The Birmingham age-herald., 1903-12-31
ROF|T TAKING IN STOCK MARKET Fostering Care Held the De-
 cIineS in Partial Check PINCH IN MONEY. MARKET This Was Effective in DisIodging Some Speculative Holdings in the Mar
 ket But Influential Stocks Were Held Up Well.
PINCH IN MONEY. MARKET

New York, December 30.-There was pronounced disposition to take profits Ill today's stock market, as was rather clear ly foreshadowed by the action of the late market of yesterday, but there was no lack of fostering care of the market which held it in check on the declines and nursed their recoveries
 The opinion was therefore caused that while the large interests. behind the mark ct were disinclined to continue the ad- vance in the face of a stiff call money market, they were by no means willing to relinquish the advantageous position se- cured for the year-end situation. If It is true. as generally supposed, that the great banking groups with their allied and complex interests in the great trust com panies, the insurance companies and in other financial institutions, have given a friendly countenance to the advance in prices to correct the discrepancies from last years showing in balance sheets, in- vestments held, etc.. it would not agree with those purposes to have the advances yielded on the very eve of the new year. The pinch in the money market was effective in dislodging some speculative holdings in todays market but the watch full guardianship was evidenced by the way in which influential stocks were bid up to hold prices. The Pacifcs and the United States Steel stocks were conspic- uous examples. Some of the less promi- nent stocks which have enjoyed violent advances in the last few days were forced back with proportional violence in the days realizing The electric stocks and the high priced coalers were in this list. The New York public utilities were also markedly reactionary.
 The Reading statement of November net earnings showed a decrease of $S72,- 600 for all the companies compared with last year, and hurt the trading. The comparison is with the period of great est activity last year, succeeding the settlement of the strike, while this falls trade has been curtailed by large antici- patory buying of last spring at low prices. The speculation in United States Steel preferred was very active through out the day, and was accompanied by many rumors as to the coming dividends to be divided early next month. The price of the stocks has been accepted as discounting a probable suspension of div ldends on the common and reduction on the preferred. The rumors current today that the preferred dividend would be maintained, and a common dividend possibly retained, were, therefore, suffi- cient to alrm short interest in the stocks. The opening money rate at ' per cent was the highest of the day, and comment on the stock exchange was caused by the fact that one of the great banks was freely calling loans, while another was freely offering, with a re- ultant break in the loaning break of he day to nominal figures, the institu-
 ons being generally accepted as repre-
 ntatfve of the two great groups of
 pitapis in the street. The inference
 IS dFawn that there was a difference
 opinion between the two as to the
 (ck vmarket policy. The feverish and
 ltedv cotton market had some disturb
 Q&ed |fect on the stock market The AMsN was dull and heavy, but at a M&table recovery from the lowest.
 Rna were active and easy. Total
 sY# par value, $2140,000
 @ted States bonds were weak, owing
 toHe expiration of the refunding privi-
 le Tlie threes were down A, the old
 ss,Wtgstered, ?, and the old As coupon,
 2A call