The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-01
STOCKS ARE DRIVEN
To LOWER LEVELS
But Character of Support Stops
Bear Pressure
SENTIMENT Is DISQUIETED
Liquidation Follows Advances, Notably
In the Case of Union Pacltlc-Pun-
lished Interview Containing an
Admission of Short Capital.

New York, January a-There was
further outpouring Of stocks INTO INC
market in the early operations TO-DAY,
a,,,,,,o which a few of the influential
stool.s were driven lower than yesterday
,afore the final recovery But the pear
onerators became impressed with inc
character Of the buying at the oeehhes
and set about to reduce their commit
mants on the short side A recovery was
the result At first the buying was not
In effective amount, except at the 10"
Lowell of prices. Upon the occasional re-
coveries the trading lapsed into extreme
dullness in the same manner as duilhs
the abortve rallies for some days past
This action of the market kept senti-
ment unsettled and disquieted. Later the
liuuidatng followed the advances Win
more persistence, as it appeared thal sen
ing of some of the most influential STOCKS
at lower prices was absorbed in unhm-
tied amounts on account Of the banking
interests having relations with the con-
troll of the properties. This was notably
the case with Union Pacific, OF Wnicn
very large buying orders were executed
below ITO by brokers' usually employed by
the banking house most closely related
to that property. As this buying iol7
lowed the publication of an interview
with the head of the house, caoled 10
Paris and back to New York, contain
ing candid admission of the difficulties
in the situation from the short supply OF
capital, but deprecating the assumption
that conditions were perilous, the buy
ing of Union Pacific was of great in
fiuence on sentiment towards the whole
market Published expressions from for
elgn bankers regarding the American
situation were calculated to allay some
what the effect of a view that has be-
come current that foreign capitalists
were concerted in discrimination against
American enterprises.
These influences were allowed tncreas-
ing effect after the turn In the market
was secured. 1t was manifest, however,
that support by main force was the prln-
eipal element in checking the further fall
in prices this morning. The buying with
this object showed no disposition to fol-
low advances after it had achieved meas
ures to drive the bears to cover by bid
ding up prices. The buying from the
bears was conducted with degree of de-
liberation and lack of urgency that kept
omen the feeling of suspicion towards the
rally amongst the trading element. the
February settlements were viewed with
some apprehension at the beginning OF
the day but the 31a per cent call loan
rate held only momentary and there
was no other symptom of tightness IN
money.
Some attention was paid also to the
recommendation of the secretary of war
for the Immediate completion of fortih-
cations in Hawaii owing to supposed
bearing on the country's relations with
Japan An impression got abroad that
redemption of part of the government
As of 1907 is in contemplation by the
treasury department. as use for the gov
ernments deposits with the national banks
which are recalled for repayment tomor-
row and on the 18th of February.
Foreign exchange continued to recede
today and New York exchange at Chi
cago advanced to a premium, The COW
ering demand from the shorts came to
an occasional pause and there were sew
eral trivial reactions. but the last prices
of the day were generally the best, or
nearly so.
Bonds were irregular. Total sales, par
value. $1,996OOO.
United States bonds were unchanged
on call.