The San Francisco call., 1907-03-13

NEW YORK. March I2-The stock market
wse notably free today from rne Noluhlhcus
mora lized the speculative sentiment op 70 % ~
end of last week. Freed from pressure OF inns
damaging condition. there was some extension
of the recovery which In force yesterday
The buying demand which effected tins re-
coverv was ftful end apparently hesita tlng
falling st times 10 very meager proportions ano
alternating with some renewal OF selling. Inc
selling. however. 81 the higher levels sno
not pursued on the declines The incident
~ the dav's news Thicb-most stress was
laid from the market standpoint was the ~
rcrview At Washington between President Roose-
suce IN the avoved role Of g mediator TO bring
shout an understs nding and cooperation between
the railroads and the national government vas
accorded important significance Ioe puIpose
~ the proposed conference between the fresi-
dent and railroad execltives as 70 what steps
- the relations between the railroads and the
government is admittedly Of far-reaching con
fsouence 10 the stock market. The action Of
rhe market today seemed 10 reflect feeling
Of hopefuluess thar some good would result
from The move toward common Understanding
The ground hf the hopeful feeling seems 10 be
tbst co-opers tion between the railroads and the
national government 70 secure the ENDS sousNt
~ the government may serve 70 aliaT the nooo
~ measures now pouring into State Jeeisla-
fures Ell the country for restraint upon
rsiirosd powers and which are fesred especially
for their variety and conflicting requirements.
Foreign markets seemed 10 De equally impressed
with our own as 10 the Importance Of the pro
posed conference. Buying Of stocks for London
strength Of the day's market. The mixture Of
hesitation and skepticism IN the tone Of the
market owed its origin largely 70 the obscurity
of rhe outlook over the money question. Grow
ing rightness Of the New York money market
became quite manifest today and the question
Of resources 10 meet the heavy April settle
Iuents grows In importance Time loans for
short periods were practically uno6ereo today,
and premiums began 70 appear on the interest
rste. London discounts meantime rose 20 the
Bank Of England rate: and the price %. fmeri-
spsrrows raised in the London mar
ker. The Subtreasury at New York has taken
from the hanks since the last bank statement
So 4si 600, which r. more than enough TO wipe
out the surplus reserves OF the banks it
stood SATURDAY. There large deposits
being made ~ the Subtreasury for redemption
Of hank notes but customs collections are slso
running very heavy New York BANKERS are
snIious apparently to avoid forcing bonds upon
. foreign money markets for gold, owing 10 the
bso effect IN the demand for American securi-
ties which would follow. II is for that reason
; that special interest is felt In the defining Of
fhe policy Of the Treasury Department IN the
Of the Discretionary power given ft nv the
new law 70 deposit customs collections well
internal revenue taxes with the national
he nks The money situation called ere
eponsible for the light demand which restricted
the movement Of prices In spite Of the snb
eldence Of the selling Today's extreme ad-
vsnces were not sn held. but the closing tont
fairly STEADY.
Bonds irregular Total sales fpsr rsluel
s. ,e9s .0oo. United States bonds were unchanged
on call.