The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-25
TRADING IS LIGHT
AND PROFESSIONAL
Entire Lack of Outside Support
Makes Dull Market
SENTIMENT MUCH MIXED
Railroad Notes Continue to Come on
the Market, Pointing to the DIM
Guilty of Capital Flotation.
Issues Eagerly Sought.

New York. January A.-Another duh
and narrow market today marked the
,anse of speculative operations into the
hands of the strictly professional class OIL
trades, the origin of orders approaching
closer to the stock exchange as their
volume decreases.
Most of todays list was believed to or
iginate on the floor of the exchange it
self Commission houses complain OF en-
tire lack of outside business and infuen-
tial financial powers seem disposed to let
the market lie fallow, so far as any
evidence of their activity can be dis
cerned. Speculative sentiment continues
mixed as to the manner of Issue for The
market from the present dullness, wheth-
er by a renewal of the recent liquidation,
or by recovery. So far as the I'M
mediate condition of the market is con-
cerned it was free today from any per-
ceptible pressure of liquidation ana
where any signs of weakness showed
there was the same resisting power as
serted as for several days past. Ihere
were fewer signs of such weakness TO-DAY
than yesterday, and prices were held well
above last nights level throughout the
larger part of the session, In contrast
with the recovery late in the day yes
terday from the early heavlness.
Although a slightly improved tone is
inferrable from this contrast the char-
acter of the market Is not essentially
changed. Railroad notes in issues OF
varying sizes continue to come on the
market, and this continues to be recog-
nized as evidence of the difficulty in the
way of fiotaton of capital issues in more
permanent form. Growing notice Is at
tracted, however, to the aYidity with
which these note issues are sought and
the quickness with which offerings are
sold, showing that capital, however limi-
ted the supply may be now, is still pro-
durable at a sufficient low rate of In
terest In view of profitable terms at
which bankers are securing these note
issues, a motive is perceptibe for them
to refrain from making easy the way
for marketing securities.
Considerable attention was given to the
review of the Iron Age pointing to the
termination of the famine in the iron
market, and an increasing spirit of con-
cession amongst sellers of iron for spot
and early delivery. Even more impress
sion seemed to be caused by this view in
Berlin than here, apparently on the as
sumption that a decline of domestic con-
sumption of iron and steel would be fol-
lowed by INVASION OF foreign markets Dy
our products.
Money conditions continue to work
easier Rates for time loans here yielded
notably and were quoted practically for
all periods " per cent lower. The Bank
of England and the Bank of France
showed a further Strengthening of posi-
lion, and discount rates at Berlin yielded
further during the day. The presence of
the secretary of the treasury in Wall
street afforded opportunity for a denial
of rumors circulated. yesterday that a
further postponement was intended of the
date for the return of government de-
posts to the treasury beyond February
TO which it has been advanced already.
This may have accounted. for the easing
of prices late in the day, although the
market was impossible to the profit
taking on the days movement in the mar
row dimensions of the trading. Call
money hardened perceptibly when the
intended policy of the treasury depart
ment became known.
Net changes were very small at the
irregular closing.
Bonds were steady. Total sales. par
value, $2,112.00O. United States bonds
were unchanged on call.