The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-01-06
STOCK MARKET WAS
DULL YESTERDAY
Hazard Shown in United States
Steel Trading
WAR SCARE NOW WANING
Reopenlns Of Anthracite Mines Helped
the Reading Group-Rock Island
Was conspIcuousIy Weak.
Bonds Were Irregular.
WAR SCARE NOW WANING

New York, January 5.-The stock mar
ket of today was rather dull and decid-
edly spotty and the tone was irregular
throughout. The tone showed some i'm
provement after London had ceased
trading for the day, but the late strength
was not held and the closing was irregu-
lar after a sharp reaction. The specula-
ton was varied and prices did not move
fully In unison. Londan's Influence was
largely responsible for thes early heavy
tone, although the pending action on the
United States Steel dividends and the
question of the showing to be made by
the quarterly earnings statement, were
repressive influences on the general list.
The announcement that the directors
would not assemble until o'clock left
the assurance that the dividend decis-
ion would not be known until the mar
ket had closed. and caused additional
hazard in the trading. Speculative feel
ing on the subject was indicated by the
betting on the curb on the dividend pros
pect, heavy odds being offered against
any dividend being declared on the COM
mon stock.
Wagers were not made on the dividend
to be declared on the preferred stock,
but bets were made that the next divi-
dend on the preferred stock would be
: reduced. Another active center of spec
ulation during the day was Amalgamated
Copper, which was run up at one time
over points. Other leading copper
stocks including Rio Tintos In Paris,
were active and quite buoyant
The London market for raw copper con-
tinued to advance on large purchases, and
official prices in the domestic market also
rose rapidly. Immediately an attempt
was made to make the war outlook q fac
tor in the copper movement owing to
the share of the Japanese production in
the worlds supply of copper The war
scare, as a factor, on the market how
ever, showed a waning influence. The
severity of the weather was made an ar
gument for advancing the price Of the
coalers, conspicuously Reading and some
of the high-priced members of the group.
The reopening of the anthracite mines,
after ten days interval of dizziness. also
helped the group to a degree. A promin-
ent feature of the days trading was the
marking up of a group of smaller rail-
road stocks in which a common interest
Is largely dominant. Chicago and Alton,
Colorado and Southern, Toledo, ST Louis
and Western, Minneapolis and St Louis,
and Iowa Central were all included in the
group, and Chicago terminal might be
added.
Rumors, to explain the rise. varied
from a transcontinental railway project
to embrace Union Pacific, Chicago and
Alton. sToledoa St. Louis and Western,
and Erie to combination of the small
er roads into one property, after the man.
ner of the Rock Island system. Rock
Island was conspcuously weak on the
large decrease in net earnings, reported
Tor November, and helped to unsettle the
closing market. United States Steel also
weakened suddenly, carrying back the
preferred with it for practically all of it's
early gain.
Bonds were irregular. Total sales, par
value. $1,770000.
United States bonds were all unchanged
on call