The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-12
STOCKS ADVANCE ON
MODERATE BUYING
Ample Demand Puts an End to
the Selling
NEWS FROM WASHINGTON
Treasury Department Will Buy $685.
100000 of the Nearly Matured 4
Per Cents of 1907
at 1917.
NEWS FROM WASHINGTON

New York. February 1.-THE notable
fact in the action of the stock market
was the readiness with which prices adj
vanced on volume Of buying which
was moderate The buying orders came
into the market at irregular intervals
and there were long halts in the rising
tendency and in the execution of buying
orders. The hardness of the market in
the dull intervals was remarkable and
highly significant throughout the sub
sidenee of the selling. During the first
hour there was some selling which seemed
to be based on the prospect of high
money rates offered by the complexion of
the bank statement on Saturday.
The ample demand to absorb this selling
put an end to it, and the professional
element showed no aggressive opposition
to the upward tendency after that. The
receipt of the news from Washington
that the treasury department would buy
SIS, 100000 of the nearly matured 4 per
cents of 1907 at 1914 was the signal for
most animated buying of the session. The
first impression given by the news was
one of relief from the anxiety over the
coming Withdrawal Friday of this week
of the remaining half of the deposits of
the government funds made with the
banks in December, which would call for
$6,000,0O0 The heavy loss of cash reported
in Saturdays bank statement is attrib-
uted largely to the withdrawal of the
first half of these deposits, and the small
margin of the bank surplus makes the
threatened withdrawal of $s,0O0,O09 more
formidable. The treasurys offer Is n per
cent higher than was made in December
for 100000. At that time only Ss,OO0OOO
of the bonds were turned in. The price
Offered is practically all there is in the
market. The response to the offer is not
expected from holders of the bonds who
have them on deposit to secure cireula-
ton. From investment holders 1t Is not
expected that large offerings VIII be made.
More stress was laid on the expectation
that the decision Of the treasury would
be modified regarding the withdrawal OF
deposits on Friday.
There were rumors in constant cireula-
tion in the market also of feeling OF
greater confidence on the part OF the
capitalists over the attitude of the adj
ADMINISTRATION towards corporations. Ihere
was some vagueness in the current sur
misses on the subject, varying from sup
posed modification Of the plans of the
government TO the Delltl litdN lie ~
creased confidence simply represents mod
fled views of capitalists as to the prob
able effects of the governments pro-
gramme. New York secured none OF the
gold arrivals in London today although
an advance i'll the price Indicated some
degrea of competition for the supply. The
impression is conveyed in banking cir
Giles that this result was due to COM
Iliance on the part of New York bankers
with the sensitive conditions in the Lon
don market, rather than to INABILITY 10
have secured the gold
Good effect of foreign sentiment TO-
wlrds the American financial situation
is-expeeted to result from this compliant
mood OF the New York market towards
foreign necessities.
Call money was higher than last week
and the time money market was hrm
in sympathy, but the stock market re-
Elected no uneasness on that score. Inc
dullness of the market was parity ac-
counted for by the Interruption or opera
lions for tomorrow's holiday.
The strength of Copper was the eheetiVe
sustaining influence In the later market
Rumors of intended Increase IN the Ana
con Ia dividend were used with effect,
Bonds were heavy Total sales par value,
81, 10000
United States rs registered, advanced
a.. the coupons the 3s and the old IS
Y. and the new As coupon ~ per cent
oa1