The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-23
VALUES UNSTABLE
IN NARROW RANGE
Dealings Limited and in Pro-
feSSionaI Hands
STEADY MARKET TENDENCY
Transactions Represent Nothing More
Than Maneuvering for Position,
Although Impression Con-
veyed of Big Buying,

New York, January 22.--Values were ex-
ceedingly unstable in the stock market to-
day Fluctuations we're constant whether
upward or downward The range of
fluctuations also was narrow and the
volume of dealings on which these were
made was small. The limited dealings
apparently were in professional hands,
and there was no evidence of any awaken
ed outside interest in the market.
The transactions of the day seemed to
represent nothing more than a constant
maneuvering for position between parties
of professional operators, or testing oper-
ations to ascertain the tendency of the
market. A doubtful state of speculative
opinion is the natural inference from
these appearances. The current discus
sion and mixed sentiment in the outlook,
as it found expression in the neghbor-
hood of the stock exchange, confirmed
those differences. The brokers employed
in the execution Of orders in the infuen-
tial stocks conveyed am impression of i'm
portant buying. and of protection of prices
against attack by inside interests in the
properties
The suggestion was prompted that abb
/ sorption of q substantial character was
going on at any concession in prices, look
ing to an accumulation Of shares. This
appearance had the effect of intimidating
the bear element, and they refrained
accordingly from aggressive attacks on
prices. on the other hand the convic-
ton was noted that the liquidation which
has been feature of the recent market,
had been completed. There was diligent
watchfulness for the temperance of sell
ing which might Indicate continuation
of this process. Opinion was professed
that the demonstration of the compile
tion of such liquidation would find large
short interest still uncovered in the mar
ket waiting for resumption of liquidation
for opportunity to cover.
A sharp rally in prices would be ex-
pected from such a covering movement.
Dividend between these conflicting posi-
bilities, the forces In the market were en-
ployed largely in accommodating, and in
marking time for the situation to clean
itself The market was concerned al
most entirely with such technical con-
siderations and little attention was paid
10 anything else. There were, in fact,
no developments of Importance in the
general situation.
The reduction in the official discount
rate of the Imperial Bank of Germany
was expected, and was in conformity to
the general relaxation going on the
worlds money market, with the ref1ux
of funds to the reserve centers usual at
this season following the turn of the
year. Interest rates here continued to
yield, both for call and time loans. The
money market was extremely dull, and
borrowers were inclined to wait a hoped
for opportunity for even better terms than
are now procurable. The decline in in
terest rates Is leading to the retirement
of loans placed here by interior banks
during the period of high rates. 1t is ex-
pected that this process is serving to ex-
pand the loan account of local banks,
which are called on to accommodate Dor
rowers whose loans are thus placed, but
this process does not affect notably the
cash holdings as the funds are left on
deposit here by the interior banks. Trans
fer was made to the sub-treasury of ST.
100000 from San Francisco to New York.
Discounts at London and sterling ex-
change here receded.
The days net changes in stocks are
generally small, as wound be expected in
such a market. The market was heavy
during the latter part of the day, and
last prices were about the lowest.
Bonds were irregular.
Total sales. par value, $1,474,000
United States bonds were unchanged
ON call