The Birmingham age-herald., 1908-02-07
AL.OOFNESS RULES
 STOCK MARKET Lack of Trading Interest Is In
 Direct Evidence PRICES VERY WATERING Feeling Prevails That the Depression Will Soon Be Lifted and Industry
 Become Active, But the
 Dullness Continues.
PRICES VERY WATERING


 New York, February 6.-The stock mar ket today was less affected by the evil dences of the contracted stage to which traffic and industry has fallen, although those evidences continue to accumulate. The market was quiet; in fact, unrespon- sive 10 anything and for much of the time vas lethargic. Brief excursions into one ot the other accounts by professional rooms traders were responsible for the wave4ng fluctuations of prices. but these ventures were never carried far, and were retacld almost as soon as takenN The general public, and so far as could be dis cernei the important class of capital in- terest, were profoundly indifferent to the marlat The dullriess and indifference fairl, represents the present uncertainty of tie world of capital and of finance over the future.
 Over the question of the duration of the preAnt depression in our industries there is ID settled conviction. An assumption thai 1t would be long continued or fur
 & gravated would represent a new WUN of the situation which would prdnp to new operations, and a new po- sitbn In the market for securities. The feeling is more general that the depth of thu depression has been reached, and that improvement is to be looked for. Of this tIere is, however, no present actual oc- . cirrence and speculation, consequently fhlts.
 The further curtaiIment of iron out Iuts during January without preventing iome further accumulation of stocks and } rate of production at the end of the month which promises further reduction are convincing proof that the shrinkage in the iron and steel trade shown by the United States corporation report of earn ings for the last quarter of last year is still in progress. Reports of railroad gross earnings from the latest returns to hand from day to day reflect the falling off in traffic and measures of economy for a commensurate reduction of expenses in- dcate the decline still going on in the wage fund in course of distribution with the necessary consequence of diminishing oonsumptive demand for commodities.
 The official intimation of intention of the Illinois Central to offer probably $3O,- 100000 of new securities which are ex- peeted to take the form of equipment notes was regarded, as evidence of the temporary expedients to which corpora tions are forced still to resort for the rais- ing of needed capital. The publications of the weekly return from the Bank of Eng land served to check the rising course of investment securities in the London mar ket, although the banks gold holding is due to the repayment of obligations to the Bank of France incurred during our own demands upon the London supplies during the crisis here The simultaneous return of the Bank of France shows d corresponding benefit from this move ment The French bank note issues also, are substantially contracted and its credit reduced. Discounts advanced in London in response to this showing. The fall in sterling exchange here was checked, but