The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-02
RENEWED FALL IN
THE STOCK MARKET
General Conviction ofAbandon-
ment of BuIIiSh Effort
NECESSARY REIMBURSEMENT
Rumors Current of Further intended
Note lssues-Questlon of Demand
Abroad for Ameri-
can Issues.
NECESSARY REIMBURSEMENT

New York, February 1-Busness on the
stock exchange had proceeded not more
than ten minutes today when 1t became
manifest that no important volume of
buying orders was present at the recoy-
cred price level. An almost immediate
reaction followed. Then came dull deal
ings and hesitation to perceive whether
the banking interests which supported
the market yesterday were disposed to re-
sumo their buying to prevent a renewed
decline. No such efforts wege discov-
cred. The marketing of stocks was there
upon resumed and the supply streamed
steadily into the market for the rest of
the day.
The bear operators were not idle. and
they bought at occasional stages of the
decline to cover short contracts.
o.. These operations caused a few checks
to the decline and rallies with varying
force, the most important in the final
hour. No news accompanied the renewed
fall in prices beyond the general con-
viction of the abandonment of efforts to
lift prices or an accumulation of stocks
by the financial powers.
Speculative holders were forced to the
conclusion that the best financial judg-
ment was acquiescing in the readjust-
ttftlll DIS d n6ctSSdT1 PIOCtSS " ptiiiS
about a basis for securities from which
appeal can be made successfully to cap
ital to come in again for investment.
Yesterdays protective measures are in
terpreted as merely a reserve force to
regulate price readjustment as much as
possible within orderly limits. Such news
developments as came to hand were
favorable to the market. The loss in
cash by the banks indicated by the
known movements Of money for the week
is due to government operations in
Guiding a payment of a Central Pacific
note due to the government on February
l. and the withdrawal of government
deposits from the banks On the regu-
lar express movement with the interior
the banks have gained but the indicated
net loss Is less than 81, 900 900. limitations
from Washington conveyed the impress
sion that the treasury's offer for re-
demption of $40, 100000 of United States
As of 1907 made in December was still
open, having been take advantage of at
that time to only a small extent. The
engagement of half a million gold in
London for import shipment showed that
the exchange was at a profitable level for
such an operation and next Monday $
gold arrivals in London are expected
to yield an additional sum for New York
account
The condition of the local money mar
ket is of less account to the specula-
tive outlook 1t is believed, than the iques-
ton of a demand abroad for American
issues Rumors were current today of
further intended note issues. 1t was de-
MED that any such were imminent but
1t was not denied that favorable condi-
tions in the securities market would i'm
ply additional offerings of such notes.
1.-THE late ralLl was mot followed by
resumption of important selling but the
closing tone was steady.
Bonds were heavy Total sales, par
value. $1,74000o. United States bonds were
unchanged on call.