The Birmingham age-herald., 1909-01-18
HESITATION IN
 STOCK TRADING Occasional Periods of Strength Have Been Evident TRADE MOVEMENT SLOW Business Has Not Revived as Actively as Expected, But a Feeling of op-
 timsm Still Prevails In
 Market Circles.
TRADE MOVEMENT SLOW

New York, January 1.-The speculative
 market last week showed good deal of hesitation in the attempted appraisement of the factors going to shape the future.
 The true reading of the opinions seeking
 expression through the medium of the stock market operations was obscured by
 the complications of the technical situa-
 tion of the market, in which a consid-
 erable short interest had been built up
 in the course of the previous weeks re-
 action. This interest was unusually anX-
 ious to take profits by buying to cover. Occasional periods of strength which were
 shown were attributed largely to this fac
 tor of the uncovered short interest, and
 the demand lacked the appearance of ag gressiveness. An element of misgiving over the future course of values evident ly remained in force in the speculation, but special stocks were strong on the strength of individual factors and proved
 a sustaining influence on the whole list. Reports of general conditions showed enough mixture of the good and the un- favorable to account fairly for the mixed and uncertain tone of the speculation. ! The progress of the expansion in trade and industry was regarded on the whole as disappointing. This feeling radiated primarily from the great steel indus tries, and the railroads, the backwardness l in the one case being traceable to that
 in the other The railroads feel the ef- feet of the early movement of the great staple agricultural crops, which gave the early appearance of quick revival to their traffic, but which leaves the later vol
 ume of traffic without it's customary pro-
 portion of this business to maintain the showing. The movement of coal also is | reported as slow in consequence with | the halt in the industrial revival. Hence
 the renewed accumulation of surplus idle
 freight cars which has proved discourag-
 ment. The effect is to hold back railroad
 orders for new equipment and thus spread
 the influence of the check through the ! wide qualifications of the steel trade. Ex- | cept in special lines of finished material 1 the demand for steel products is called disappointing and some doubts are raised
 of the wisdom of the rate of production of pig iron, which is kept up. Parallel
 conditions are found in the copper trade, | where the accumulation of stocks, while production is maintained at high rate, promises difficulty in holding prices. l The subject of regulation and restric- ton of corporations has come into re-
 newed consideration by those financially l interested, and there has been a revision | of earlier opinions in the extent to which | corporations are to enjoy exemption from such measures in the future.
 The abrupt collapse in the price of Consolidated Gas when the S0-cent gas | law was approved by the supreme court | first served to revive the subject. Doubts have since arisen wheth-~ the communi- ties clause of the Hepburn law may not | also find sanction by the supreme court, and thus necessltate the partition of the railroad and coal properties now com- ! bined in the anthracite business. There has been an extensive speculation based | on the assumption that this law was certain to be declared unconstitutional Attention has been drawn to the regula- tive powers of the New York state public service commission by the raising of the question of the approval of the proposed issue of bonds by the Erie. necessary to the financial rehabilitation of that com pany.
 Many of the newly incorporated state executives have enlarged on this question of regulation of corporations.
 The far-reaching projects in the rail- | road world which were attributed at one time to E. H. Hartman, furnished an- other topic for the skeptical to dwell on. and thus raised apprehensions in the | minds of previous speculative buyers of stocks
 The course of events abroad has fur nished material for interested conjecture by all financial interests and some of the problems are believed to be approach ing solution. Turkeys acceptance of the Austrian indemnity for the annexation of Bosnia and Herze govina was regarded with great satisfaction. It is believed that the issue of the Russian loan In Paris this week will help to enlighten the
 motives of the Bank of France for it's
 unprecedented accumulation of gold. If
 this policy shall persist after the fota-
 tion of this loan, 1t is feared that grave
 uneasiness will be caused from the in
 ference that future political troubles are
 provided against by this policy.
 Gold continues to go out from New
 York as an indirect result of the situa-
 ton abroad ana also 1t Is inferred from
 a redundant condition of our own cur
 rency. The gold exports, the new call
 upon national banks for return of s25,-
 100000 of government deposits, the accu-
 mutation of cash by the New York trust
 companies in preparation for additional
 reserve requirements, and the large fiota-
 tion of new bond issues which continues
 in New York. have made no impression
 on the New York money market, which
 continued to relax through the week. Mrs. McBride Dies.
 Huntsville. January 17.-(Special )-