The Birmingham age-herald., 1903-12-30
STOCK MARKET
 PRICES DECLINE General List Did Not Respond
 to Bull Treatment HIGHER PRICES NOT HELD Furry in the Money Market Had More Effect in suspendins Buying and Bidding Up Process Than
 In Liquidation.
HIGHER PRICES NOT HELD

New York. December 29.-The rise in call money rates. to seven per cent maximum, today, marked the unmistak- able effect of the preparation for the an- nual settlement and made itself felt in the stock speculatioa. An effort was made to retrieve the reaction on the late dealings by some very vigorous ad- yances in the United States Steel stocks, and in Southern and Union Pacific, put the general list did not respond enectiye- ly to this treatment, and prices fell back again, making the closing weak and active The days net changes snow some fair gains in the active list ana some striking gains in the inactive spe- cialty list But the higher prices of the day were not held in any case and the gains were wiped out in conspicuous stocks The furry in the money market had more effect in suspending the buy ing and the bidding up process, than in inducing any extensive liquidation The feverish and excited tone of the cot ton market practically reflected also a process of clearing up for the year and settlements. It has scarcely been ex- pected that the year would be turned with no perceptible pinch in the money market especially since the revelation of the heavy loan expansion last week. The fact that requirements for Jan lary disbursements call certainly for
 100000, and up to an estimated maxi
 m of s15o. 100000. point to the inevita-
 mess of temporary pinch while this sums accumulated in preparation for fheSa needs mara IyinQ 0n danosit. and while idle, they were put out on call until they were wanted, with the clear prospect that loans would be called in very large volume about the first of the year. But the market has advanced in the face of these securities in conviction that the furry in money certainly would be brief, and that the resources in hand would quickly return to the channels of the money market. The action of prices today brought some reeonsidera- ton to the speculative mind, as Is in- variably the case with a reversal move- ment, without regard to news develop ments
 Some renewed scepticism asserted itself as to the character of some of the recent price movements. "The Window dress ing" purposes for which the higher prices are designed to serve in balance sheets, and the suspicion that great banking in terests might be stimulating the market In preparation for some heavy offerings of new bonds. appealed with fresh force when difficulty in holding prices was de- tected
 The new bond offering of the week Is accompanied by rumors of still other of- ferings to come after January 1. Rumors were revived of a Rock Island refundng. Westinghouse Electric relapsed sudden ly on the announcement of note issues to the extent of $2,0000O0 to provide partly for railroad purchase, and the deposit of Chicago and Alton preferred stock with authority to sell, offered another prospect of new security issues The New York Central requirements for terminal changes comes up easily for consideration in such condition of sentiment. The movement of gold hitherto is still unin- terrupted a small engagement having been effected in London today, while San Francisco remitted to New York, where a million of gold was received from Asia.
 Bonds were active and firm; total sales, par value, $2,995,000
 United States old As coupon advanced K, and the new As registered declined fl per cent on call.