The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-01-05
FIRM SITUATION
IN STOCK MARKET
Financial Affairs Are on Good
Substantial Basis
MANY STOCKS GO HIGHER
Matter of Dividends Does Not Cut
Much Figure Now and New Eng
land Trade Matters Are I'm
proving Decidedly
MANY STOCKS GO HIGHER
BY THOMAS c. sHoTwELL.

New York. January 4.-(Special.) -Under
the influence of a bank statement that
shows the New York institutions are rap
idly making up their deficit, the stock
market held firm throughout the session
today. The money situation is cleared
and from now ON other considerations are
being taken into account by Wall street.
The one thing which had most influence
today and which caused the most profit
taking was reduction in the price of
products by the steel trust This also
influenced London. The inspiring fact
was that investors stood ready to take
every share of stock offered.
Northern Pacific was the strong feature
of the day, with an advance of almost
points. The unofficial information on this
stock is that it will receive an extra divi-
dend within few days 1t has a very
large surplus, and while perhaps it can
afford to pay an extra dividend the ex-
perence of New York Central proves that
dividend increases are not popular just
now. Wall street recallaE that the Bal
timore and Ohio went into the hands of
receivers 80 years ago az q Cine when it
and not enough cash to operate its trains.
The purchase of M. c. d. Borden of a
large quantity of cotton was hailed as
sign of business recovery. The fact that
he is willing to take chances on large
order indicates that stocks are low
throughout the country. 1t is possible
that more spindles may be started to
work as a result, and revival in New
England would be expected to spread
rapidly westward.
Favorable returns were made by the
Miners Central and the Delaware and
Hudson. The net increase of the former
was $44,312 out of a gross increase of
$229,S65. Delaware and Hudson shows a
net increase of $15e, 62S out of a gross in
crease of $24S,691.
Prussia has announced a new loan of
$5O,O00000 to be offered on January IA.
Speculative Wall street is much inter-
ested in the announcement that John w.
Gates will be back from Texas in few
days and perhaps get busy with the mar
ket.
Cotton was lower and wheat was high
err but in neither was the change inn
portant.
In the mining stock market there is a
The total number of shares of stocks
sold today on the New York stock ex-
change was 2S3222, against S11,S14 the
same day last year.
The total par value of bonds sold today
was 81, 239, 0oO against s1,4S40OO the same
day last year
The Baldwin Locomotive works have
cut working hours equivalent to the
discharge of 5000 men.
All but two companies of soldiers have
left Goldfeld.
Charles M. Schwab has gone to Cuba
in connection with his manufacturing en-
terprises. His brother, Joseph M. Schwab,
has taken an option on the Pope-Toledo
Manufacturing company.
The comptroller of the currency an
nounces that there is outstanding now
currency to the amount of $690,525, 455.
The Rand produced $4,000 ounces of
gold in December, according to the
monthly estimate. This is about 10000
ounces less than in November.
Local banks are retiring the clear
ings house certificates rapidly, but no
official figures can be procured.
Canadian Pacific SIS were admitted to
quotation on the exchange today. There
were no transactions, but a bid of was
made on the floor.
Atchison stock declned> as a result
of the plain talk made by Attorney Cen
eral Bonaparte who censured President
Ripley for speaking contemptuously of
. the government in connection with. re-
bate suits recently prosecuted.
Todays stocks were generally heavy,
the main influence being the report that
Germany will issue $55,0O0,O00 in about
two weeks. The Berlin and the Paris
markets declined on this outlook.
The bank statement was even more fav-
orable than expected and with another
substantial cut in the deficit. The
changes in the various items were re-
garded as very favorable.
The reduction in the deficit amounted
70 a. $50. 800. The total deficit now amounts
to s11. $50, $50. In some banking quarters
the opinion was expressed that the
dehcit would be wiped out in another
week or in a fortnight at the latest.
The cash gain reported was $SO45,9Oo.