The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-30
SIGNS OF RELIEF
IN STOCK MARKET
Changed Tone Due TO Over
Extension Bear Account
ROADS ARE EMBARRASSED
Incidents of Washington Dinner inter-
preted as Notice to Capital of coerc-
i've Measures From Federal
Administration.
ROADS ARE EMBARRASSED

New York, January 29.-There were
signs of relief from the outset IN the
stock market today from the acute pres
sure to liquidate fortified by aggressive
bear pressure which has been in evidence
for several days past.
The extent to which weak speculative
accounts have been reduced by transfer
Into stronger hands and the over-ex-
tension of the bear account which al
ways develops sooner or later in the
couse of a decline were given the prin-
cipal credit for the change in the tone
of the market. The early manifestations
of resistance to depression were regard
ed with suspicion owing to the frequency
with which similar symptoms have given
way to later weakness in the later trad
ing, but the manner of conducting the
operations in the market gave increasing
evidence of the efforts of the bears to
secure stocks without unduly lifting
prices. At the outset the only demand
which was active developed on the &C.
casional declines, giving way to extreme
dullness whenever any advance had been
effected. Later the volume of selling on
the advances diminished, and there was
more disposition to follow up the ad-
vance with buying orders.
There was no marked change in the
conditions surrounding the market, Spec
ulative sentiment continued depressed and
the staple of discussion in the neighbor-
hood OF the stock exchange was the
prospect of coming reaction and indus
trial depression. One indication of the
activity of the bears was the exaggerat-
ed tone given to some of this discussion.
Incidents of dinner in Washington, at
which the President and number of
men conspicuous in the financial world
We're present. received much attention and
the accounts published of the occurrences
, on that occasion were interpreted as no
tice Served on the forces of capital of
the coercive measures they were to eX-
pect from the federal administration. The
embarrassments to which the railroads
will be subjected in providing means to
meet the great rush of traffic or to make
needed improvements, doomed large in the
current discussion. The arrest of the
downward tendency of the money mar
ket was regaHled disappointing. and
the provision to be met for the call for
the return to the treasury of $4,000, 900
of government deposits on February
was feared as an unsettng influence on
the market. On the other hand, the re-
ports from the London stock market set
Element were received with satisfaction,
recent rumors of financial trouble in that
connection growing out of the position
I'm Americans, failing of confirmation.
The rate for carrying over of Amer
leans into the new account also receded
sharply from those prevailing at the last
settlement. giving promise of a cessation
of pressure on this market from that
Source
Renewal of rumors of money troubles
here We're conspicuous during the time
of the early pressure on the market
but with the rally in prices the rumors
faded. The tone of the Japanese state
ment on the California school incident
caused a shade of dlsquietude. Reports
of the intended offer to the public at
an early date of an issue of American
Telephone and Telegraph convertible
bonds was received with interest as the
first attempt for some time to elicit pub
lie participation in a bond issue.
The rally in the market was unsettled
late in the day by fierce drives against
Pennsylvania and Erie but the general
level of prices was not forced back to
the previous low point. The closing was
irregular.
Total sales of bonds, par value, $2,O32,-
900
United States bonds were all unchanged
on call.