The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-01-07
GENERAL DECLINE
NOTED IN PRICES
Amalgamated Copper Had Only
Momentary Advance
MANY TURNED SELLERS
Growing sluggishness of Market and
Difficulty of Getting Prices Up
Have Proved lrksome
All the Week.

New York, January 6.-Gathering disap-
pointment over the moderate investment
demand for stocks and over the reluc-
lance of the outside public to come into
the market, caused the general decline in
prices today. The growing sluggishness
of the market and the difficulty of get
ting prices up proved irksome all the
week to the room trading element, whose
livelihood is dependent on motion in the
market of one kind or another.
The obstacles to the advance prompted
a considerable proportion of this element
TO sell stocks. 1t did not appear that
there was any great amount of liquida-
ton in the movement, and there were no
new developments to prompt selling OF
securities Doubt over the level to which
prices have been lifted and over their sta
bility at that level may have prompted
some selling. The movement was not
widely different from that of preceding
days except that there was lack of
such sustaining points in the market as
had beer. used up to today. With the
exception of a momentary advance in
Amalgamated Copper and some continued
absorption of the Fries and Reading there
was no strong feature at any time today.
The failure of explanation for the
strength of Erie aroused some suspicion
of a professional manipulative origin, SO
that it lost it's effect in the rest of the
market. The rise in Amaigamated Cop
Fer was connected with discussion OF its
dividend prospects. AS to the features OF
the decline 1t became fairly general dur
ing the course Of the day and was APP
portioned, not according to any news OF
conditions, but rather according to the
week S previous advances, thus indicat-
ing a protit-tadng character for the
movement.
The news of the day did not change
from the recent favorable tenor as al
fecting property values. Some effect may
have been produced by the report of the
definite determination to appeal the
Northern Securities difficulty which
caused drop in that stock on the curb.
But it's subsequent rally did not help the
stock market. Railroads reporting earn
ings made no deviation from the recent
advancing tendency.
In the cotton market the decline in
prices was reported to be attracting at
last large buying orders from foreign
spinnerS and the weeks exports of corn
were regarded as highly gratifying. The
shipments of the latter cereal for the
week rose 3.1so5S3 bushels, which are
pronounced to be the largest for any
week since March, 1903. This revival in
the corn movement is of special impor-
tance on account of the languid outward
movement of wheat and promises an eff
fectiye supply in the foreign exchange
market That market continued to adj
vance today and inquiries by foreign
bankers showed that there Is no abate-
ment in prospect for the outward move
ment of gold. 1t is evident, however,
that tbs movement Of currency has turned
In full tide from the interior to New
York, tho preliminary figures indicating
a gain by the banks of upwards of &c.,
O0v,000 There is a feeling growing up