The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-12-16
SUBSIDENCE WAS
MARKED FEATURE
Dizziness is Consequence of Re-
cent Shaking Up
SALES WERE VERY SMALL
Absence of Selling Pressure Left the
Price Level Constantly Above Pre-
vious Day and Afforded
Encouragement.
SALES WERE VERY SMALL

New York, December 15.-The subsi-
dence of speculation in stocks was very
marked today, the total sales for the
day making a smaller total than for sew
eral months. A dull and sluggish market
is the normal consequence Of such a
shaking up as prices have recently sus-
tanned, and the postponement of this sub
sioence has been the cause of some
surprise.
It was evident that the urgency of
liquidation was greatly moderated and
practically completed, but efforts to force
prices up was met with continued checks.
The absence of any selling pressure left
the price level constantly above last
night. and afforded encouragement to
persistent renewals of advance. AT the
opening the rise was most pronounced
and the market most animated, largely
on account of a reversal of views which
caused a sharp relapse in yesterdays
late market. But the sensitiveness then
demonstrated by the market to the light
currents of rumors was an important fac
tor in begetting the spirit of caution
which ruled throughout. The course of
Amalgamated copper was still of DOM
inant Influence, and reactions in the
course Of its advance brought quick re-
Spouse at other points In the list The
cealers were conspicuous features in the
opening advance, particularly Reading,
the favor shown that group being due
to flattering reports of conditions in
the coal industry. The belief that the
new control of the Cincinnati Hamilton
and Dayton system was destined for the
benefit of Erie, helped that stock as
we'll as the coalers generally. Revived
rtmors of the disposal Of Lehigh naviga-
ton. also played part in that particular
movement The Metropolitan traction
group was affected by the announced
intention to enter on a subway project
in New York city and the simultaneous
depression Of marlborough rapid transit
or the curb was attributed to the same
cause.
The United States steel stocks, espe-
oially the preferred were steadily accu-
INFLATED. Trade reports were of very
large orders for various lines of finished
products, including steel rails. The sue
cessful conclusion of the London stock
market settlement, about which some
anxiety had been felt, was helpful to this
market.
Negotiations were in progress looking
to gold shipments to Berlin and there
was a small engagement for South Amer
lea. Money was easy both for call loans
and on time and confidence was felt
that with the lightened demand for spec
lilation in the stock market, there was
no danger of any stringency in the flu
ture, so far as described. The sudden
guinness gave rise to rumors that some
important development was hanging over
the market, such as a decision in the
Northern Securities case of a more def
rite formulation of the administrations
plan of dealing with the regulation of
railroad freight rates. In the same vague
category was the supposltion that assis-
tance had been extended to a financial
institution regarding which rumors yes
terday weakened the late stock market.
The uncertain tone of the market con-
tinued up to the last but the closing was
steady, and some considerable advances
for the day resulted.
Bonds were dull and irregular. Total
sales, par value, $3,235,000 United States
bonds were unchanged on call.