The Montgomery advertiser., 1907-03-13
THE STOCK MARKET

New York, March -2.--The stock mar ket was notably free and still today from the voluminous and indiscriminate selling which had so demoralized an ef- feet nspeculative sentiment up to the end of last week. Freed from pres sure on this damaging condition, there was some extension of the recovery which was fitful and apparently hess proportions and apparently hesitatlng. and alternating with some renew al of selling. The selling, however, was at the highest levels and was not pursued on the declines. The Incident of the days news on which most stress was laid from the market standpoint was the interview at Washington be- tween President Roosevelt and J. F, Morgan. Mr. Morgan's appearance in the avowed role of mediator to bring about an understanding and co-opera- tion between the railroads and the na- tfonal government was accorded im- portant signification. The purpose of the proposed conference between the President and the railroad executive as to what steps might be taken to allay the public anxiety as to the relations between the railroads and the govern ment is admittedly of far-reaching con- sequence to the stock market. The ac- tion of the market today seemed to re- fleet a feeling of hopefulness that some good would result from the movement towards common understanding. The
 
 that cooperation between the railroads and the national government to secure the end sought by the government may rorserye fase. to aiiay .,n the % Hood ,.9d 4f Legislature all over the coun- try for restraint upon railroad pow CTS and which are feared especially for their variety and conflicting require- ments. Foreign markets seemed to be equally impressed with our own as to the importance of the proposed confer ence. Buying of stocks for London account was an important element in the strength of the days market. The mixture of hesitation and scepticism in | the tone of the market owed its origin | largely to the obscurtty of the outlook | over the money question. The growing 1 tightness of the New York money mar l ket became quite manifest today and | the question of resources to meet the heavy April settlements grows in im- portance. Time loans for short prices were practically unoffered today and the premiums began to appear on the interest rate. London discounts mean time rose to the Bank of England rate and the price of American eagles was raised in the London market. The Im- periaI Bank of Holland raised it's dis count rate 1 per cent. to per cent. to protect it's gold holdings. The subtreas- ury at New York has taken from the banks since the last bank statement $3,- 4S1 ,000, which Is more than enough to wipe out the surplus reserves of the banks as 1t stood on Saturday. There are large deposits being made at the sub-treasury for redemption of bank notes, but customs collections are also running very heavy. New York bank CTS are anxious, apparently avoiding to force demands upon foreign money markets for gold, owing to the bad ef- feet on the demand for American se- curities which would follow. It is for that reason that special interest is felt in the defining of the policy of the treasury department in the use of the discretionary power given it by the law to deposit customs collections as we'll as internal revenue with the banks. The money situation was called for the light demand which restricted the movement of prices in spite of the selling. The days extreme advances were not all held, but the closing tone was fairly steady.
 Bonds were irregular. Total sales par value $f,694.000. United States bonds were unchanged on call.
 NEW YORK CLOSING STOCK LIST