The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-08
ANIMATED RISE IN
I, THE STOCK MARKET
. ear of Hostility Partly Removed
By Washington Rumors
'FREER TRADING FINAL HOUR
No Clear Reflection of Any Important
DeveIopments-Sen Favor
ably Affected BY AdVices
From Winter Wheat.

New York, February "A hesitating
an, irregular advance broadened out in
ths final hour of today's stock market in
to a more animated and comprehensive
rise than has occurred at any time since
the decisive downward tendency of prices
SCI in. The inspiration Tor the moment is
largely on rumors of Washington origin,
of a new development there that would
relieve the corporation world from the
sense of hostility on the part of the adj
ministration of the government. Up to
that time there were long periods of
1ethargy in the trading, and the same
Jack of follow-up to the movement that
has left the market without definite ten
denciss for several days There was an
absence of the weakness N individual
stoeks which has been an unsettllng in
fiuence in recent markets.
temporary setback in Missouri Pacific
after the first recovery was the only ex-
ception of Importance. There was no clear
reflection in the days market of any i'm
portant developments in the condition Of
affairs. Sentiment was favorably affected
by the advices from the winter wheat re-
gions of ample snow covering to insure
the safety of that crop. The wheat mar
ket was affected at the same time by the
promises of extra foreign requirements
for wheat from Russian and Argentine
shortages. The southwestern railroads
were most Immediately affected by this
outlook. Assertions of an intended in
crease in the dividends on Atchison and
Southern Pacific which have been often
heard were also used with effect, especial
In he 90 f0a bat-f Do
ciic was sluggish and did not respond
even to the later rise in onion Pacific on
the reported return to his office after
period of illness of the head of these sys-
TENS. Erie was a conspicuous feature of
the strength. Prospects for the proposed
increase in freight rates which are being
canvassed extensively in the railroad
world. gave a subject for continued dis
cusson. This served to counterfeit to
some extent the showing of decreases In
net earnings of railroads by reason of in
creased operating cost. The intention of
railroad companies to retrench their plans
TO- any future projects of improvement
is now generally accepted as fixed de-
termination. A reduction of the pressure
for new capital Is expected to result. But
also a subsistence of part of the demand
for materials and for labor is to be ac-
cepted as an inevitable consequence.
The feature of the day in the money
market was the free offerings OF 1undS on
time supplies coming into the market
from many sources, and causing ma
terial recession in rates. Foreign ex-
change was firmer. although the strong
position reported by the Banks of Eng
land and France showed the growing
strength of the foreign financial position
in spite of the retention of the per cent
discount rate by tie sank of England
While the late rise in stocks broadened
out to some extent it was still largely
specialized in the early favorites. The
closing was strong at near the best.
Bonds were firm. Total sales, par value,
s., OS0,0O0
United States bonds were unchanged
on call