The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-08
MIXED SENTIMENT
IN STOCK MARKET
Conflicting Influences ofMark-
ed Strength and Weakness
AFRAID OF INVESTIGATION
No Change In Conditions Which In
cited Recent Buying, But Percept-
ibIe Difficulties as to Disclos-
ures of Hartman Scheme.

New York, January 1.-The early PROM
ise of a large business in stocks for the
day was not maintained in the latter mar
ket. The dullness which interviewed was
due to a. suspension of speculative opera
tions brought about by the conflicting in
hunces of marked strength in one set of
speculative favorites and weakness in an
other.
The irregular opening was followed by
an active buying movement which caused
a fairly comprehensive advance. Distinct
lines of cleavage in the movement then
developed. In Union Pacific, Reading and
Amalgamated Copper there was obvious
selling pressure, and an important dissent
ination to other stocks. This was inter-
preted as a disposition to keep profits
on the part of the buyers whose initi-
ative last week had so much to do with
stirring up the speculative revival.
There was no change in the conditions
which were supposed to have melted this
buying. There were pereeptible. however,
some difficulties in the construction
placed on those conditions. These had to
do with the line of the public discussion
of the disclosures of the affairs of the
Hartman railroad companies, brought out
in the course of the interstate commerce
commissions inquiry.
The effect of the powerful position of
those companies was modified by the sug-
gestion that the showing might in itself
invite measures of hostility and repression
by government agencies. There was re-
vival of the vitw held of the inquiry In
its first stages. The appearance of joint
distribution in the market of Union Pa
cific, Amalgamated Copper and Reading
was regarded by the professional ele-
ment as rather imposing evidence of the
market views of a party whose leadership
in the speculative movement is of wide
spread influence. On the other side was
the stubbornness with which advances
were held in the United States Steel pre-
ferred, Pennsylvania, Atchison and
Brooklyn Transit, which also was held as
demonstrating the market views of i'm
portants elements in the leadership of the
market.
The news from Washington of the up
holding by the supreme court of the New
York state stock transfer tax was a dis
appointment to market operators as
hopes have Nbeen built on this suit of re-
lief from burden that has had a recog-
niZed influence in depressing activity in
the stock market. A special influence in
the strength of Brooklyn Transit was the
belief that a judicial decision would be
handed down affirming the right of the
n mpany to charge a Decent fare to Coney
Island
The weak showing of the Saturday bank
statement was not much regarded today,
/ as confidence was general that the inn
mediate factors in the money market We're
working towards ease for a time at least
Discounts receded further in London to-
day. and there was some reaction in the
FOREIGN exchange market here. In Ber-
lin there was recovery in the discount
market. This was the only development
seeming To conflict with superstition
that the Rani- Of England was likely to
lower it's discount rate next week. Money
fol al ro~'o'T was obtalnable at 6 per
cent in FIT - 7rket today. Late in the
day the~e come added stiffness in
the tone "a call loan rate, which
rose to u mt with added effect on
the prices.
Railroaa etc officials were united in