The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-01-07
CONTINUED DROP
IN STOCK MARKET
Sentiment Is Uncertain and
Selling Carries Down Prices
UNDERT0NE FAIRLY GOOD
linking of Presidents Message Leaks
Out and Confidence Is Felt
That Corporations viii
Not Suffer.
UNDERGONE FAIRLY GOOD

New York, January Ga shrinkage In
The dealings in stocks accompanied the
uuieting of the turmoil in which the mar
ket had moved this week
/, The early market reflected some remain
tng unsettlement and there was some re-
Z currence at the last Rock Island was
watched closely as possible further dis
turbing factor, and its weak decline start
ed the general market backward after the
advance In sympathy. The action Of the
market demonstrated at that point that
the urgency of the liquidation had passed
and the professional operators covered
their short contracts and took the long
side for turn. The manner in which the
activity died out on the recovery indicated
a lack of conviction In the buying and
left sentiment uncertain. The hesitation
was partly due to q report, aftefward cor
rected, that the presentation of the Presl-
dents special message to Congress Will
be delayed until Monday, owing to the
adjournment of the Senate from today to
that date.
The distribution of the advance copies OF
the message brought into Wall street OF
fees the usual inkling of its contents.
L
1t professions of confidence that the eff
feet of the reading of the full message
would prove reassuring to corporation and
capital interests which had been appre-
I hensive for the treatment of anti-corpora-
tion policies to be found there. The pros
pect of further suspense until Monday,
while rumors and discussion of the con-
tents OF the message might continue was
not rellshed apparently by the speculative
mn. 4 fff.t. va
vived the consideration of some special
factors which were passed over in the dis
turbed condition of yesterday. The mes
sage of the governor of New York was
ne-read with renewed attention. The
stock market contingent was inclined to
congratulate itself on the perfunctory
manner in which the report of the COM
mission which examined exchanges was
dismissed by the governor. The COVER
nors opposition to the proposed income
tax amendment to the constitution made
a favorable impression in the financial
district.
The Bank of Englands official discount
rate was expected to come down as it did,
but the event was factor in the early
advance of stocks. Further considera-
tion of the conditions modified the favor
able view of the money outlook to some
extent. Preparation of important govern
anent borrowing was to play as great a
Part in the lowering of the bank rate as
/. diR the normal relaxation of the money
1nYrket 1t is pointed out that the obliga-
tibns incurred by the leading money mar
ket to the Bank of France In order to
strengthen the position in the fall are
now maturing and are likely to involve
a movement of gold from London to Paris
and probably increased pressure in New
York
The more active demand for demand
money in New York continues, but the
call money market showed a relaxing ten
dency again today. The liquidation effect
ed in the stock market conduces to this
result.
The heavy liquidation in the cotton mar
ket, which is ascribed partly to Wall
street sources. also had the effect of re-
leasing funds to the money market. Money
tenders are inclined to bid more active
1y for mercantile paper. and the supply
of paper is rather light at the same time
Copper industrials were especially bene-
fitted by the report that the shutdown of
the works in Montana on account of the
railroad swischmen's strike had been
averted. The heavy storm damage to
the railroads and the obstruction of traffic
weighed ON values of some of the railroad
stocks.
The late unsettlement of the market
seemed traceable to conflicting views of
the Interpretation of the forthcoming
presidential message.
Bonds were Irregular total sales, par
value, $3696,000.
United States bonds were unchanged
op call.