The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-01-06
PROFIT TAKING
HURT THE MARKET
III
-
Stocks Made But Little Head
way Against the Movement
WEEK HAS BEEN GOOD ONE
Activity and Strength Was Reflected
BY the Confident Spirit over the
Outlook for the New Year.

New ork, January 4.-The disappoint-
ment over the weekly bank statement To-
day made it difficult for the stock market
to make Roadway against the selling TO
take profits A good part of the gains
were wiped cut after the statement ap-
peared and some of the weak stocks fell
a point or more below last night. Reallz-
ing was in evidence from the outset
:, among the coalers and some others put
, the heavy absorption of the United states
-sieel stocks and a rise in amalgama ted
copper gave some tone to the market
Copper promptly relapsed and selling also
let the advance In the United States steel
tocks.
+, The rise in the copper stock was based
IN the reported dissolution of an injunc-
j., ion against the payment of DIVIDENDS
BY. one of its subsidiary companies
number of low priced industrials devel-
epped strength during the day especially
4 the producers of railroad equipment ST.
Paul advanced on its increased earnings
= for the fourth week in December. The
, announcement that this company would
> discontinue statements of the weekly
ljearnings gave rise to some doubt among
spectators over the railroad outlook
The bank staten ent showed an increase
! of only 49, 457, 800 in cash which was less
E han half the amount predicted. The
p, Increase of reserve requirements by the
large loan expansion more than offset this
,1n the surplus item which accordingly
T., showed a small decrease. Confidence in
larly ease of money was considerably
dashed by this development.
- The activity and strength of stocks this
week was reflected by the confident spirit
ntTnr 1n ntIfln For fha nnuy
year-end strngency of the money mar
ket has ben ignored in the confidence that
few days would see a relaxation of the
money market CT vast resources through
the unprecedented disbursements on ac-
roGnt of the interest and dividends and
Of the currency which has been in active
circulation to accommodate the needs of
the holiday trade, the volume of which
has been an index of the great prosperity
which the country enjoys.
The practical contamination of the
u Conversion of Northern Pacific preferred
ut took into common stock, which was an
: :, sential to the plan of organization of
Lhe Northern Security Company, has been
! IN element of strength for stocks The
adjustment of hostilities which seem to
De still latent in the trans-continental
)railfoad situation, was felt to be depend
ept on the success of this plan and its
progress relieves anxiety caused by the
fNlueICeS Ol ODSlTuCLlOn 10 IL. II Is nOpeu
lso that the way Is thus opened for
strumption Of some of the important pro-
{ ,pry;y for further combinations which
w.. interrupted by the shock of the
Northern Pacific corner last May.
~ Speculation which has made stock
d'fss above normal as compared with
previous statements, justifes confidence
- prospective deals as already displayed
m operators.
Capital issues on the various railroad
Il, ergers and purchases has been confess
Ny at a rate which requires continu-
nee of the recent level of prosperity to
! AXE adequate return upon new securities
> investments High prices have been
aid in all cases for properties included in
hergers Not only is this true in the case
railroad properties but presumably of
Industrial properties although public in
5rmation in the latter case Is much less
oo srhe Amalgamated copper incident and
he developments in that trade are felt
T. o be pregnant with suggestion of posi-
Die results to flow from a decline In de-
anand for products of other industries.
capitalized on basis of heavy consump-
ion at high prices.
Manufactured exports and increase of
a IMPORTS is suggestive of lessening demand
I'd increasing competition from the de-
, 4iessed foreign markets. The lack of tho
tnclal stimulus of enormous foreign
nces has already been conspicuously evil
I asnt. Signs of revival in foreign financial
= and industrial affairs raise the question
oot' the relative attraction for capital of a
turning point from depression and a level
MAR advanced towards expansion If not
Imitation. The balance between these con-
! Id rations and the apparent purpose of
roininent capitalists to embark on fury
cher large enterprises which are depend-
or for financial success upon large de-
and for securities and a strong stock
sNarset give promise of two parties in
speculative field in the future.
3IFhe bond market has been fairly active
PUT som ewhat irregular and there has
been no striking investment demand for
mortgage securities.
United States refunding 2s declined u
and old As h and the SIS advanced Y ner a.
cent from the closing call of last week
New York Stock Market.