The Birmingham age-herald., 1908-02-09
l 'OU|DAT|ON IN STOCK MARKET Many Investors Take Profits
 After Long Wal RISE WILL FOLLOW SOON Stocks Are Believe To Be On Sound 5asis and An Advance of substan-
 tlsI Proportions Is Expect
 ed By Knowing Ones.
RISE WILL FOLLOW SOON
sY THoMAs c sHoTwElI.


 New York February s.-(special)-In- terviews. speeches and magazine articles by the leading men of finance prove that there is no difference of opinion at all over the programme to be pursued in re- forming buginess affairs. What a gori- ous contamination. The whole Uncle Sam family has been making the old homestead resound with the smashing of furniture and now that everybody Is tired out it develops that every mothers son of them has been fighting for the same thing. Now after everybody takes good rest, the wrecks. can be swept out into the backyard and when the whistle blows everybody will get to work.
 But sad, indeed, Is the plight of the speculative politicians who thought that under cover of the family quarrel they could steal all the pie and cake in the pantry. They are short of stocks and Wall street holds their contracts. Wall street feels sure there will be a day of reckoning and those who have sold things they do not own will get no warning when their time of grace expires.
 Stocks will undoubtedly work lower, but Wall street is done house cleaning and will be able to turn the tide over night and when the proper time comes. Bankers who have the best interests of their clients at heart are urging them to buy nothing on margin but to hold everything that they own regardless of any depression that may come over the market. These men say that short sales ara IioI la fa ettfaf financial standpoint All of these author fties expressly exempt war risks from their discussions. They refuse to be- lieve that this country can become in- volved in any war now. War, how ever. would be bull argument on the stock market now so that the investor has nothing to dread from that quarter. Price movements today were of no m- portance in detail. There was evidence of liquidation on the part of investors who purchased during the panic. but all of the sales resulted in profits, so that ev- cry seller of yesterday will become an enthusiastic purchaser in the near fu- ture
 Failures for January involved more than 100000 of liabilities, or more than double the volume of 1896. which was the worst year in modern times.
 1t is noted in the railroad reports put out the last few days that operating ex- penses are being reduced very sharply. This means that labor is being liquidat and the big corporations say the worst in that line will be over by the first of April
 The total number of shares of stocks sold today was 457 ,S33, against 3S6,S1O the same day last year
 The total par value of bonds sold today was s15o00Oo, against s7O6ooO the same day q year ago.
 Secretary, of the Treasury Cortelyou spent this morning at the custom house. It was understood that his visit to New York had nothing to do with financial affairs other than routine ones of the gov ]ernment.
 It is now reported in good circles that the Union Pacific stockholders will have to accept less than 10 per cent at the next dividend declaration.
 President Roosevelt hes ordered federal troops away from Goldfield on March [. The state police feel that they will be able to handle the situationI,y that time.
 Foreign markets were heavy, but gen. orally dull. Discounts were firmer at London, where Americans made losses. In this market further weakness in for elgn exchange was accounted favorable development. The close was heavy in tone. with general net losses, and with final prices in many leading issues at or near the low level of the day.
 Todays bank statement marked the in- auguration of one of the most important improvements ever adopted in the bank ing history of this country's financial cen- ter, because it is directly in the line of re- form. and makes for the greater public ity in banking methods. It means that for the first time on record all deposit in- stitutions in the greater city will here after make joint statement of their con- dition. This gives. for the first time, an exact showing of the actual bank condl- tions in the city.
 Bar silver in London today was quoted pence higher at 261s pence per ounce.