The Birmingham age-herald., 1904-11-24
STOCKS ARE LOWER
 THAN OH TUESDAY Market Turned Largely on the
 Money Situation RATES RELAX LATE IN DAY Railroad Stocks Moved Rather Slug glshly All Day In Either piTec-
 tion-Bond Market Was
 Generally Irregular.
RATES RELAX LATE IN DAY

New York, November 23.-Prices of stocks were considerably lower at one time today than they were last night, and then rather more than recovered the decline, with some prominent instances of aggressive strength. The whole mar ket turned largely on the money situ- alton. The hardening loan rates, and the pending Thanksgiving holiday, prompted considerable Tightening of speculative leads.
 Another result was the decline in the amount of business done. Yesterdays furry in the money market held it's in fuence this morning on account of the firm tone shown both for call and time loans There was practically no time money offering for any period for less than four per cent. The engagement of additional gold coin for shipment to Ger many emphasized the influence of this showing. The amount contemplated for this shipment was as much as a million dollars early in the day. This was re- duced by half before the end of the day Money rates also relaxed later. The presence of bills against the gold ex- ports in the foreign exchange market lowered the quotations in that market, and so. obstructed the gold out-go.
 Money did not get higher than 1-2 per cent, and the large offerings at that figure caused the impression that import ant banking interests purposed to oppose the advance above reported as large lenders on call.
 TD Q the purchase of $20,000,00O of Chicago. Burlington and Quincy bonds. This rep resents another of the offerings which have overhung the market ever since the period of indigestion of securities when temporary borrowings were resort ed to avoid the necessity of selling bonds at low prices.
 The placing of these in succession this week has had an effect on sentiment in quarters where the belief Is held that the strength in the present market is fos- tered to a large degree by the great financial powers who have an interest in placing these new issues.
 Railroad stocks were not greatly af- fected by the selling and, in fact, moved rather sluggishly all day in either direc- tion. But large number of low-grade industrial stocks and specialties and some of the obscure railroads suffered materi- ally. This is the natural consequence of the rather needless speculation in these securities, which has been a marked fea- ture of the recent trading. Amalgamated Copper showed sympathy with the reac- rion in the foreign copper market rather chan with the domestic copper stocks, which were higher. The great strength of Atchison was unexplained by any news announcement, but it proved an effective stand for the whole market. United States Steel preferred was also an active sustaining factor and was helped by the reports of large railroad buying of vari- ous products for equipment, as well as by the Iron Ages cheering view of the trade condition. The market closed below the best and barely steady
 There was a confident absorption of United States Steel securities on a rising scale. The bond market generally was irregular. Total sales, par value $9.160, O0O
 Bonds were unchanged on call