The Birmingham age-herald., 1903-12-22
HANDFUL OF STOCKS ATTRACT ATTENTION SeaSonabIe DulIneSs Now Pre-
 vaiIs on Wall Street WAR CLOUDS ARE A FAC TOR Feared That Placing of War Loans May DlsIocate Foreign Money Mar kets-Issues of Railroad securi-
 ities Are Imminent.
WAR CLOUDS ARE A FAC TOR

New York, December 21.-Whatever in- fuences were in operation in today's stock market caused an almost immov- able market The whole interest con- verged in a handful of stocks. Dullness Is seasonable at this tune when the year. end money problems are working them selves out. But the extraordinary ease of the money market at present praeti- eally eliminates the money situation as a factor in the dullness. The merely sen Limental effect of the approach of the holidays may be reckoned to induce part of the dullness.
 A more substantial factor in todays market was the gathering of the war cloud in the far east, which took on so lowering an aspect today as to lead to general conviction in Wall street that an early outbreak of hostilities could not be avoided. The conviction seemed to be without any marked depressing effect on our securities market except as London's more active interest in the situation led to selling of asocks in New York. The effect here was more to dis courage operations on either side of the market. This effect conforms we'll to the uncertainty felt as to the effect of war between Russia and Japan upon our sit uation. Of any directly harmful results there is no apprehension, but the point of doubt is as to how far the placing of war loans in Europe might dislocate the foSeign money markets and upset the ex- pected demand for our merchandise pro- ducts, and for our railroad securities.
 That considerable issues of new railroad securities are imminent, is the general feeling in Wall street and accounts for the lack of response in today's stock mar ket to the extraordinarily large offerings ney on call was more freely offered this hey ono all was more freely offered this morning than at any other corresponding period for many years past. All de- partments of the money market were af- fected, sixty and ninety day loans and even thirty day loans being made at be- low per cent. Mercantile paper for prime grades was also c--ered at 5I2, thus breaking the per cent rate which has been determinedly held for some time past.
 Sentiment was affected by the opinions expressed by eminent banking authorities when questioned regarding the likelihood of a Russian or Japanese loan finding subscribers here to the effect that we are likely to need money resources in our own Indfkel. mere was some neaNlneSS shown by Atchison on the ground of it's bond issue and the small grain movement affected this and other grangers to some extent. The Atchison bond issue also 2 played part in the sharp upward move- ment of the railroad equipment stocks, owing to the intimation conveyed in the official announcement of the sale of the Alchson bonds that part of the pro ceeds would be used for the purchase of locomotives and new equipment,
 The depression of United States steel preferred was accompanied by further discussion of the dividend prospects for the stock and the expression of discourag- Ing operations as to those prospects There was some accumulation of the coalers at tributed to better trade conditions. The speculation in the New York public util- ites continued without new features and Amalgamated after advancing slightly, reacted sharply with the rest of the mar ket. The closing was dull and heavy.
 The bond market was dull and general 1y steady but some of the active issues were heavy. Total sales, par value, s1- S60, 900. United States 2s. 3s and old As advanced Ka per cent and the new As de- clined IA per cent on the last call