Omaha daily bee., 1907-03-13
NEW YORK STOCKS ANDBONDS
Market is tt1 Pres iron VOluminouu and
Indisoriminate Ceiling,
RECOVERY OF MONDAY is CONTINUED
MOrEan's visit 60 white House Gives
Feeling OF HopefuIness 20 Hold
ers of Railroad Issues
Close is steady.

NEW YORK, March 12-The stock market
was remarkably free still today from the
voluminous and indiscriminate selling which
had 90 demoralizinR an effect on specula-
tive sentiment up to the end Of last week
Freed from pressure Of this damaging con-
dition there was some extension OF the re-
covery which was IN force yesterday. The
buying demand which affected this recovery
was htful and apparently hesitating, fall
and alternating with some renewal OF SELL
ing. The selling, however, was at the
higher levels and was not pursued on the
The Incident Of the days news on which
most stress was laid from the market
standpoint was the interview at Wsshipg-
Morgan. Mr.. Morgan's appearance in the
avowed role Of q mediator to bring about
an understanding and cooperation between
the railroads and the national government
was regarded as an Important Significance,
The purpose OF the proposed conference
between ithe president and railroad eXecu-
tiyes as to what steps might be taken to
alay the public anxiety as to the relations
between the railroads and the government
to the stock market. The action OF the
market today seemed to reflect feeling
OF hopefulness that some good would re-
suit from the move towards common
understanding The ground Of the hope
full feeling seemed to be that cooperation
between the railroads and the national gov
eminent to secure the ends sought by the
government may serve TO allay the flood OF
measures now pouring Into state legisla-
lures all over the country for restraint upon
railroad powers and which are feared es-
peciRlly for their variety and conflicting.
requirements. Foreign markets seemed TO
pc equally Impressed with our own as to
the Importance OF the proposed conference
Buying Of stocks for LONDON account was
an important element IN the strength OF
the days market.
The mixture Of hesitation and slepticism
In the tone Of the market owed it's origin
largely to the obscurity oyer the money
outlook Money tightness of the New York
MONEY! mnrEef hnpaTOH
the question Of resources to meet the heavy
April settlements grows in Importance.
tically unoffered today and the premiums
began 20 appear on the interest rate. Lon
don discounts meantime rose to the Bank
or England rate and the price OF American
eagles was raised in the London market
The imperial bank Of Holland raised its
discount rate per cent to per cent, to
protect It's gold holdings. The subtreasury
at New York has taken from the banks
since the last bank statement S3,4S1 900,
which is more than enough to wipe out the
surplus reserves Of the banks as Il stood
on Saturday There are large deposits
| being made at the subtreasury for redemp-
ton OF bank notes; but customs collections
are also running very heavy. New York
| bankers are anxious apparently to avoid
forcing demands upon foreign markets for
gold. owing to the bad effect on the de-
mand Tor American securities which would
| follow. 1t 10 for that reason that special
| interest is felt in the defining OF the policy
q the treasury department in the use of
the discretionary power given II by the new
! law TO deposit customs collections as we'll
as internal revenue taxes with the national
banks. The money situation was called
responsible for the light demand which re-
! stricted the movement OF prices In spite
| or the subsidence of the selling. The day 8
| extreme advances were not all held, but
the closing tone was fairly steady
Bonds were irregular. Total sales, par
| vSiue, a,6g4OOO. United States bonds were
unchanged on call. ...t1 81 n
The following was the range OF prices on
the New York Stock exchanges: t1T