The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-29
PRICES DECLINE IN
STOCK MARKET
There Was Slight Resistance in
Early Trading
THE COMMISSIONS REPORT
Report on investigation of Methods of
Standard oil Company Affects
Trading In Wall
Street.
THE COMMISSIONS REPORT

New York, January 2s-The decline in
prices of securities was resumed in the
stock market today, after a period of
desultory resistance, during the early
hours of the stock exchange session. The
Indifferent demand which became manifest
at any rise in prices, and the apprehen
sion that additional liquidation remained
to be effected prompted the renewed SELL
ing of the market by professional oper-
ators. There was evidences of liquidations
here and there to confirm them in their
attitude towards the market.
AS a motive for the selling, much
was made by the sellers themselves of
the report of the interstate commerce
commission embodying the results of its
investigation of the Standard OIL COM
pany, and transmitted to Congress. The
substance of the report was not I'M
known to Wall street any moro than
was the similar report transmitted last
week on the eastern coal-carrying rail-
roads, but the publication of the re-
ports made an impression on the finan-
cial sentiment as a cumulative evidence
of the scope of the government activities
against corporation abuses This influence
was supplemented also by the circulation
of runlors of further recommendations to
be expected from the President, looking
to an extension of the commissions in
quiry into railroad properties.
The prominence in public affairs which
the pursuit of corporations has attained
is given large responsibility in the opinion
of the financial world for the difficulty
In 6nd lyo4 f1,. o,1st, to
sues. 1t is felt that if adequate capital
is not forthcoming the march of indus
trial progress must be checked The ex-
tensive sale of temporary note issues
resorted to by the railroads at high rates
of interest is thought to be for the COM
pletion of works entered on which would
involve sacrifices in tue abandonment,
and the impression is growing that en-
terprises for increase of facilities beyond.
will be curtailed so far as possible. while
such rates must be paid for money to
carry them on. The abandonment or cur
tailment Of works of improvement on a
large scale would be necessary to an
important element in reducing employ
ment of labor and demand for materials
of construction which might have a de-
terminng influence In the turn of the
Industrial tide towards reaction.
There were minor incidents in the day 5
events to keep this point of view prom
inent. such as reports that the course
of the iron mark indicated that the
cream, was off the iron and steel trade,
or the receipt of statements of railroad
net earnings for december Showing a
uniform tendency towards decrease from
last years level owing to the large in
creases in operating expenses.
Quite positive assertions were in cir
culation that a decision had been rem
dered against any increase in the divi-
dend on United States Steel a. tomor-
rows meeting Of directors. Rates for
time money advanced again today. Gov
erament fiscal operations are against the
money market again. the sub-treasury
having already absorbed $50 ASP 600 on the
new banking week. Discounts hardened
also In London, in spite of large gains
in cash by the Bank of England. The
completion of the stock market settle
ment this week In London is a source of
heavy money requirements. and of some
anxiety regarding the market position in
Americans.
he declined gathered force as It pro-
crossed aud the closing was very weak
and active.
Bonds werc irregular. Total sales, par
value. sl,57Oo0o
United States bones advanced 4 per
cent on IL,