The Birmingham age-herald., 1909-02-08
SPECULATION IN
 STOCKS IS QUIET Market Has Moved With Much Hesitation for the Week IRON AND STEEL ARE DULL Railroads Are Still Working on an Economical Basis, But They Are
 Compelled Gradually to ln-
 crease the Outlay.
IRON AND STEEL ARE DULL

New York February 6.-Speculation in stocks was quiescent last week, and the professional element moved with hesita- tion and constant shifts from one side to the other of the account in the effort to test the market and find the trend of the wider financial sentiment. A large share of attention was given to the situation in the metal trades, and the unsatisfactory returns from this department of indus try had much to do with the unsettle- ment of the speculative tone. There is no further disguise of the disappointment felt over the slow progress in the iron and steel trades. Demand for finished products is meagre and price concessions on the part of the minor companies are absorbing most of what business there is with an effect of growing friction with the larger interests which are attempting to maintain prices.
 Buyers of steel products cite the prob able reduction of duties to be effected in the coming tariff revision as promising to make for lower prices and withholding of orders is considered likely until after the tariff bill is definitely outlined. Rail- roads are reported to be scanty buyers of steel products as yet. In this connec- ton, however, the incoming reports of railroad earnings make a highly signiti- cant showing in the detailed statement of operating expenses. As the average oper- ating expenses of railroads in December of 1907 were still expanding compared with the preceding year, it must be coli cluded that he railroads find themselves driven to more liberal outlay for mainten- ance, after the strict economies, running to the verge of starvation, which marked the policy of the whole of last year.
 In the copper trade the reduction in the asking price by the principal producing interest during the week was the sub ject of widespread discussion, but reports as to it's effect in securing orders were confused and even directly conflicting. While the United States supreme courts decision against the wall paper trust, out lawing it's claims of collection of a debt had no perceptible direct effect on value of stocks, it was considered of far-reaching importance in it's bearing on the general position of corporations subject to the restraint of the federal government, and the expected decision in the case to test the commodities clause of the Hepburn law and the important consequences of that decision to the anthracite carriers pecially, is a subject of anxious concern to holders of these securities
 The local money market at last began to show some effect from the numerous demands made upon it. The recall of an additional $30,O00000 of government bonds from the depository banks was a direct influence in hardening money rates Gold also continued to go out to South Amer ica on London account, and the question was kept open by direct movement of gold from here to London. Money con ditions abroad. however, sensibly relaxed with the settlement between Turkey and Bulgaria, and discount rates receded at all the great foreign money centers. The investment appetite for new issues shows no sign as yet of abatement and conf dence is expressed of the maintenance of ease in money rates as demand for credits in commercial lines remains at it's pres ent low ebb.