The Birmingham age-herald., 1904-01-29
ALLOWED ID SLIP BACKWARD Speculative Party Offered No
 Resistance CLOSING WEAK AND DULL Rally in Stocks During Last Hour Was Probably Due to Covering of Short Contracts By Some
 Room Professionals.
CLOSING WEAK AND DULL

New York, January 2s.-The speculative party which has consistently supported stocks through the latter stages of the re- cent advance desisted today and allow ed prices to slip back without any appa- rent measures to resist During the morning there was a big order executed in Atchison which lifted that stock a large fraction over last night, and which was attributed to the organized bull party for the purpose of supporting the market
 It was accompanied, however, by the rumor that Atchison was soon to be listed on the Berlin Boerse, and the fact that Atchison has a block of $10, 100000 of bonds for sale was supposed to furnish a motive for stimulating the market for the stock. The movement was ineffective in checking the declining tendency else where.
 The rally in the last hour was palpably due to covering of short contracts by room professionals and pointed to an in- ference that the days selling has been on the short side. The bears, however, they dessted from their buying and prices sagged again The closing was weak and dull.
 The highly professional character of the market makes it fitting that 1t should be treated from the standpoint of tech- nical causes. So far as actual conditions bearing on values were concerned, the most influential was the frankly, out spoken tone of pessimism in which a lead ing trade review wrote of the outlook for iron and steel:
 The tonnage is not there" says the lron-Age, 'and the industry must simply adjust itself to the prevailing conditions.
 Futile efforts it was said were still being made to bring the southern iron makers to 4a.4x.. .a.f- selling. United States Steel preferred. was not illogically the weakest and most act i've stock under the circumst tances A batch of very unfavorabe railroad earn ings for December furnished another re- actionary factor. The coalers of which several reported today. show the ineyita- ble effect not only of a comparison with last years abnormally favorable condi- tions in the trade, but of the continued growth in operating expenses, which is of increasing effect in all railroad state ments.
 Yet Erie, Ontario and Western, and Reading, which were the conspicuous in- stances of unfavorable December reports were rather less affected than the average of the list in the days selling. Possibili- ties of future restriction of money supplies is coming up for discussion again, owing to the decline .if the inflow of currency to New York.
 February's first requirements to be con- sdered include the payment of a $3,00J0D0 Central Pacific note to the government, deposit of $3000,0 900 to retire the months quota of bank notes for which applica- ton has been made, and the increase in trust company securities to comply with the clearing house requirements for 7lR per cent of deposits in place of per cent. The reflection implied by the action of the stock exchange authorities in striking from the list the securities of an indus trial corporation. on the ground of rep resentation of financial condition, was a somewhat depressing factor. The severe weather in the wheat belt was a possible factor as well. As result prices were l to ? points lower when trading left off than they were last night.
 Bonds were heavy under the leadership of United States Steel second 5s. Chicago Terminal 4s slumped BE points. Total sales par value, $S,7sO,OOO. United States 2s declined 4 point on call.