The Birmingham age-herald., 1903-04-30
ILL RESTRICTED ID MARROW MARGIN Stock Trade Professional But Interest is Increasing MONEY RATE HOLDS EASY  Traders Seem to Feel No soIicitude About Leaving Their Contracts
 Open Over Night Now--Erie
 Was Bought Freely.
MONEY RATE HOLDS EASY

New York. April 29.--The stock market was still restricted to a very narrow pro fessional channel today, but IL got through the day without the recent GUS tomary reversal of the course Of prices. For several days with the diminishing volume of business, the tendency or the market has been to retrace in the after noon the course taken in the morning. Today the cou,se was upwards through out and professional traders seemed to A2feel no solicitude about leaving their con- {9acts open over night The market clased practically at the highest level ana vita notably firm tone The im- pro1,d tone was largely due to the sym pathetic effect on the general list of very persistent absorption of the Erie stocks which left the common IF, the first preferred 2B and the second pre- ferred s2 higher than last night. The re- port of earnings of the Lehigh Valley for March showed a surplus affixed charges of s624574 and it had a stimulating effect upon the coalers generally. The buying of the Fries however, was of special character and gave rise to various ru- mors, one of which pointed to an carly increase in dividend distributions. The general market was inclined to hang back and moved in a rather irregular manner until the persistent strength ot the Fries decided the general upward movement.
 Some of the New York public utilities were inclined to react after yesterdays short covering movement on the de- clared validity of the franchise tax. Amalgamated Copper rose early in re- sponse to a sharp rebound in the price of London copper, but lost most of the gain when the London copper market ran off.
 The reaction in the silver market had some early effect on Mexican railroad stocks but they rallied in company with the rest of the market The shipment to- day of $5e0000 in gold to South America following yesterdays similar shipment to Paris, kept alive some conjecture as to continued outward movement of gold. The sustained firmness of the London money market and the doubt as to the hoped for reduction tomorrow of the Bank of Eng land discount rate, cause some reflected depression early, but London afterwards turned buyer of stocks here and helped in the rally. With the announcement of the franchise tax decision, professional trad CTS were inclined to take the view that all of the immediately expected was not known, and the market reasonably secure against depressing conditions. Money continues to work easier. There is little demand for time loans for the shorter periods owing to the inclination to depend upon the call loan market For periods carrying over the crop moving season, the demand is more general and rates are firmly held at 5 per cent of January maturities But increasing supplies of money affect the bond market more dis tinctly than stocks A wide variety of Issues was dealt in today, although the price movement still continues somewhat irregular.
 Total sales. par value S2, 1S2,000
 United States 2s advanced 1s on the last call.