The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-10
SUPPORT FOLLOWS
PRESSURE To SELL
Some Buying But Market Has
Narrow Proportions
LIQUIDATION HILL STOCKS
Fear of Inquiry Similar to That of the
Hartman Group Partial Cause Of
Weakness-Call Money
Ruled High.

New York. January 9.-The pressure to
sell stocks which appeared urgent and
precipitate yesterday, was decidedly mod
crate today, and after short time gave
place to some inclination to buy. The de-
mand seemed to come largely from I'M
covered shorts who had followed the
rapid decline yesterday. There was also
some appearance of supporting orders.
These diminished to almost nothing on
the advance in prices. The large shrink
age in the days total sales is evidence OF
the narrow proportions of the market.
The trading sank into stagnation at
times during the day. The most conspic-
uous continuance Of the liquidating ten
dency today was in the Southern rail-
way stocks and in the Hill railroad
stocks. 1t was assumed yesterday that
the sales of Southern railway were due
to the progress of the settlement of the
estate of the late president of the COM
pany, but today there was rumors in cir
culaton that the maintenance of the
dividend on the preferred stock was in
doubt These rumors, however, met with
disclaimers from unofficial sources.
Northern Pacific sold with the rights
deducted, and the rights also were dealt
in on the stock exchange. Compared
with yesterdays price of 1854 for. the
stock with rights, the price today went
as low as 159, and the rights as low as
POSE. Great Northern preferred also was
under pressure.
superstition that an inquiry into the
relations of the members of this group,
similar to that now making into the Har-
riman group, would followe the compile
tion of the latter was given some respon-
sibility for the weakness, but the selling
of Northern Pacific was like that which
followed the appearance of the subscrp-
ton rights to new St. Paul stock, and in
less degree rights on other stocks of
late. The effective support of Union Pa
cific, Reading and Amalgamated Copper
had a material effect on speculative senti-
ment.
The position in which the Hartman
companies are placed by the interstate
commerce commissions inquiry, was
factor in restraining any renewal of large
Il speculative ventures. The successive i'm
lportant developments regarding the
III finances of these companies are supple
lmented by effective comment and rumors
1 of probable effects. Todays interest in
the subject was the largest in the re-
lports of the intended departure for for
iSiSi Quill les VI SOlne Oh the capitalists
whose testimony has been expected to
be taken by the commission.
The ruling for call loans today was
higher tn anyesterday, but the rate eased
after the opening and did not touch yes
terday's maximum. Rates for time money
Twas rather easier in tone, although not
changed.
y The inclination of lenders to take funds
RIout of call loans and place them on time
|lcontinues. Shifting of loans is attributed
4 in part to the necessity of banks to re-
| lstore their reserves to the % per cent
Ilevel before they are free to disburse
dividends for which the usual period is
lnow at hand.
London discounts hardened today and
discouraged hope that the Bank of Eng
|pand's discount rate would be lowered at
! lthe weekly meeting of the governors to-
. lfaorr9w. The Imperial Bank of Germany
Jmade a very strong return in gain of
! leash in repayment of loans and in reduc-
| tion of the volume of its emergency cir
lculation.
The market closed strong after con-