The daily morning journal and courier., 1907-03-19

time yesterday until near the close, when after some weakness had been shown drive carried prices down. ward, and the net loss for the day in the actives was from to s points.
 The short interest, though still large, was much reduced on Friday and Sat urday. Then the investment buying was so conspicuous an element at the end of the last week, stopped after prices had recovered an average of $9 share. Therefore both from weak ened technical position and from re- duced buying power the market was ripe for a reaction.
 Prices came in from London from to points lower, said to be due to bearishness on the part of a powerful railroad, and banking group. London sold fully 60,000 shares before our mar ket opened One theory was that sim mered down to fact the situation is that the Rock Isand party and the Hartman Standard Oil people are still showing their teeth to each other"
 Part of the selling yesterday was of stock carried through the panic when 1t could not be sold except at great sac rifces, but which the holders seemed anxious to liquidate at the improved level.
 European buyers did not propose to retain their purchases. How much of a figure was cut in the vigorous to 10 point recovery of Friday and Sat- urday by foreign purchases is a pure matter of conjecture; all evidence goes to show, however, that they were un- usually large.
 Commission houses settled down to normal basis yesterday, and the num- bers who crowded them Thursday, Fri day and Saturday were greatly reduc- cd Estimates have been made of an odd lot of business in the three days running into the hundreds of thousands of shares and of purchases of bonds aggregating many millions of dollars. This was an occasion when the public hel the bag
 In spite of the big recovery 1t Is reck- oned that stocks, according to divi- dends paid, are still on an investment basis. There is a feeling, however, that the many increases in dividends last year were due as much to a desire to distribute stock as to give shareholders a larger portion of revenues.
 There seems to have been some clash between English bidders and our own yesterday in the Lombard street gold market and meanwhile the strain at Berlin was evidently frightened.
 The feeling about Union Pacific is that from now on it will sell on the basis of a 6 or per cent stock. If the Hartman interests, smany think, had not plasaned a big stock market coup they never would have raised the rate to 10 per cent.
 sold at 1855 3-4, and then jumped two sold at 1855 3-4, an dthen jumped two points to 13 1894, on three or four sales.
 In the last fifteen minutes all the active shares went off, with Union Pa cific and Reading leading.
 One of the causes given for the de- cline was the failure of the President to issue a statement outlining his views on the railroad situation.
 Renewals yesterday were at per cent. The rates soon broke to per cent. on the offering of $10,000,000 by the National City bank. The fact that the banks have gained nearly $2,00O,O 900 from the sub-treasury, the first credit in a long while, indicates that the treasury orders are giving some help.
 The presence of the bear party to- day was made evident by brisk de- mand for certain stocks. Union Paei- fic loaned at 3 per cent, St. Paul 2, and Pennsylvania at 1 1-2 per cent. during the morning. This fact dlrect- ed attention closely to Union Pacific, and some predicted that forced liquida tion in the Hartman stocks is not all over.
 The best feature of the day was the improvement in the money situation. Time loans were lower.
 The railroad regulation subject did not attract much attention yesterday Some observers thought it had been fully discounted in last weeks collapse in stocks It was generally felt that nothing definite would come out of MT. Mellen's visit to Washington, and that there would be no early statement on the subject from the president.
 Money for yesterday: High 6, low ?,