The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-17
DECISIVE UPWARD
MOVE IN. STOCKS
Drift is Sluggish Until Last Few
Minutes
ANAC0NDA'S NEW RECORD
Situation In the Money Market Much
MIxed-Improved Foreign Feeling
Toward American Securities.
Review of the Week.
ANACONDA'S NEW RECORD

New York, February 16.-Speculative
sentiment was not distinctly outlined in
the movement of today's stock market
IT was in the last fifteen minutes that
prices moved decisively upward to the
high level at which the market closed.
Up to that time the drift was sluggish
and uncertain. The only active opera
tions were in Anaconda, which exceeded
yesterdays new record level by 4, but
closed about unchanged from last night
The cross currents in the banking opera
tions of the week were so confusing that
no clear conception had been formed Of
what the changes in the statement OF
condition would show. The Improvement
IN the surplus item was accepted as re-
moving a danger that the narrow margin
might be encroached on, and some buy
ing by traders followed on this account
The situation in the money market Is
p good deal mixed. The effect of the
government Withdrawals of deposits from
the national banks will be thrown over
into next weeks bank statement The
time money market, while normal on
Saturday, was reported stronger and
money brokers expect higher rates next
change was weak and there was increased
confidence that gold will be secured in
London for next week. The market did
not show any immediate response to the
news of the placing abroad of 29,000,000
of New Haven debenture bonds, except
that the weakness in the foreign ex-
change market was attributed to an ex-
pectation that remittances to New York
would follow on account Of these sub
scriptions. The transaction was regarded
however, as an important indication of an
improving feeling towards high grade
American securities on the part of for
eigners. Success is reported also in the
offerings abroad of the issues of short
term notes by the various corporations
The relief thus afforded to the apparent
lack of available capital here to meet the
large corporation requirements which
have converged on the supply may have
important effects In Fighting the throu-
bles of the American markets.
Sales of bonds, par value, $46,0OO.
There has been evidence In the market
this week of some renewal of organized
operations to advance prices on a scale
which Indicated the activities of foreign
ers which usually attract an effective fol-
lowing amongst the scattered spectators
of a smaller class. The professional
traders on the floor OF the stock exchange
have been followers of this movement and
have helped to extend this effect. The
rise in prices has driven some outstand-
ing shorts to cover, and this has helped
also to increase the effect of the move
ment,e 1t has been narrowed, neverthe-
less, and has been marked by caution and
frequent digestion of profits which caused
pauses and setbacks.
Besides the natural relief afforded by
the completion of necessary liquidation
the sentiment of the market has been inn
proved by the Interpretation placed upon
a number of developments in the general
situation. OF these the one most dwelt
upon is the measure for currency reform
introduced I'm the Senate under auspices
believed to offer good chances of its en-
Hctment at the present session. Foreign
financial markets have been particularly
impressed by the incident, and have
bought American securities on consider
able scale on that account In financial
quarters at home the effect has been more
sentimental as an indication of DISPOSE
ton by the legislative authorities to move
in the matter, and thus hold out a prom
Use of successive action of more compre-
hensive scope. The authority of deposit
customs revenues as well as internal rev.
enue receipts in the national hanks is re-
garded as of benefit in the promise of re-
lease of funds to the money market, in
stead of locking them up In the treasury,
although the actual change from condi-
lions which have grown up in practice
will not be far reaching. The offer of the
treasury department to redeem $685. 900
of 4 per cents of 1907 at 101h had the sf-
feet OF relieving apprehension to some
extent over the withdrawal Of $4,000, 900 of
government deposits with the national
banks, ordered for February Is. although
the actual response to the offev on the
mart of hondhoIders rrnvcd small An Inn