The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-24
TRADING IN STOCKS
SHOWS INACTIVITY
Decline in Hill Group Caused
BY Minnesota Attitude
SYMPATHETIC WEAKNESS
Proposed Stock Increase of Northern
Pacific May Be Opposed BY Meas
ures Similar to Those Affect
ing the Great Northern.

New YORK, January 3.-There was a
further decline in the activity of stocks
today. the total dealings bearing no larger
proportion to those of yesterday than did
those yesterday to the active market of
Monday The character of the dealings
was little changed Professional opera
tions again seemed to make up practically
OF the dealings. Also these operations were
followed without any show of firm con-
victions, and constant shifting by traders
kept values in an unstable condition, that
made the market closely resemble that
of the day before.
The early decline in sympathy with the
ibreak in the Hill stocks elected support
ing orders of the kind that have made
the bears grow tmid, and which have
lent color to suggestions that an accumu-
1ation of stocks has been going on with
desire to avoid violent price fiuctua-
tions. The movement in the Hill stocks
was a direct response to the judicial up
holding of the contention of the Mime
sofa state authorities that consent of the
state railroad commission was required
for the proposed issue of new Great
Northern stock. The officials of the rail-
road were not disposed to comment on the
decision in the absence of its full text.
but the opinion in the stock market in
clined to the view that a material OBJ
stacle had been encountered in the way of
the proposed plan for raising new capt.
tai
The companion movement in Northern
Pacific represented the view that it's pro-
posed stock increase might be opposed by
similar measures. while the marked con-
trast of the upward movement of st.
Paul was caused by the speculative as
sumption that the quick manner of COM
pleting its stock issue had forestalled
tiaI, ,1,1a 1T
widely held at the time of the st. Paul
stock issue that the ahruptness of the
methods by which it was carried out was
due to a desire to avoid any such compi-
1aton. Another target for attack was
Canadian Pacific. which was sold largely
for foreign account Some apprehension
OF an addition to outstanding stock had
a part. in its depressing but an over ex-
tended speculative position in the stock
was given the responsibility for most of
the depression.
The sympathetic effect of this move
ment again was moderate outside of the
Immediate allied group. General condi-
lions were given little attention
Money continued to work easier, but the
terms al which railroad corporations are
selling notes to run for periods of sew
eral years. which make the interest rate
to matuitY run to 6 per cent and up
wards, detract from the effects of the
relaxing money markets. feature of the
money market is the improved demand
that has sprung mp for commercial paper,
which has resulted in a reduction IN
rates to 81 per cent for prime grades
Discounts in Perlin receded today. The
foreign exchange market here was but
little changed. The o-erations of the sub
treasury continue to yield a liberal addi-
ton TO the bank reserves the gain since
the last bank statement now amounting
to So. COG.
Today's fluctuations were as varied as
those of yesterday. but the closing found
a rally in progress. instead of reaction
as on yesterday Net gains predmoinate
today, where declines were the rule at
the preceding close
Bonds were steady
Total sales, par value, 81, 29S 600.