The Birmingham age-herald., 1904-01-11
onenina Week pIsappointlna.

The opening week of the new year ln the stock market has proved somewhat disappointing to those who bought stocks in the last weeks of December In the hopes of an awakened demand for securi- ties with the turn of the year, and the re- sultant easing of the money market At tempts to take profits by these previous buyers have, however, proved an over weight upon the market, and some sharp declines have resulted. The latter portion of the week has seen some diminution of the selling pressure and sluggish recoV- cries.
 The acute stage reached in the far east ern war situation and the passing of the United States steel dividend on the common stock, and the poor showing of earnings made by the corporation for the December quarter, have been impor- tant contributory causes to the light de- mand for stocks, and to the disposition of speculators long of stocks to lessen their holdings. The action of the United States steel directors in disseminating the dividend of the common stock had been accurately foreseen in speculative cir cles, but the great decrease in net earn ings for the quarter proved trying thing for stockholders, verifying IS it did, about the worst intimations circulated by the bears before the publication.
 Current trade reports were not calcu- lated to remove entirely the feeble feel ing of discouragement over the situation, as they pointed to a continued waiting att titude on the part of consumers and confi- dence that they would be able to fill their requirements as they developed on sat- isfactory terms. It is believed that rail- roads are still dissatisfied with the price of steel rails and reports were current that concessions were being made from the official schedule of prices.
 
 Made Resistance to Pressure.
 The preferred stock of the corporation, however, made some resistance to pres sure on buying attributed to supporting orders by the banking interests associa- ted with the corporation. Spectators gave some attention to the argument that the depression in the price of stocks was sufficient to discount the unfavora- ble conditions in the trade and that bet ter results were to be expected from economics by wage reductions. Reports of discomfort on the part of some of the employees and threats of strikes against reduced wages, partly offset this argu- ment.
 The successful subscription for $10 O00 : GOO of bonds on one of the Pennsylvania subsidiary companies, explains one field of diversion for capital seeking invest ment. It is believed that this and other new issues offering, are attracting capi- tai which might otherwise find its way into issues, currently traded in and list ed on the stock exchange, the demand for which has failed to show the stim- ulation usual at the period of annual dividend and interest disbursements. A feature of the week has been the active speculation in group of minor rail- road stocks in which there is a large common ownership, with accompanying rumors of a proposed combination which have received no authentic verification.
 The movement of bond prices have been sluggish and irregular. United States 2s registered have declined "a per cent on call during the week.