The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-01-26
NET LOSSES IN
DAYS BUSINESS
Period of Positive Strength
After Opening
RENEWAL OF WAR RUM0RS
Weakness in Stocks Not at Any Time
Active-suspicion That Big specu-
Iative interests Were
Unloading.

New York. January 25.-The movement
of prices which has crept slowly upwards
since last fall until last Thursday when
they began to advance rapidly on a large
volume OF business turned backwards
today and showed net losses on the days
business. The weakness was not at any
time active and there was a period of
positive strength after the opening, but
this was palpably availed of to sell stocks.
The reactionary tendency gained force
as the day advanced, and the closing was
weak and active. Many of the leading
active stocks last 1 to points. These
included st. Paul and the Changers, Pa
cifics and Southwesterns and United
States Steel preferred. These declines are
by no means severe after so considerable
an advance as has taken place, but the
reaction was decisive and unmstakahle.
There was not much more news to ac-
company it than there had been on the
advance which had been admittedly due
to the operations on the long side. in
GLIDING manipulative tactics of power
full bull party. What happened in stocks
was very similar to what happened in
wheat. In that market the news of severe
cold In the winter wheat belt and renewal
of war rumors entitled the market to an
advance
The advance awakened the suspicion of
the traders that the big speculative inter-
ests were unloading, and a slump in
wheat resulted. The same state of doubt
full sentiment obtains In the stock mar
ket. The lack of evidence of any largs
share in the buying by the outside public
helps to keep the apprehensions of the
professionals awake.
London made substantial demonstra-
tion of it's renewed fears of war by SELL
ing some $4,000 shares of stocks In New
York. A matured consideration of the Sat-
urday bank statement did not help to
reassure the speculative mind. 1t Is be-
bieved that the rapid loan expansion is
due in considerable part to the holding
of newly issued railroad bonds, as well
as to transfers of loans from trust COM
panies to banks. The question is raised
whether the heavy accumulation of funds
in New York may not be an indication
of slackening trade which would not be
favorable to an advance in stocks. Pre-
cedent shows a return flow of funds to
New York is likely to come to a stop
by the end of January, while the expan-
sion of loans is likely to continue into
February and even into March, with New
York bank loans already in excess of any
previous record by s15,00o,00O Weakness
in the copper market, a stock broker
age failure In Baltimore and several re-
ports of decreased net earnings of rail-
roads for December aggravated the down
ward tendency. Peoples gas rose on
the decision by a court in favor of its
contention against the city of Chicago's
right to fix rs per cent rate for gas.
The points of strength in the market
were due to special causes and the gains
were generally yielded before the close.
Bonds were active and irregular To-
tai sales per value s4,0S5,00O
United States 2s advanced Ia and the
old As declined Ia per cent on the
call.
CLOSING STOCK LIST.