The Birmingham age-herald., 1904-12-21
OFFERINGS LIGHT
 IN STOCK MARKET DuIIneSS Was at Times Pro-
 found FEW SHARES WERE ACTIVE Operators on a Large Scale, Who Have Been the Life of the Market Re- gently, Seem to Have
 Withdrawn.
FEW SHARES WERE ACTIVE

Naw York, December 20.-The strength fin today's dull market was due to the very light offerings of stocks. The dull ness was really profound at times. The 4otal for the day, although only about a half million shares, conveys no adequate idea of this dullness, as the business, small as 1t was largely concentrated in a few active shares The operators on a large scale who have made the great snarkets recently seem to have been with drawn by common consent, and to have left the dealings to a smaller but still pro- fessional class. There is a pretty well defined agreement that the revised ac- fivity is not to be looked for until after the holiday period.
 There are many personal and private considerations which induce languid in terest in business during the holidays by many brokers. But aside from this the large energies and resources devoted to the great annual settlements in business divert much from the stock market. This factor seems less operative than usual this year owing to the abundance of money offering in the loan market. The loan call rate seems to sag instead of to stiffen as the end of the year ap- proaches, and little is done as high as s per cent. Loans are made on time for periods up to six months, both at 8s and S94 per cent, and there is only languid demand even at those rates. Pressure continues on our gold supply, and also on that of London, the average being in favor of Berlin. A sequence of bond offerings of various amounts and degrees continues to make it's appearance and to be taken off the market with apparent readiness. This probably serves to ex- plain partly the diversions of operations from the stock market.
 Along with the general agreement in the probability of dull trading after the new year, go numerous expressions of confidence in higher confidence in higher prices when the market does become active again. These expressions of con fidence influence the small buying such as was in evidence today. Attention is alert also to discover signs of anticipa- tory investment buying. which 1t Is an old tradition to look for in Wall street during December. This is supposed to come from capitalists who expect to re- ceive dividends and interests at the first of the year and who see an advantage in securing their desired holdings before others are seeking the same ends. The picture of capitalists of resources sitting down to await the immediate receipt of their increasement of wealth for new outlay does not appeal for it's great veri- similitude to all minds. But buying of high grade stocks on ruling scale in this period is pretty certain to be set down to this source and is often effective in disseminating a comfortable feeling of substantial investment confidence amongst operators. The movement in New York Central today, unaccompanied by news of any direct bearing on the property, was case in point and was of con siderable effect on the whole of the day s narrow market. The restoration of divi- dend rates on Lake Erie and Western preferred and on Indiana, Illinois and Iowa were favorable incidents. There were some realizing in the United States Steel stocks in the additional advances in prices of products. Southern Pacific moved in response to rumors of com ing dividend. Foreign exchange was easier, but New York exchange of Chi cago receded to near par. Gains were not fully retained, but the closing tone was firm.
 Bonds were firm. Total sales, par value $3, ,320 GOO.
 United States bonds were unchanged on call.