The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-22
HOLIDAYS RETARD
TRADING IN STOCKS
Market Unimportant as Mark
ing Any Financial Adjustment
UNION PACIFIC IS WEAK
Special Pressure Against the Hill
Standardization In Business Actu-
ally Sets In-Washlngton
News Disquieting.

New York, February 2t.-The stock mar
ket To-Day was unimportant as mark
ing any extensive adjustment Of financial
relations or as a reflection of events on
the movement of prices. With a three-dav
holiday interval in prospect there was
no disposition to enter on any new COM
mitments to be left TO the hazard Of
unexpected developments at time when
action of security holdings would be ham,
pered. The usual tendency at such a
time is rather to reduce commitments.
SO far as the process was followed today
the impression was left of very small
speculative commitments to the retired.
1T was the smallest days business of the
year and prices moved only with the
greatest effort by the traders.
The special weakness of Union Pacific
which has been the feature of the re-
cent market was no longer in evidence,
although the resumption of the trading
on Monday is likely to find the dreaded
Interstate commerce commission inquiry
In force again. There was special pres
sure against the Hill stocks which seemed
to be prompted by the outspoken asser-
tion of the head of these properties that
Al
vaguely argued as possible in recent
stock market discussion, had actually
set in.
The weakness of the group seemed
not to be mtigated by the fact that Mr..
Hill was inclined to except the north
west territory from the field of the re-
action which he percelves to have set
in, or by the fact that he regards the
reaction as a means of relief from some
of the endorsements In the money sit
uatiol as we'll as of over-strained rail-
road conditions Reading was under pres
sure on reiterated rumors of an intended
note issue which We're without any con-
firmation during the day. The news from
Washington that the general board of the
navy had been in conference over the ma
tional defense was of some effect in keep
ing alive vague misglving over the
possible results of the California school
difficulty with Japanese. The likelihood
of a poor bank return to appear before
stock market operations are resumed,
was taken account of. The banks seem to
be gaining thus far this week on the
interior movement but not sufficiently
so to offset the Withdrawals by the sub
treasury. The outcome of the discussion
of the Aldrich currency bill also may
change the current or influences in the
market.
The Bank of England weekly returns
today clearly showed the continued con-
troll of the money market by that insti-
tuition, chiefly by the large increase in
government deposits which serve to de
crease the money supply in the market,
and to compel resort to the bank by bor-
roWers The considerable increase in other
securities Is the consequences. 1t was this
increase that was responsible for the de-
cline in the ratio of specie, the bullion
holdings showing liberal expansion. The
Bank OF France reported moderate inn
provement in position, and sterling eN'.
change at Paris moved up. Discounts
hardened in London and eased IN Ber-
lin.
Prices here were little changed, al
though the attack on Reading and Balti-
more and Ohio was renewed late in the
day
Bonds were steady; total sales, par
value. S1,3SG,0OO
United States bonds We're unchanged
on call
Prices of stock have lost ground during
the week. the downward tendency at
times being sharp. Various covering
movements by the bear party Interrupted
the decline at intervals. Transactions
were on small scale. and were believed
to be largely in professional hands.
Movements were attributed to technical
velopments in the general situation. The
recovery which set in early in the
month mad proceeded far enough to in
ffuence profit taking, and the outlook de-
tered extension of operations on the long
side. of the market. The prospect of d
broken week with holiday added to the
Discrimination to make commitments, and
the movement to extend the holiday from
Thursday over to Monday finally de-
cided the dizziness Of the market
The material of the weeks speculation
has dealt with conjectural developments
rather than with actual occurrences The
resumption of the interstate commerce
commissions inquiry into the Hartman
railroad. combination is dreaded by stock
market operat tors for the possible dis
closures which may result and the posi-
BILE effect of these in tanning the current
agitation against corporations. The pro-
gress Of this agitation is regarded as OF