The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-12-22
SHARP DECLINES
SCORED IN STOCKS
Volume of Business Larger
Than on Previous Day -
INEWS NOT SIGNIFICANT
Exchange Market Flattened out and
Went to Pieces With Sailing of
Last Steamer to Reach For
olan Markets This Year.
NEWS NOT SIGNIFICANT

Nav York. December H.-The strong
upward movement Of prices of stocks in
dull trading. which became striking yes
lterday, was continued for brief period
only this morning. The movement at
first seemed to run out simply and
Ilethargic condition developed. Then
Iprices turned abruptly downwards. Sharp
declines were scored on a considerably
larger volume Of business than at any
time during the previous days advance.
The coincidence Of accelerated down.
ward movement with the appearance in
oval street of printed abstracts of the
REPORT OF the commissioner of corpora
IONS. gave color to the supposition that
&he weakness was induced by the con-
tents of the report. The recommends
dion IN favor OF federal licenses to per-
Unit corporations to engage in interstate
commerce seemed to revive all the ap-
iprehensions felt in the financial district
on this subject ever since the publica-
zion of the Presidents message. When
the subject has receded into the back
ground as a marked factor, or seemed
to do so, It has been because Of quota
fion Of authorities throwing doubt on
fhe likelihood Of action by congress SIM
4lar with the recommendations.
This was the attitude yesterday on the
pccasion OF the appearance of the in
terstate commerce commissions report,
which did not interfere with the uplift-
Ting of the market on very meagre buy
ing. Today's reaction was also due to a
feeling of skepticism over the substantial
aTTia raa
pdoubt was fostered by some rather clear
evidences today Of a resumption Of pool
and mantpulatfve tactics on the part of
prominent leaders OF the late advance to
the heights from which such costly de-
clines were made. The cost OF that de-
feline has not passed from the memory
of the victims and the current stock mar
fket is undoubtedly still affected by the
shock to confidence induced by the drop.
There was suspicion that the move
'ment might be in the nature of an adj
monition against the injudicious attempts
TO extend speculative commitments and
force the level of prices> at an unpropi-
tious time, ana that It was aided with
that view by sons of the great banking
and financial interests.
The manner of some of the selling was
clearly intended to convey the impression
of such operations, but whether with
the connivance of the interests supposed
re De act1nBS was leIt TO the usual SuS-
picious conjecture of the trading public.
The news of the day was not very siauifi--
can't and was not much regarded.
The busy hum OF excitement about trade
jim the rte5i districts give warning that
the usua5 considerable holiday require
m@nts - cash Will have to be estimated
with otheF factors IN the yeAr-end money
markets. with the sailing OF the last
steamer that can reach foreign markets
with remfttances before the first of the
year, the exchange market went to pieces
and flattened out to an almost nominal
basis. This is corroborative of the view
that the outgo of gold has been designed
for purposes Of window dressing" by
foreign financial institutions showing of
conditions Last sales prices were not
generally the lowest of the day, but the
gains Of yesterday were mostly wiped
out. and the closing tone was easy
Bonds were heavy. Total sales, par
value, s3.200000. United States new Is,
registered. declined Y per cent ON call.