The Birmingham age-herald., 1907-02-05
STOCKS ARE STEADY
 CHANGES SLUGGISH
Some Disposition Shown to
 Support Prices
NOTABLE LACK OF REBOUND
Powerful Banking Interests Protect Prices on Declines, But on Ad- Vances Buying Orders Cease.
 Partial Reassurance.

New York, February 4-There was a marked contraction in the volume of stocks today and the feverish tone of the recent market was largely elimnat- ed. Fluctuations became narrow and the movement was increasingly sluggish. De- ductions suggested by these conditions are a subsistence of the pressure of liqui- dation of a forced kind a disposition to support prices and protect the market from excessive declines on the part of powerful banking interests and the in- timidatlon of the bears in consequence and the cessation of their fierce raiding tactics against values. The sentiment over the future course of the market was only measurably treasured by this check to the decline, owing to the conspicuous lack of rebound to prices.
 A demand was forthcoming when prices dipped, but it was totally withdrawn when prices advanced at all. Precedent Indicates the likelihood of an accumula- ton of so considerable decline as has occurred in the price of stocks in a spasm of great activity, sudden break in prices and sudden and sharp re-
 
 to the dislodgement of obstinately held accounts on the long side and the sud den rebound to the nasty covering of the short account, which inevitably becomes overextended in the course of a long continued decline. The absence of these symptoms in the market makes the pro- fessional trader skeptical of the char acter of the resistance as shown in the There a SltQlflV firmer tone to call loans early in the day. but rates receded later Additional gold was secured in London for New York account, but the New York demand did not make any such sweeping acqui- sition as has been dreaded by the Lon don market
 The Bank of England continues secure on account of new gold, and its posi- tion is growing very strong. The ability of the bank to make it's , per cent rate effective on the market has been depen- dent on fiscal operations of the English and Japanese governments, which took money from the market and placed it in the banks deposits. It is probable, therefore, that a further movement of gold from London to New York will pro- ceed without serious unsettement of for eign money markets. Foreign banking authorities agree that a large reduction of floating indebtedness by New York to them has been erected since the turn Ol the year. Foreign takinngs of some of the railroad note issues have contributed to the reduction of the more temporary loans The continued advantage of po- sition enjoyed by New York in the inter- national exchange is interpreted as sig nificant of further obligations to this country on confmerciaT account. It is expected the foreign attitude toward New York demand for gold will be all tered with the growth of perception that the great gold movement does not represent a heavy extension of credits to American bankers.
 Railroad traffic reports contained refer enees to the difficulties from storm blockades. but offered nothing to show subsistence of pressure of traffic offer Ing. Net earnings for December further reported showed the general tendency of operating expenses to overtake the growth of gross earnings, and so to inn pair the net return.
 The sluggish movements on the gen. eral market were largely in sympathy with wider movements in a few special stocks The easy closing was effected by the weakening of Erie.
 Bonds were irregular. Total sales, par value, S1, i66,oOO
 United States bonds were unchanged on call