The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-01-04
UNEXPECTED DROP
IN STOCK MARKET
: Dealers Try To Advance Prices
But They Fail
CALL MONEY VERY HIGH
Rate Goes Up TO Fourteen Per Cent
and Bankers Seem to Care More
for Their Money Than They
Do for Stocks

New York, January s.-An attempt was
made to start the new year with an adj
vance of stocks as demonstration of
cheerful confidence in the opening pros
pect Immediately, however, the higher
prices encountered selling orders suffi-
Gent to turn them downwards. The
movements forward met obstacles, such
as made 1t abortive. The pinch in the
money market proved a drag on stock
market operations on the long side, but
sentiment was more or less depressed by
" number of other factors in the outlook,
-articularly the governments attitude to-
sard corporations and the prospect of
abor disputes. The rate for call loans
mad risen early in the day to higher
icvel than was touched during the whole
of last year, and, in fact the year before.
which ran into the after panic depression
Of all forms of enterprise. following the
disappearance OF the money stringency
n January of 1908. The highest call loan
rate in that month was 9 per cent, conf
jared with todays IA per cent. The COM
.iexion of the bank statement published
yer the close Friday, made clear the
ason for the contraction of the sup
plies in todays money market. The sur
plus reserve was depleted to slender
'sv-ra~sr while the huge money settle
still to be provided for in large
s,,-.. Lotion of loans by the clearing
1utions was thus made imper-
and Di
=. hat relief was not forthcom-
Ter sources, as has been SO
past when the money situa-
aed, gave rise to differences
1werful financial leadership
Chica unfriendly to the speculative
patch / the stock market. The great
willie mixing houses most largely con-
Sc with the financial operations of
To b cipal railroad and industrial cor
vent of the country have given much
nstio of abundant cash resources in
latin INT past, as to imply ample ability
1t Y furry in the money market.
thorit Aof support Friday prompted an
lister = that higher rates for their
comm vas more desired by those pow
state urces than higher prices for
Unite AS the same forces have been
chez with fostering the long specula-
T stement during the past year. there
tn \ corellary inference that extensive
r Jdation of their stock holdings had
already effected.
"a other directions the speculation saw
Encouragement. Railroad presidents were
consultation with the President of the
States at the White House to
their opposition to his proposed
concentrations for extending the pow
IF the interstate commerce commits
sion over the railroads.
From various courts came reminders of
The progress of legal processes against
be great corporations-the Standard Oil
company the American Tobacco COM
pany and the Union Pacific railroad. I'M
portant decisions in the pending cases are
to be looked forward to as possible in
IS on the future stock market.
eop tect was produced by reports of
Jus les between the Steel corporation
-" me of it's employees and the senti-
influence of the weakness of
I'D States Steel on the general list
Nv considerable. The high cost of liv-
lave added weight to the wage ques-
IS
xhekweakness of United States Steel,
- q and Union Pacific contrasted
1e resistance shown by Rock ISL
hesapeake and Ohio. and Amalga-
\, Copper pointed to a divergence of
mt in the speculative forces, but
u res of reaction proved predominant
r. weakness became quite acute
Gov agifinal furry in call money.
Knc. 4 were heavy. Total sales par
to de- ,s65,0oo.
puni Is declined u per cent on call.
"a matt n
ragu4 SONGS.