The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-06
ACTIVITY CENTERS
IN HARTMAN GROUP
Wide Scope of Lines Revealed
PleaSeS Stockholders
SPECULATIVE REVIV A
Transactions Heavy-ouick Relaxation
of Money Is Evidence of Strength.
B Cautious Temper-comments
On Future Prospects.

New York, January 5.-The speculative
revival which developed yesterday in the
stock market had the effect of bringing in
b large additional participation today.
The transaction for the two hours were
aargely in excess of the recent average for
full days business. Prices wavered
when the complexion of the bank state
ment became known, and a sharp reaction
Followed its publication. The closing tone
Mas strong.
4 The transactions for the two hours were
Eered in the Hartman group, especially
Union Pacific. The disclosures of yester-
May at the inquiry by the interstate COM
merce commission of the wide scope Of
fhe activities of its executive in the pur-
chase of stocks and the requirement of a
voice in the control in other railroads
came as a surprise to most of the stock
holders themselves. The exhibit of the
power thus centered in their property APP
parently pleased them, and there was no
sign of the anxiety recently shown for the
consequences of this inquiry in the pos
sible disclosure of a condition in the af-
fairs of the Hartman companies which
would make them amenable to legal pro-
cess by the government.
The speculative spirit was fostered also
by the quick relaxation in the money
market which has occurred during the
week. Confidence on this point was some-
what shaken by the showing of the bank
statement, the net result of which was a
cutting down of the surplus to a nominal
digure.
The course of the money market is evil
Slence of the actual strengthening of the
nncney position, and it was this consider
alton that induced the later support and
rally in the market Rates for the time
loans for all periods have declined to G
sper cent basis.
There was notable expansion also in
ithe buying of bonds at the stock exchange
land general hardening of prices The total
sales of bonds, par value, was s1,4s4.0OO.
The action of the stock market with the
opening of the new year indicated a
spirit of caution in speculative sentiment
land degree of hesitation and uncertainty
in the opinion held over the outlook. The
universal testimony to the Unprecedented
prosperity of present conditions is accom-
panied almost without exception by a lone
question over its maintenance or of ex-
pressed fears that reaction is at hand The
existence of this spirit seems to be re-
.sponslbe for the constraint on specula-
tive operation which characterized the
first transactions of the year, in spite of
the satisfactory working out of some of
the immediate unfavorable factors in the
situation.
The action of the money market through
the strain of the annual settlements
tshowed none of the violent unsettlement
which had been feared on account of the
Very large volume of settlements and the
existing expansion of credit resources.
The unexpected tranquility was due. Of
course, to the preliminary precautions
4tvl i11n fDI lrr 4l,A nlt,r. lpt.
warning given of the probable strain to
the situation. Prepayment of large sums
in interest and dividends not due until
the first of the year were made by a
number of correspondents. The conserva-
tive course of the speculative operations
In the stock market itself for some time
past also aided to ease the strain. The re-
Taxation of the money market following
', the first of the year has been unexpected
1y prompt and marked.
Growing attention is given to the effect
on net earnings of railroads of the rise in