The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-15
DULLNESS FOLLOWS
SHOW OF STRENGTH.
Aggressive Demand Was in
Evidence Early
WESTERN ROADS STRONG
Southern Pacific Was Subject Of Ru-
nors About Stock Exchange of
Intended Further Increase
In Dividend Rate.
WESTERN ROADS STRONG

New York. January 14.-There was some
very aggressive demand for stocks to-
day which showed some aggressive
strength in the market for a time. A
demonstration of leadership for an ad-
vance was in evidence in the market hand
ling of handful of speculative favor
ties, but later the market showed a de-
cline of speculative interest, The market
1apsed into dullnes safter the working
off of the orders accumulated in COM
mission houses over Sunday.
The later sag in the market was partly
due to disappointment over the volume of
these accumuations which gave rise to
complaints from commission houses, and
little promise of a growth of outside in
terest in the market sufficient to sustain
a campaign for a rise in prices. The
early strength centered largely in the
western railroad stocks with Southern
Pacific and st. Paul the most conspicu-
Gus features. Southern Pacific was the
subject of some rumors about the stock
exchange of an intended further Increase
in the dividend rate. London supported
Americans and sent over some buying
orders. The early carrying rates on
Americans in connection with the stock
market settlement were high but there
was some recession in the rate before the
day ended.
The Bank of England secured S3.00O00O
gold from India and there was some re-
vival of the discussion OF probabilities of
a reduction in the Bank of England dis
count rate this week. Foreign exchanges
moved in favor of London and lessened
the threat of a demand on that markets
gold holdings, The copper market was
strong. both here and in London. Off
cial intimation was given Of the intention
of the United States steel corporation to
hold the prices of steel rails and all other
products against any rising tendency, with
the purpose of conserving the stability of
conditions in the trade. 1t was also as
serted in the same statements that con-
tracts for steel rails for future delivery
are not cancellable at the will of the pur-
ykhasers, as was the case in past years.
r The possibility of the revocation of con-
ttracts which form an important element
/ in the unprecedented volume of untitled
orders on hand of the steel corporation,
mas D6eH uWeil Oll III fIcttlil ulStuSSiou as
an uncertain factor in the future of the
trade. In the late reaction there was evil
IDENTIFY some recurrence of influence from
the fears of unwleldly capital issues still
to be placed in the market, Chicago and
Northwestern was conspicuous in the
break on rumors of an early issue of new
stock. Canadian Pacific also was effected
by revival rumors of an early new issue
of stock. There was a call for the pay
ment OF a fourth installment of 10 per
cent of subscriptions to the 800, 100000 of
convertible bonds of the American Tele-
phone and Telegraph company following
the sale of s25,000,000 of notes by that COM
pany last week. 1t is understood that
part of the consideration for the pur-
chase of these notes was the scaling down
of the original price OF the underwriting
contract for the convertible bonds, said to
be from 94Da to 81. The transaction con-
stitutes an item in the formation of the
uncertain sentiment over the money out
look. Money continued to work easier in
this market Sub-treasury operations are
yielding large amount to the banks, the
gain on the new bank week already
amounting to $4,2S7,000. The sub-treasury
also was a debtor at the clearing house
today in the sum of $2,19S49i
The market closed under the influence