The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-02-05
STOCK MARKET
QUITE STACNANT
Light Demand Kills Interest In
the Trading
SOME STOCKS ARE BID UP
Cessation of Acute Weakness Is Evi.
dent In Certain Stocks, While 9th
ers Stand Firm Under
unfavorable Reports.
SOME STOCKS ARE BID UP

New York, February 4.-operations
in stocks fell to the point of stagna-
ton today. There was a light demand
during the early part of the day CEN
tering in a few stocks and coming
from only a few brokerage houses
which haze been active sellers for the
past few days, supposedly on the short
side of the market. The slight effect
on prices produced by the developments
which were regarded as unfavorable
recently prompted the bears to cover
their short contracts. There was at the
same time a cessation of acute weak
ness in special stocks which have
proved disquieting recently and also of
the reports current to explain this
weakness and which alleged trouble
some features regarding lie finances
of the companies. No more was heard
of the talk of the intended receivership
for the Rock Island and the securities
of that company enjoyed a substantial
recovery. There was not much in the
n.ws of the day TO a positive ground
repair and car shops of the New York
Central and Pennsylvania railroads was
considered a good sign The December
net earnings report of the Pennsylva-
MIA created much attention. and the
heavy decrease shown did not depress
the stock, principally because runors
had been in circulation that it would
be worse than 1t proved. The So per
cent decline in the net return compared
with December of last year was suf-
ficiently Formidable, especially in view
of the large additions to charges on
ne securities in the interval. The
discrepancy is almost Wholly due to
falling off in gross earnings and the
constant increase in operating cost,
which has been a feature of railroad
finances for long time past, having
come at last and a decrease, although
a nominal one, effected.
The determination to maintain prices
in the steel trade, however, is expected'
to have some effect on railroad econ
, omes, owing to the large part played
by the eonsumptive requirements of the
railroads in that trade. The sugges-
ton nas been made that until the rail-
roads find themselves in funds again
by a demand for securities, a reduction
of prices of equipment material would
be found ineffective to stimulate de-
mand and that a reduction therefore
may be proposed rather than avoided.
Statistics of the American Railway
association of cars in the United States
and Canada on January %, placed the
number at 33S,315, or 10 per cent of the
total equipment. The inference is that
some $500 locomotives also are Idle
and the accumulation of property thus
earning no revenue may be computed
at hundreds of millions of dollars. An
other source of embarrassment to the
economies planned by the railroads Is
the large cost of moving empty cars,
which is prompted by the heavy pen
alties attached to retaining cars OF
other companies which were put IN
force at the time of car famlnes re-
sulting from the crush of traffic.
The falling off in activity of bonds
was as marked as in stocks The tone
was irregular. Total sales, par value,
s2,4s6,o 600. United States bonds Were
unchanged on call.