The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-07
STOCKS CLOSE IS
SLIGHTLY LOWER
Uncertainty Still Over Variation
from Usual Sequence
BEARS HOLD WARILY AL00F
Dealings Shrink to Little More Than
Normal Observation-Disclosures With
out Any Definite Initiative.
Operators Puzzled.

New York, February 6.-There was
only a moderate extension today of the
rally in stocks which occurred yesterday.
Movement of prices then became extreme
ly uncertain and sluggish Dealings
shrank to a little more than normal pro-
portions and the market seemed to be
without any definite initiative in either
direction. The action of the market is
proving very puzzling to practical OBJ
servers owing to Its variation from the
usual sequence The buying demand
lapsed into a state of practical paralysis
after the small gains of the early part
of the day. In spite of this lack of sus-
tanning power in the recovery, and the
belief in the existence of an organized
bear party in the speculation on the alert
TO take advantage of favorable opportuni-
ties to facilitate new fall of prices, the
bears held warily aloof and made no
aggressive demonstration against values.
There was little in the days news to
throw light on the movement OF prices.
Pennsylvania was prominent in the recov-
cry on account of a better feeling over
the labor outlook in the matter OF the
dispute with the trainmen. Some influ-
enee on the stock was attributed to the
announcement of a further postponement
of the meeting of the committee which
Is to report on the investigation into
the conditions of undue influence on some
of the employees of the company in IA
vor of individual shippers which was
brought out by hearing of the inter-
state commerce commission
ic ,Iie
cial district of the likelihood of an ad-
vance in freight rates this spring and
the agreement in the expressed views on
the subject of railroad authorities from
widely divergent sources is considered
significant. There has been heretofore
a rather common agreement that ad-
vances In freight rates would not be
thought of in view of current agitation
against railroad corporations and the
general tendency of state and national
authorities to seek means of curbing the
power of railroads overcharging. The
existence Of this spirit has been consid-
cred to be a barrier against the equaliz-
ing by the railroads of the growth in
their operating expenses The dlsfavor
with which recent capital increases have
been held is attributed to the restriction
ON the railroads to regulate their in.
comes, Inc resumption OF the reports of
transactions in odd lots" on the tape
revealed a shrlnkage of orders for stocks
In small parcels which is supposed to
indicate the presence of investment or
uers IN the market. But this buying was
not of material effect in holding prices.
The existence of weak spots in the mar
ket was revealed from time to time.
and this helped to keep sentiment I'M
settled. There was further selling of
Great Northern preferred from the same
source as yesterday and this was sup
posed to be the closing out of a specula-
tive account or accounts i'm the stock
which were crippled by the long decline
in the stock since the announcement
OF various rights to stockholders
Acute weakness also developed in Mis-
souri, Pacific, owing to rumors in circu-
latlon of a coming appeal for additional
capital. This decided a reaction in prices
and the last prices of the day were gen
orally slightly lower than last night.
Bonds were steady Total sales, par
value, Sl.754,000
United States bonds were unchanged on
last call.