The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-06
SENTIMENT BETTER
IN STOCK MARKET
But Signs of improvement Are
Accepted ReServedIy
MARKETS UNUSUAL ACTION
Conflict With Usual Precedents-Sud-
den Rally as Rule Follows Elk
tensive Break-Not Now
In Evidence.

New York. February 5.-There were
signs of Improvement in the tone of the
stock market today, and either as
cause or result of this showing of the
market speculative sentiment among the
habitual operators in stocks was less de-
pressed. The reservation with which this
brighter sentiment is accepted is due to
the conflict with usual presidents in the
pre- sent action of the market as a pre-
Jude to an extended recovery. Prices have
gone down steadily without material rally
since the first of the year, and with grad
ual growth of resistance and a lapse into
dizziness. Usually the progress of a de-
cline occurred at a stage where the taxi
ing of margins, the covering of stop
loss orders and the WEAKNESS of discour-
aged holders brings out a flood of ur
gent selling and a violent break In prices
which watchful professional operators on
the short side take advantage of to cover
their short contracts, thus causing an
equally sudden rally. 1t is after this Sc
uuence of events that the period of dull
ness and waiting is expected which pre-
ludes the shaping of the market for a
new movement in either direction. There
has been no such eliminating break in
the recent market following the steady
although at times rapid decline. and
there has been no violent rally to Indicate
the effectual conclusion of the speculative
campaign of the bears The attitude main
tanned by the professional trading ele-
ment towards the evidence of improve
ment in, the market is based on this the
DRY of market movements.
There have been symptoms of belated
liquidation in the market yesterday and
today in special Stocks which help to
keep alive the misgiving that important
selling of stocks remains to be effected.
1t occurred in Great Northern today
and weakened that stock materially in
spite of the stronger tendency of the gem
eral market. The special depression of
Pennsylvania yesterday was explained by
the news this morning of differences
over demand for wage increase from
the trainmen east of Pittsburg. The most
important element of the improved tone
of the market is the evidence of a re-
vival of investment demands. This is es-
pecially conspicuous in the buying out
right of stocks in small parcels for the
investment field. The matter was brought
to attention by the action of the Stock eX-
change authorities in ordering the re-
sumption of the printing of transactions
in odd lots" on the tape. This practice
was Abandoned at the time of furious
speculative activity when it was a physi-
cal lInpoSSlDlllty TO record all the trans
actions. Its resumption now is a sign in
one point of view in the diminished vol
rme of the market, but more Significance
is attached to the fact that the number
of purchases of small lots has become so
considerable that their desire to follow
an official record of their purchases has
influenced the Stock exchange authori-
ties to comply. Foreign opinion towards
American securities is being extensively
canvassed, and enough of a favorable
tenor is elected to suggest the possible
growth of a foreign demand for American
securities TO follow the present accept
ance for considerable portions of recent
railroad issues. The dullness of the trad
ing was partly due to the large list of
absentees due to the storm interruption
of traffic.
Bonds were steady. Total sales, par
value. $1,706000.
Government bonds were steady