The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-11
DULL AND NARROW
PRICE MOVEMENTS
Some Appearance Of Absorption
of Few Usual FavoriteS
ST. PAUL AND READING LEAD
New York Central and Second Class
Industrials Made Good Galns-eoV-
eminent InvestigatlonIs the
Focus of Depression.
ST. PAUL AND READING LEAD

New York. January 1O.--The stock mar
ket today was exceedingly dull and mar
row. and the movement Of prices very
sluggish. There was some appearance of
good absorption of a few stocks which
had a sympathetic strengthening effect on
the general market, but the responsive
movement dragged duly.
The demand that impressed sentiment
most was for a few of the usual specula-
tive favorites, and had the appearance OF
revived operations by pools which were
previously active In the stocks, but which
have been qulescent for some time st.
Paul and Reading were especially favored
in this class of operations.
There was a striking movement also In
New York Central and some of the in
dustrials below the first class, especially
nmong the railroad equipment companies
which made good gains. There was no
large following attracted to the market
leadership thus asserted, but it had an
influence on sentiment as indicating the
supporting of the opinion towards the re-
entry into speculation of large capitalists
and habltaul operators in stocks. There
were laggards in the upward movements
The activities of the interstate COM
merce commission and of other govern
mental functionaries in measure of in
uuiry or opposition to corporations
seemed to forcus the depression, 1t was
peceptible in the early heaviness of Union
Pacific and also in the weakness of the
Gould stocks, presumably based on the
suit of the Missouri state Officials against
ha these ROADS.
There was a sharp break In the Cana
dian Pacific group which seemed to be
connected with the large advance, and
which. have occurred in those STOCKS In
connection with hopes of dividend III
creaSes which have not been fully real
lied. The impression due to the govern
mental activities in pursuit of corpora
ton Irregularities was deepened by the
news of steps taken to place legal OBJ
stacles in the way of the departure out
of the jurisdiction of the authorities VI
influential financiers from whom intor-
nation is sought in the pursuit OF the in
quiry.
On the side of the money morket de-
velopments were in favor of the mar
ket The postponement by the secretary
of the treasury of the date for the return
of SI2 100000 of government deposits with
the national banks so as to set forward
the payments of the installments two
weeks was received with relief as the
removal of a threatened embarrassment
before the recuperation of the banks had
been sufficiently completed to make the
transaction easy.
1t was also accepted as implying fur
ther postpohement of the call for the SO
oo0sog0n Of. government deposits which 1t
was Intended originally to begin to call
in on February l. The Bank of Englands
retention of the per cent discount rate
was not a surprise in view of the con-
tinued heavy demands upon that institu-
ton. Withdrawals for today were S7,1OO,-
900 for shipment from London to South
Anre-saa, ghe Nons weekly return was
thus neutraiized
1t was made Rfvident, although a de-
cline in sterling Exchange at New York
to the gold import point would be re-
garded as a disturbing incident in the
London money market. The Bank OF
France reported a snnaN decrease in gold
holdings but heavy Moan contraction,
The call loan rate here ruled below 6
per cent, and there were no bids higher
than per cent for time loans for any
period
The disturbing effect of the break in
the Gould and Canadian Pacific groups
impaired the earlier strength of the mar
I ket, and the closing was irregular with
mixed showing of net changes.
Bonds were irregular Total sales. par
value, 81. $4,000. United States Is, coupon,
declined We per cent on call.