The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-01
iNGE FOR BETTER
Yin STOCK MARKET
BIT Reversal of Sentiment
ErIIand Sharp Recoveries
COMPLETE UNCERTAINTY
Covering by Bears Partly Responsible
for Rally, But Distrust as to In
vesteation Is Not
Alayed.

New York, February 2S.-There was as
abrupt a reversal of sentiment from that
of yesterday in the stock market today,
as there was on Tuesday from that of
Monday. Today's sharp recoveries placed
prices quite generally about the best
prices touched on Tuesday. The COM
plete uncertainty of the speculative senti-
ment is clearly defined in the abrupt
changes and in the covering by shorts.
Today's recovery was as little accounted
for by many news developments as have
been other movements of the week. Sew
eral items of news that might have re-
ceived discouragng Interpretation, were
ignored. An important part would be al
lowed naturally to the covering operations
of the bears in working a rally after so
considerable a decline as has occurred.
There was also an appearance of sup
port for the market and an accumulation
for important accounts which determined
the bears in buying to cover their shorts.
Some influence was attributed to the
. adjournment of the interstate commerce
commission here in this CITY, But opin-
ions in the Wall street district of the
baG effects on securities threatened as
result of that hearing were not altered
but rather were emphasized by the latter
phases of the investigation.
1t is, therefore, thought to be impos-
sible that the widespread publicity given
to the hearing shall not awaken some
distrust and dissatisfaction on the part
of investors and ordinary holders of Sc
curties with methods in use amongst the
high financial powers revealed with the
Of Commission
houses profess a conviction that the
pubic cannot be induced to buy stocks
while these revelations are fresh in mind.
1t Is feared also that chances of enlist
in foreign issues with American securi-
tic would be impaired by the dstrust
aroused by the results of the investiga-
ton. Reports were published Of wide
spread strike threatened amongst rail-
road employees in the west, but this seems
to be ignored. Importance was given the
highly favorable reports from the iron
ana steel trade and the great confidence
expressed by authorities in that trade of
the soundness of the conditions existing.
The head of the United States Steel
corporation affirmed that new ordersNere
in excess of those coming in al this time
las. year although showing some recess
sion frcm the last quarters average. rms
sustained condition in that trade Is calcu
lated to go far in quieting the apprehen-
sions of a contraction in general Dusl-
ness owing to the great reliance placed
on the iron trade as an index of bus
mess conditions as a whole. Money was
frmer today. both on call and on time.
There was supposed to be some calling of
loans going, on in preparation for the
March settlements which will be unusual
ly large
The Bank of England's weekly return
indicated that it is still in control of
London money markets and determined
to hold the rate as a protection against
foreign demands. Discounts were easier
In Berlin. The Bank of France returns
was a weak one but sterling exchange
at Paris rose. The profittaking in the
final hour was we'll absorbed and the
market closed strong and active.
Bonds We're irregular. Total sales, par
value 81 152, 600.
United States 2s coupon declined Y,
while the IS registered advanced u per
cent on call.