The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-01-13
KNOCKS VIGOR OUT
OF SPECULATION
Stock Market in State of Semi
Stagnation
LARGE SELLING CAUSED IT
There Was Nothing Announced That
Could Have Caused the Decline
Banks Are a Little Slow to
Make Short Loans.
LARGE SELLING CAUSED IT

New York. January 12.-The large sen
Ing which developed on SATURDAY anu
which was renewed today served u 'aNs
tho vlqor out of the speculation ana the
stock market sank into a condition OF
semi-stagnation during inc ai'ei i'0o.-
with an occasional downward DIP IN
nrices. The market closed with one u
those selling movements in force making
the last prices about the lowest Oh the
dav There was nothing in the news 10
offer a rational explanation for the de-
cline unless it might be a rather less
liberal disposition on the part OF the
hanks and trust companies in the matter
of placing short-time loans. The move
nent of cash, so far as known to the pub
lie. continued to increase the reserves OF
the banks. The sub-treasury operations
have yielded rather more than million
dollars to the banks since Friday, ana
the bank statement of Saturday IS pc
lleyed to have underestimate the re-
serve at that time by several million dol
lars, owing to the fact that the heaviest
movements last week came late ana so
figured FOR less than 1t should have IN the
weekly averages. Some Importance Is at
tached, however, to the sustained upward
movement of sterling exchange III com
nection with the corresponding rise III
Iondons discounts, which made greater
advance today 1t is believed that unless
money rates here are allowed to advance
again the demand from London VIII re-
suit in an outgo of gold This would m
terfere with the plans of the managers OF
the present speculative campaign stocks
who have counted upon period OF easy
money The call for a 10 per cent instaii-
ment of the $50, OOO 900 subscriptions to the
international marine syndicate, whloh
will call for 100000 on Saturday Is an
other factor in the situation.
Recent increases in bank and trust
company stock will call for some SS,Ooo-
900 to take up new stock in the more l e.
mote future are the proposed Pennsyl-
yania stock issue and the PRESUMPTION
that the purchase for control OF Reading
will be followed by the issue of some now
security against the holdings Rumors
continue busy. also, that the aheseo
plans for retiring the Atchison depeh-
lures with a new bond issue. The quick
multiplication of these possible new OF
ferngs in the stock market had rather
chilling effect. Berlin also reported new
German loan as an early prospect. The
numerous rumors of further railroad
eombina tons which were circulated failed
to have reviving effect upon speculation
either because of this new solicitude over
the effect of money supplies or because
the rumors showed some lack of inven-
tive power. A combination of Atchison and
Rock Island, a Rock Island outlet to
tdewater by way of Erie, a purchase of
Chicago Great Western by Rock Island,
a purchase of Atchison by Pennsylvania,
an absorption of Southern railway by
Pennsylvania were some of the rumors
which were formulated during the day.
producing much effect. There was some
early strength in Atchison and. Sugar
and later advances in some specialtes, in
Guiding the Chicago Union Transfer
stocks the Iowa Central stocks, the rub
Der goods stocks, Kansas City Southern,
and one or two others, which were uneX-
planned by any special news.
Speculative bonds were weak in sympa
thy with stocks. but the investment is
sues were firm. Total sales, par value, ST.
10000.
United States bonds were unchanged on
the last call.