The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-02-02
MESSAGE CAUSES
Decline IN STOCKS
Wall Street DespairS of Getting
Financial Legislation
MONEY Is STILL PLENTIFUL
Decline In Stock Market Is Not De-
cisive and Outlook Is Fairly Good
In Spite of Declarations
On Finances.
MONEY Is STILL PLENTIFUL
BY THOMAS c. sHoTwELL.


Weakness that prevailed in the stock
market today was due entirely to the pro-
found shock following publication in the
newspapers of president Roosevelt's mes
sage to Congress aud its public approval
by both Bryan and Hughes. The finan-
clal features of it, when followed to their
logical conclusion, means that the Pres
ident wants to eliminate all business on
credit. One can realize what this means
when it is remembered that more than
30 per cent of all business is done on
credit. Wall street joins heartily in ev-
cry moral recommendation made by the
President.
The message has driven home to Wall
street the impossibility of getting any cur
rency measure enacted into a law this
year for it is evident that if Congress
should pass a good measure the Presl-
dent would veto 1T. Wall street has,
therefore, to look forward to another
critical period next autumn should good
crops be grown to demand the use of
large volumes of money.
The natural assumption, therefore, Is
that those in charge of the market will
resort to every trick of manipulation from
now on in order to induce the public to
buy stocks so that the burden may be
widely distributed
Movements in the market today were
not decisive. The bank statement was
not published until after the close, but
its nature was fairly well anticipated.
Money is no longer a matter of any
consideration except as it offers an op-
portunity for bond issues
Decision by the leading manufacturers
of steel not to cut prices does not
mean that there is to be an immediate
revival of business, although the outlook
has been fairly bright.
Cotton continues to sag in spite of the
efforts of the sully pool to manipulate it.
Wheat shows slight reaction after it's
severe decline.
The curb market today was firm.
The total number of shares of stock
sold today was SS2 III, againsS 424.55S the
same day last year.
The total par value of bonds sold today
was $2,005,O00, against $1,190,000 the same
day a year ago.
Kuhn, Loeb & Company and Blair &
Company are offering S4125,000 of Kansas
City Railway and Light per cent five-
year convertible collateral gold notes,
due September l. 1912. They are part
of an issue of $5,5O0,000, against which
are pledged obligations of underlying
companies and the companys own stock
having a par value of over $4,000, 900.
Western Ice was traded in on the curb
today for the first time since before the
panic. Small blocks brought 1012. The
previous transaction was at 25.
Brokers are only charging per cent
interest to margin customers for jan
uary
More business was transacted on the
consolidated stock exchange in January
than in January of last year. The volume
this year was 4,551, 204 shares.
Interest due on the Chicago Great
Western per cent notes, due today, was
not paid The company is already in
the hands of receivers, but at the re-
quest of holders of the notes, Otto T.
Barnard, Sidney C. Borg and Winthrop
Burr have agreed to act as a protective
committee.
One report in regard to the decline of
Rock Island stock was that the company
would issue 100000 of short term notes
in April, this being an extension Of an
issue already outstanding.
There was little feature abroad with
an irregular price movement. Ameri-
cans showed steady tone at London, al
though scoring irregular changes. Arbi-
here.
The bank statement was fairly in line
with expectations and showed another
gain in surplus reserves.
A significant feature of the statement
was the fact that total deposits were
in excess of total loans. Only, as re-
Gently as November 80, 1907, there was
an excess of loans over deposits of
$114, 200.
The increase in surplus was s3,462225.
This brings the item up to $40,526725.
The gain in cash was $6,295,60o. Loans
showed a decrease of $1,7S36O0, while de-
posts increased $11,333,50
Silver was quoted today at 551sc; Mex
lean dollars, 44c, and Mexican exchange
2.02
AT London bar silver was % 9-f6d, up
l lid.
United States bonds closed steady. In
the bond market Brooklyn Rapid Transit
As Interborough-M Metropolitan 419s, and
Rock Island collateral and a number of
other issues were reactionary.
Bonds.
IT, s. refunding Is, registered. .1O3a
u S. refunding Is. coupon. .1O3A
U. s. IS, registered. .1OOM
u. s. new A., registered. lis
IT, s. new A., coupon ex-int. Hoy
Louis, & Nash. unified A. -. 49,. 90N
Southern Railway 5s ............ $50
Money on Call.
New York, February 1.-Money on call