The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-05
HIGHER VALUES FOR
ENTIRE STOCK LIST
Substantial Advances from Gen.
eraI Disposition to Buy
SHORT INTEREST COVERED
Pronounced Relaxation in Money Mar
Het Was the Greatest Underlying
streneth-subsidenc of Re-
quirements for Crops.
SHORT INTEREST COVERED

New York, January 4-Speculative SEN
timent. which has seemed to be in a
state Of solution during the present
week, was precipitated into tangible form
on the side of higher values today. Sub
stantial advances resulted from the gem
eral disposition to buy stocks. The de-
mand was quite varied and affected the
list throughout, although there was
marked favor still shown for stocks which
long have held the foremost place in
market movements.
A hesitating short interest which has
been added to during the week. eneour-
aged by the lack of response in the mar
ket to enable developments, was an i'm
portant element in the days buying The
pronounced relaxation In the money mar
ket was the underlying ground for the
advance.
Funds on call were in apparent abund-
ance, and the rate did not get over per
cent with the ruling rate for the day
below that. The forces which have
brought about this condition promise to
continue active for some time to come
The consequence was to allay much of the
apprehension which has been felt that
no actual ease in the money market could
be counted on for the spring period. The
large projects which have been under
taken, and for which 1t is important that
the market should show absorptive power
are regarded as assurance of effective
leadership in any market campaign.
The estimates of the weeks currency
movement make 1t evident that a sub
statlona~inflow from the interior to New
York has set in, and is likely to be ex-
tended in view of the seasonable subsi-
dence of requirements for movement of
the crops. New York appears to have re-
ceived in the neighborhood of 1000 900 in
cash during the week. Side by side with
the relapse in the money market there
was revived demand for remittance
abroad through the exchange market. The
fact that the rise in foreign exchange
precluded the idea of an inward move
ment of gold caused no disappointment in
view of the obvious fact that local re-
sources were abundant to meet maturing
obligations abroad 1t was inferred in for
eign exchange circles that measures were
, being taken to anticipate future maturi-
ties, and thus to reduce the volume of
our obligations to foreign markets for the
future Foreign money markets them
selves continued to relax
These developments were of decisive eff
feet on speculative sentiment. Rumors
which have been regarded lately with
concern were lost sight of or ignored.
Union Pacific was one of the strongest
and most active stocks on the list in
spite of the. beginning of the inquiry by
the interstate commerce, commission into
the relations of the Hartman properties
with view to discover possible conflict
With the law There was an aggressive
recovery in the Hill stocks, although the
postponement OF the closing of the books
Tor subscriptions to the new stock issue
was witness of the reality of the obstacle
TO the new issue of the state of Minne-
sofas legal process.
The large gains in the net earnings of
the Southern Pacific and the Union Pa
chic for November helped those stocks.
Other railroad reports showed by con
trast the severe effect on net earnings of
the growth of operating expenses. No diff
ficulty was found in absorbing the sales
to take profits on the day, and the closing
tone was buoyant and very active.
Bonds were firm. Total Sales par value,
$2,5500o0.
United States bonds were unchanged on
call