The Birmingham age-herald., 1903-11-21
PRICES OF STOCKS RECEIVE SET BACK Rise Explained by Furry in Call
 Money Rates LARGE CALLING OF LOANS Opening Transactions In United States Steel Preferred and Stocks on an Enormous scaIe-southern
 Pacific Is a Factor.
LARGE CALLING OF LOANS


 New York. November 20-Prices of stocks received a set back today after a further moderate upward movement dur ing the early hours of the session. A plausible reason for the reaction was a furry in call money rates, which ran up to per cent late in the day, causing an apprehension that tomorrow's bank state ment might reveal some unfavorable de- velopments. So far as the currency move ment of the week Is concerned, there is nothing to show an important loss of strength by the banks, the apparent de- crease in cash being limited to few hun dred thousand dollars.
 The losses by transfers through the sub treasury, and on sub-treasury operations proper, were almost offset by the receipts of new gold including foreign gold im- ported, and a small gain on the direct interior movement. The last named was but trace. but is regarded as highly sig nificant, in view of the turn in the cur rency indicated. The dubious point of tomorrows bank statement is the loan item There was some large calling of loans today by several of the great banks which necesstated the shifting of loans. and caused the rise in the money rate to per cent. The purpose of this call of loans was explained somewhat vaguely as due to syndicate requirements, incud- ing the United States Steel stocks con- version syndicate. The call loan rate ran off to per cent again before the close
 The exhilirating effect on the stock spoken of in yesterdays announcement that the syndicate conversion of United States Steel preferred stock into second bonds would be discontinued, was still manifest this morning, but it spent it's force in the course of the day Opening transactions in United States Steel pre- ferred and in the bonds were on an enor- nous scale.
 The bonds were at one time two points above last night, but closed with only haif gain. United States Steel preferred tell as low as 1l4 under last night, and hiade net loss of a point The silence In the formal statement of the closing operations of the syndicate on certain points, left q great field for conjecture, notably as to the actual holdings of the ponds remaining in the hands of the syn dicate to be marketed.
 The good effect of yesterdays conces- slon in freight rates by the railroads was partly offset by continued unfavorable forecasts for the trade. Southern Pacific came into the foremost place in specula tive attention and was lifted an extreme "A polnts There was no news to explain lhls movement beyond the general sup Posi'loh that the present rate of extraor- ulnary expenditures of earnings will not be indefinitely continued. and that an .e,s tensive refunding of high rate bonds is an early possibility. The strength of this stock was taken advantage of to realize elsewhere, and there was more or less suspicion that it's rise was manipulated to help the profit takers. The market closed dull and rather heavy.
 The bond market became somewhat ir lesuiar Ill sympathy with the reaction in stocks. Total sales. par value s4 TT ooo
 United States 2's declined ls on inc Iast call. ''ie iase