Los Angeles herald., 1907-03-12
STOCK MARKET
PRICES IMPROVE
OFFERINGS OF SECURITIES
CHECKED
Belief Is Current That Low Level Has
Been Reaohed--Tlme Money
Strong, with Loans at
six Per Cent
BY Associated Press.

BY Associated Press.
NEW YORK, March 1.-THE action
of today's stock market served TO
strengthen the impression Of the long
period of liquidation had run It's
course. This supposition was already
forming itself In the speculative atti-
tude toward the market last week
owing to the large absorption going on
at various points at the stock list even
while the most acute weakness was
susceptible at others. The improve
ment in the market must be set down
in a large part to a subsistence OF the
pressure to sell more than to any large
urgent demand for the stock The de-
cded dimlnution in the volume of the
market is an index of this fact. How
ever, the demand was more than sur
ficient to overweight the greatly Tess
ened selling and to carry prices sub
stantially and comprehensively up
wards.
No striking change in conditions was
cited. as the occasion for the declines
already forced, it is argued, go far to-
wards a readjustment of prices to
wide possible deterioration from pres
ent industrial conditions rms con
tention is given additional force by the
continued absence of any sign of the
upward reaction in the different trades.
The mercantile agencies report full
tide of demand for all lines of mer-
chandise with business above last
years corresponding period. The. coun,,
try's bank clearings last week showed
a material expansion over both the pre-
ceding and the corresponding week of
last year. Railroad traffic officials
continue to complain of lack of cars TO
move fruit which is offering still in
unabated volume Authorities in steel
trade insist that the demand for all
lines of finished products continues at
flood tide. These conditions serve to
keep in check the apprehension caused
by the avowed purpose of the railroads
to retrench all possible outlayS from
new improvements.
The tone of the call money market
was perceptibly easier today in spite OF
the weak showing of the Saturday bank
statement The large cash loss shown
by the statement was attributed to a
rectification of the previous week.
Some special requirements for stock
and note subscriptions are to be met
New York's bid for gold in London
today was again ineffective except to
cause a fractional advance in the price
which the Bank of England was
obliged to pay for the gold. Sterling
exchange in Paris was again strong
and it was reported that part of the
London supply of gold was made up of
American eagles, presumably received
from Paris.
Money and discounts receded in Lon
don but advanced in Berlin. Time
per cent for periods up to six months.
The banks, however, are making large
payments to the subtreasury for re-
tirement of circulation.
1t is reported that the full $4,000
quota of the monthly retirement al
lowed under the new law has been al
ready applied for at Washington for
this month. The days extreme ad-
profit taking of the final hour, but
substantial net gains were left. The
dosing tone, however was easy
Bonds were irregular. Total sales.
United States bonds were unchanged
on call.