The Birmingham age-herald., 1905-01-08
INCLINED
 ID YIELD AGAIN Evidence of Support Tended to Check Selling l. c. WAS IN GOOD DEMAND Disappointment Was Professed Over Bank Statement, But Showing Did
 Not Produce More Than
 Normal Influence.
l. c. WAS IN GOOD DEMAND

New Fork, January 7.-Prices of stocks were inclined to yield again today, but the pressure was not urgent and any evil dence of support in the market tended to check the selling. Such support de- veloped for Erie and Reading during the course Of the first hour and a practically complete recovery of the opening declines was made.
 There was good demand for Illinois Central, which was accounted for by un- substantiated rumors of an intended in- crease in the dividend rate. At the re- covered level of prices the demand be- came SO languid as to cause fresh dis couresement over the failure to appear of the January reinvestment demand, and prices sagged away again at the last, making the closing weak and dull. Dis appointment was professed over the bank statement, but the showing was not call culated to produce more than a nominal influence with the extreme ease ruling in the money market. The fact is not doubted that currency has started to move in a strong tide to this center, and the failure of the bank statement to re- fleet 1t Is attributed to cross currents in the movement which confuse the com putation by the average system. The metropolitan traction stocks were weak from special causes, notably the threat ened competition for their suburban traf- fc and the sharp declines had a sympa- theuo effect on the rest of the market. There were persistent rumors, such as have circulated for some days, that the report of United States Steel earnings for the final quarter of the year would prove less satisfactory than preliminary esti- mates had promised. There was consid- erable discussion of the confidence of po- ltical leaders, which was announced to assemble at Washington during the ar bitration to consider the programme for congressional action, including legisla- tion concerning corporations and tariff revision. The weekly mercantile reviews offered no grounds for selling stocks, and the enormous figures of the December anthracite output was a fostering infiu- ence on the frmness of the coalers. The favorable industrial news failed, however, to stimulate any demand for stocks, and the market for bonds was also quieter than during the early part of the week. Total sales of bonds, par value, s1,S00,000.
 The stock exchange contingent started the new year on Tuesday with a number of important happenings to account for, and spent rather busy day on that day. But the subsequent dealings showed large abatement on speculative inter est and growing tone of indifference. The fall of Port Arthur and me decision of the Northern Securities injunction suit in favor of the company had long been counted on. But they were responsible for a spurt in the market nevertheless. The effect of realizing sales, w1lh the good news out. was to cause some reaction in the level of prices The London financial public has held clearly defined convic- tion that the fall of Port Arthur would serve to hasten the end of the struggle in the far east. This opinion has been somewhat modified by the course of