The Birmingham age-herald., 1904-12-31
STILL CONFIDENT
 FOR THE NEW YEAR Reaction in Stocks Did Not Have Serious Effect lGALl LOAN RATE STEPHENS Preparations Have Been Making for the Largest January Disburse-
 ments In the History of
 Wall Street.
CALL LOAN RATE STEPHENS

\ New York, December 30.-Today's re-
 action in stocks received various ex-
 plantations, but did not materially impair &he confidence with which the outlook
 upon the new year is regarded. The stiff zfening oI the call loan rate during the =iay was the most immediate apparent zcause of the selling. The surprising fact 8s that the rise in cal money was de- Herred until practically the last day of zthe year on the stock exchange. The
 oans made on Friday at the stock ex- zchange carry over until Monday. and in
 this case until Tuesday
 Preparations have been making for the largest January l disbursements in the $history of Wall street. The call loan
 rate has been apathetic up to today, and khe maximum rate touched today was =per cent. Meantime the usual estimates Boy bankers indicate that the inflow of =eurrency by express has been sufficient
 pn balance to offset the sub-treasury ab-
 sorption and leave a margin of gain of upwards of $4,0OOOO0. The changes to be Zshown in the loan item of tomorrow's bank statement are likely, of course, to kbe large owing to the annual settle Iments. But large influx of cash is Hooked for in the next few weeks.
 It is not probable that any deep anxiety
 bver the money market was reflected hn the days movements. Profit-taking on sthe weeks considerable rise was a more slikely motive. The steady uplift of prices {has developed little inclination to sell Ebtocks up to today and up to yesterday
 there has been little appearance of trading Efor a turn in the operations in the mar Eket The increased animation of the {1ate market yesterday and the early <narket today was rather distinctly of
 this character, and was accompanied by more or less obvious manipulation.
 The profit taking which met the move zfnent today was the usual comcomitant 5os move of a speculative nature. It
 Eerved an admoniton that a too rapid krise in prices would have to reckon with selling to realize. This was first manifest
 led today in New York Central which had
 the sharpest gain early in the week, and * *Hn which profit taking made an early inn Xpression today. Consolidated gas was ac- $tively sold on account of the campaign
 for a municipal gas plant, which is being gitated. Amalgamated copper displayed
 Father acutely the reactionary speculative Operations which caused it's wide advance #p' yesterday The selling was not eX- yplained by news bearing on values in the kPeneral list Some disappointment was Ecaused by the failure to call off the New k1England textile trade strike. The Erie fnet earnings reported after the closing klaat night. supplemented the good effect Ipe the Reading statement. Baltimore and IOhio showed a further large accumulation Sbased on hopes of a dividend increase.
 II nere was an aggressive speculation also fr Union Pacific The various movements
 were bandoned on the reaction. Last {prices were not far from the lowest, and Ithe closing was easy.
 4 Bonds were unchangou on call.