The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-02-04
SOME SOFT SPOTS
IN STOCK MARKET
Prices Remain Rather Firm
After the Days Trading
FIRM UNDERGONE EVIDENT
Bank Failures of Last Week Have Lit
tie or No Effect, But Weakness In
Some Stocks Is Caused BY
Rumors AfIoat.
FIRM UNDERGONE EVIDENT

New York, February 3.-The duh and
day was due largely to suspended in
terest on the part of the spectators
the early part of the session was clear
ly due to activity on the part of a
professional element on the short side
of the market, and this selling was
partly covered by re-purch asses before
demand from the uncovered short in
terest, there was little sign of any alb
sorptive power. The dissemination of
rumors in a rather reckless fashion
was an incident of the day which
was laid at the door of the bearish
activities. Anonymous teleph one mes
sages to bank depositors to awaken
their anxiety and to prompt with
drawals was a feature that came into
notice on Saturday and prompted in
dignant discussions The successful
closing up of last week of four smaller
banks seems to have suggested this
motive OF attack, but the publication
of the matter was reported today TO
have robbed it of its power for any
harm.
Very bold and damaging assertions
were circulated today concerning thu
finances of the Rock Island system
and there was a severe decline in many
of the securities of the company, in
GLIDING the stocks, both of the parent
and the subsidiary companies and the
collateral bonds secured by old Rock
Island stock and those secured by ST.
Louis and San Francisco stock. The
mortgage bonds of the companies in
the system were but slightly affected.
Officials of the company and bank
ersSWho assisted in it's financial opera
tions denied that there was any ground
for rumors for embarrassment. The
unsupported condition Of the securities,
however had a depressing effect on
the whole st The financial effect
of the Portuguese tragedy seemed to be
confined largely to the Paris bourse
and had little reflection here. There
was in fact some purchase. of stocks
here for foreign account. There was
not enough of this, however, to pre-
vent sharp reaction in the foreign eX-
change market, which quoted the dis
cussion of a possible early outward
movement Of gold. shipment OF
S5OO0O0 in gold to Argentina. re-
ported late on Saturday, was explained
as special transaction
The loss by the banks on Satur-
day of $2A09.o00 on subtreasury oper-
ations was caused by payment TO
the government of maturing note
of the Central aeifc in the periodi-
cal in the settlement of the old Pa
cific debt. Payments of subscriptions
on st. Paul stock called for $lOoOoooj'
The money market was not percept1bly
affected by these Developments Rail-
road traffic officials had no increase
in business to report. but some growth
of hopefulness over early revival OIL
traffic was discernible in their week.
" views given for publication. A de-
cline in the price of copper at the
New York metal exchange and also
in the price of London copper war
rants was but lightly reflected in the
prices of copper industrial and mining
stocks.
The United States Steel stocks also
were relatively little affected by the
generally heavy tone. The probable
direction TO be taken by political activ-
tiles in the approaching presidential
canvass claims a growing share of
attention in the financial district and
emphasizes the indisposition towards
large operations in the market.
The bond market was weak, the
Rock Island collateral bonds forming
the conspicuous instance. Total safes
par value, $2,795.ooo; United States
Bonds were unchanged on call.