The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-16
REACTION CHECKED
IN STOCK MARKET
Firner Tone of Money Market
is Ignored
RELIEF EXPECTED SHORTLY
Price Movements of Consequence Re-
strieted to Few stocks-sharp
Advance In Missouri
Kansas and Texas.
RELIEF EXPECTED SHORTLY

New York, February 15-There was lit
tie animation in the dealings in stocks
today, but decided Roadway was made in
the price movement against the reaction
AIRY tendency which developed yesterday.
The firm tone of the money market was
practically ignored owing to the suppo-
sition that the lightness of the call loan
market was due to temporary causes,
and that forces Of relief would come into
play The principal of these forces relied
upon is the securing of gold In London
which is expected on Monday, when
large arrivals are due there. The strong
position disclosed by the Bank of Eng
land in its weekly statement yesterday
created an impression that no further OBJ
stacles would be opposed to a movement
of gold to New York, but the tone of
comment from London today indicates
that financial authorities there would
feel continuing dissatisfaction at such
movement. There were reports OF coming
large Withdrawals for South America
from that center. Stress also is laid on
the probability that Paris will recall the
credits placed in London in December,
when the Bank of France extended as
{
cline in interest rates in LONDON, 1t is
said, / lead to shipments of gold
from on to Paris. The New York
banks l. turned over to the sub-treas-
ury some $1,2OOOOO, being the remainder
of the deposits made with the banks in
December. The interior banks have been
drawing on their New York correspond
ents to only small extent to meet these
payments, the higher rates for call loans
here acting as a dissuasive influence on
any reduction in New York accounts. Es-
Inmates of the weeks currency movement
indicate small change in the cash item
either way.
The government Withdrawals two weeks
ago were thrown over almost entirely into
the averages for the following week. and
helped materially to make the weak show
+ ing of last weeks bank statement. Lend
/ ing in this market by interior banking
institutions would tend to relieve de-
mands on the local banks, but the further
placing of note issues would constitute
demand for loans on the local banks. To-
days addition to these issues was the
$40 900 900 placed by the Interborough
metropolitan, the price at which they were
understood to be taken by the bankers in
dicating an interest rate of 6l9 to Z per
/ cent for the term to their maturity. Inc
rates for time loans. however, show a
receding tendency owing to the landing
here for account of interior banks. A de-
cline in the grain exports for the week of
B $4,000 bushels of wheat and of 4190O0
bushels of corn has some bearing on the
exchange market The rising money mar
l1et in Berlin also is a factor in the sit
uation, The repression of activity in the
market is believed to be due in part to a
desire to await the adjournment of Con-
gress before entering on extensive market
commitments. The resumption of the In
terstate commerce commissions inquiry
into the Hartman combination of rail-
road properties is another item of future
influence to bear on the market which Is
the occasion of some reserve in specula-
/ tive operations.
+ Not only were dealings held in moderate
bounds today. but price movements of
consequence were restricted to compare
lively few stocks. A record price for Ana
conda was an incident of the day. The
sharp advances In Missouri. Kansas and
Texas and st. Louis Southwestern pre-
ferred were unexplained by any news.
Realizing sales impaired the best prices
of the day, but the closing tone was
steady.
Bonds were steady. Total sales, par
value. 81 ,2S0.000.
United States bonds were unchanged on
call