The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-04
MARKET PROVES A
SCALPING AFFAIR
Reflects No Pronounced Views
on Speculative Outlook
HARTMAN INVESTIGATION
Lansuid Support for Prominent Stocks
and Little Pressure to Dispose
of Hodlngs-Money
Market Relaxes.
HARTMAN INVESTIGATION

New York January S,-The stock mar
ket of today failed to reflect any pro-
nounced views on the speculative outlook.
The operations were largely in the hands
of professional traders and the move
ment of prices indicated that they shift
ed their position from time to time from
one side to another of the market, in
an effort to scalp a profit.
There was some evidence of support
for a number of prominent stocks, and
in, others there was enough demand to
form resistance when depression was
prevailing elsewhere, but there was in
the first case little pressure to dispose
of holdings, and on the other hand the
demand was SO languid as to cause only
sluggish movement of prices. The Har-
rin1an stocks were still under some special
pressure and this was naturally attributed
to the coming investigation of the rela-
lions between these properties by the in
terstate commerce commission. which IS
to begin in New York tomorrow
Reports of an indispostion of the pres
ident of the company may have affected
the stock.
Delaware and Hudson fell away sharp
1y' in spite of the increase in the divi-
dend rate which was not, however, as
large as holders have commended for.
Amalgamated Copper was prominent in
stance of strength due to current re-
ports of an intended further increase in
the dividend rate. Atchison was helped
by reports of the same character. The
market was made up almost entirely of
individual movements of this kind, due
to special causes.
The list as whole was lethargic and
gave no sign of the working of an re-
investment demand. such as often follows
the distribution of profits at this time
of the year. The money market con-
tfnued to relax as 1t was expected it
would do after the first of the year.
The maximum early rate for call loans
was IA per cent compared with 20 per
cent yesterday, and the rate got down
to per cent comparatively early in the
day, while 21s per cent was the low
day, while 21s per cent was the low
ances at the clearing house showed the
rapid progress of the annual settlements
although the settlement was adjusted evil
IDENTIFY to cover two days, instead Of one
so that the clearings for the first bust
ness day of the new year are no where
near the record touched last year. al
though the total of the settlements ef-
fetced Is much larger
The sharp reaction from the high figures
of yesterday in the foreign exchange mar
ket indicates that the urgent demand for
Temittances had been met. All three OF
the great foreign banks made weekly
reports today and all three showed the
effects of the great year-end strain es-
pecialv the imperial Bank of Germany
for Which ~ -7ecres Sc IN cash for the
week amoi'rfad - S7 665. 600. the loan ex-
pansion $37 ti5oe9 and the increase in
note issues s79.735.no0 There was some re-
covery in the discount rate in Berlin
from the drop of yesterday but the dis
count rate in London continued to re-
cede.
Notwithstanding the prompt relaxation
here from the stringency of the Decem-
her money market, it Is considered doubt
full whether the recession in money rates
will extend to actual ease
Reports of railroad net earnings for
November received today showed the uni
form growth in operating expenses with
corresponding effect in the proportion of
net earnings. some railroads showing an
appreciable decrease in net earnings com
pared with last year
The dull and featureless character of
the market was emphasized as the day
wore on
Bonds were dull. Total sales, par value.
s1.Ss0.0Oo.
United States new As registered de-
elined u and the coupon q per cent on
call