania.
 The bidding up was mostly profess sional, and very little banking absorp- tion was reported. It is probable, how ever, that investment buying was on a larger scale. There was still some short interest in the market, though 1t was reduced as result of the days operations. The attitude of the large interests to- wards the market was more friendly than for some days Brokers who rep resent certain clicques openly bought | their specialties.
 There was heavy buying in United 1 States Steel stocks at the close. This ! helped the common stock, which be- came one of the most active featurse l at the last.