The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-21
STOCK MARKET IS
EXTREMELY DULL
Nothing New in the Days De-
velopmentS
FEAR PUBLIC HOSTILITY
Interstate Commerce Proceedings Into
Hartman Affairs Will Be Resumed
Next Monday-Uneasiness
Over Possible Results.

Kew York, February 20-The lethargie
condition into which the stock market
1apsed today was sifinifcent of the de-
cline of interest. Professional limits of the
narrowest description confined the trad
sng. There was nothing discernable in
the market to reflect developments in
general conditions.
Some part of the extreme dullness of the
operations was attributed to the approach
of the holiday on Friday. Plans amongst
brokers for staying out of town over
the week end, added to the dissemination
to make new commitments in the mean
time. The material of the days meager
speculation largely dealt with conjectural
developments, rather than with actual oc-
currences. There was quite elaborate ar
gument expended on the probabilities of
success or defeat for the American cur
rency measure in Washington. Wall street
has set up standard of large Importance
for this measure in its bearing on the
market outlook which is not fully shared
by bankers and others who regard it
strictly from the side of its probable in
nuence on the money market. The pro-
ceedings which are to be resumed next
Monday by the interstate commerce COM
mission into the affairs of the Hartman
railroads offered another field for surmise
The distinguished array of names of the
witnesses to be examined at the hearing
in itself gives Importance to the inquiry
in the eyes of the financial world There
is besides lurking apprehension that dis
closures may be made that will add
fresh fuel to the flames of public hostil-
lily to corporations Utterances by sew
eral prominent railroad officials came in
opportunity to add point to the feeling
OF uneasiness over the possible conse-
quences of the spread of this spirit.
threat to the sustained prosperity of
the country was alleged from the bait
Ing of corporations by two railroad presi-
dents, and a gloomy picture was present
ed of the necessity of disseminating div-
dends, and even of submission to bank
ruptcy by minor railroads, which would
be the natural consequence.
Pennsylvania continued to be much dis
cussed on the side of the unexpected mod
Grafton of the requirement for new capt.
tai represented in the $4,000, 900 portion of
the $50, coo note intended to provide for
redemption of other maturing obligations
While the lightness of this requirement
was partly explained by the statement
that resources in addition in hand from
the sale of stocks of other railroads. it
was inferred that large retrenchment of
future OUTLAWS by the company was In
tended. The general adoption of this
course of policy, owing to the difficulties
of securing capital, is expected to curtail
the consumptive demand for materials,
and to reduce the number of actively en-
ployed laborers 81
In the prevalent mood of the market,
and its Partially for surmise, the Japa-
nese situation came in for some consid-
Grafton again. and was given a potential
ity for possible harm to the future of the
market. The selling of Union Pacific was
again the most influential factor in the
actual trading at the Stock exchange.
Professional operators claim to detect evil
dence of selling for inside account of that
stock, and they took the bear side of
the account in consequence. The opera
tons for that account were mostly con-
cluded during the first hour of the mar
ket.
A partial recovery followed and prices
drifted sluggshly for the greater part of
the day, but the closing tone was easy.
In the money market rates for time
loans were advanced to bring them more
Into conformity with the rate of yield on
corporation note issues.
Bonds were easy Total sales par
value. 81 $4,000.
United States bonds were unchanged on
rall.