Los Angeles herald., 1907-03-13
SLOW REACTION
IN STOCK VALUES
PRESIDENT C0NFERS WITH
RAILROAD MAGNATES
Wall Street Operators Look for Better
Conditions, with Common Under
standine--Money Market Is
Tighter in New York
IN Assooiated Press.

By Associated Press
NEW YORK, March 12.-The stock
market was notably free today from
the voluminous and indiscrlmlhate
selling which had so demoralized tns
speculative sentiment up TO tne en1 q
OF last week. Freed from pressure on
this damaging condition there WE
some extension OF the recovery Which
was i'm force yesterday. the puylnE
demand which effected this recovery
was ftful and apparently hesitating'
falling at times to very meager pro-
portions and alternating with some re
newal Of selling Lhe ,eSsis selisns and "V@ was
not pursued on the declines; -
The incident of the day news on
which most stress was laid from tne t
market standpoint was the interview
at Washington between President
Roosevelt and j. p. Morgan. Mr.. MOT
gan's appearance in the avowed Iole
standing and cooperation between the
railroads and the national goNetifni-
ment was accorded important slgnlll11
canoe. The purpose of the proposes
conferences between the president ana
railroad executives as to what steps
might be taken to allay the pupilc
anxiety as to the relations between tne
railroads and the government is ad-
mittedIy of far-reaching consequence
to the stock market. ,.
The action of the market today
seemed to reflect a feeling OF nope,
fulness that some good would result
from the move toward a common un-
derstanding The ground of the hope
full feeling seems to be that co-opera-
tion between the railroads and the
national government to secure the ends
sought by the government may serve
to allay the flood of measures now
pourinP into state legislatures all over
the country for restraint upon railroad
powers and which are feared espe-
cially for their variety and confilctlng
requirements.
ly impressed with our own as to the
importance of the proposed conference.
Buying of stocks for London account
strength of the days market. Inc
mixture of hesitation and skepticism
in the tone of the market owed its
origin largely to the obscuritX OF the
outlook over tine money question.
Growing tightness of the New YORK
money market became quite manifest
today and the question of resources
grows in Importance Time loans Tor
short periods were practically unoffered
today and premiums began to appear
meantime rose to the bank of England
rate and the price of American Spar
rows was raised in the London market.
The subtreasury at New York has
taken from the banks since the last
bank statement s3,4S1,000, which is
more than enough to wipe out the
on Saturday. There are large deposits
being made at the subtreasury for re-
demption of bank notes but customs
collections are also running very
heavy New York bankers are anxious
apparently to avoid forcing bonds upon
foreign money markets for gold, owing
to the bad effect in the demand for
American securities which would fol,
low. 1t 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 new law to deposit
customs collections as well as internal
revenue taxes with the national banks
The money situation was called re-
Sponsible for the light demand which
restricted the movement of prices in
spite of the subsistence of the selling.
Todays extreme advances were not all
held, but the closing tone was fairly
steady.
Bonds were irregular. Total sales,
par value. S1,694,00
United States bonds were unchanged
on call.