The daily morning journal and courier., 1907-11-07

corporation of its heretofore great com- petitor, the Tennessee Coal & Iron com- pany.
 Relaxed in some degree the pressure on the banks, and along with the ef- fective relief measures at last applied S in the case of the two trust compan- . ies, began to bring order out of the ! past weeks chaotic conditions. Next and as natural consequence, it check ed the extravagant bidding by our banks for sterling bills, with which to draw more gold from London. Ex- extravagant rates of 4S9, or higher, to something below international parity It is now felt, moreover, that with ths gold from Europe now on the way, there will be enough of the yellow metal to meet the pressing financial needs.
 The early gains were led by such etocks as Union Pacific, Southern Pa- fif1c, Reading, the Hill shares, Penn Bylvania, New York Central and Unit d States Steel. The rise in the Steel hares was particularly significant in view of the Tennessee Coal & Iron pur- phase. There was covering of out Standing contracts by the short inter- st. This interest, it turned out, had : ecome very heavy because of the fa- ilities that brokerage commission ouses have offered lately for short cling as compared with marginal0 ealing on the long side
 London bought IS, GOO shares of stocks #n balance in this market yesterday, 5 blling very little. Sentiment towards tlr market was reported as very much aproved although people in Europe 'ok with misgiyings upon the drain of zz : bid to America
 A suggestion made in Wall street esterday was that the Harriman-tTn- n Pacific tangled situation could be 2 noothed over a good deal if the or mization of the proposed holding Pmpany for the Union Pacific assets Pould be so arranged as to relegate \ r. Harrimans activities in the future the Union Pacific proper. This puld doubtless prevent the bringing of vernment suits to destroy the con- Hction between the Union Pacific and her railroad companies.
 Although stocks were firm all the orning, and were around the top early
 the afternoon, business was on a ther small scale as brokers were ecking trading transactions. A few okers used their own discretion and rmitted operations on 25 points mar l, It was clear, however, that many eculators were very cautious, and re afraid to buy after the recent col. bse.
 Traders were early inclined to bid for cks There was an absence of sell
 pressure. It was taken for granted wever, that 1t will probably be some he before the banks encourage any Pculative upward movement. The Bence of liquidation was, however, an Fouraging feature.
 he market sold off in the last hour
 rumor that the Bank of England ght go on 8 per cent basis at the citing to-day, and on the receiver for a North Adams mill. [uch favorable comment greeted the ion of Secretary of the Treasury
 telyou in helping the situation at
 Paul and Minneapolis in connection h the grain movement and also the
 extended by him at St. Louis, New eans and other sections. Owing to
 financial crisis, grain has been con- Eely tied up in the northwestern
 es.
 he receipt of a large number of buy
 orders over the holiday was re-
 ted by commission houses, Some
 hese orders were "at the market"
 others at price limits of about the
 le range as Mondays closing. The
 CTS at limits generally could not be
 cuted, but the orders at the market
 decided impetus to the specu-
 pn. The attitude of the room trad who had nearly all turned bullish,
 led the market up.
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