Omaha daily bee., 1903-01-07
NEW YORK STOCKS AND BONDS.
Early IrreRuInrity Gives way Later
Before Burst of animation.

NEW YORK, Jan. 6.-The stock market
advanced today in a rather Irregular way
for a time, but with a burst of animation
and ~buoyanCy In the late dealings. The
clearing financial stocks made the underty-
by "A number of special Influence on stocks
or groups of stocks. The call money rate
was at no time higher than 6 per cent and
fell below that figure quite normally, ana
later in the day got as low as 4 per cent,
but with the days demand mostly satis-
fed. This development was IN the line or
the hopes of ~anticipa lions of those who
have been buying stocks, out another de-
velopment which dissipated some fears as
to what would result from the easing
money rate was the soft condition of the
exchange market. There was a fair sup
ply both of grain and cotton bills In the eX-
change market, and purchases or stocks
here for London account, though on a
small scale, made small additional supply
of exchange. The demand at the same
time was very moderate, so that rates fell
away easily. The declining tendency or
London discounts also continued and that
the heavy balances borrowed from the
Bank of England for the yearly settle
ments. Even those who have been most
sanguinc as to the relaxation of American
money markets after January l have har-
bored small anxiety lest The easing of the
domestic money markets should be followed
by heavy Withdrawals OF foreign capital,
which is still placed here in the form of
noating Indebtedness The knowledge of the
impending issue of a number of important
government loans abroad added to the
likelihood of the calling of credits. For this
reason the course OF the foreign eACnduBt
market is viewed with special satisfaction.
All developments of the money market
showed a much easier tencency and COM
merCial paper was quite an Item. Reports
from the interior showed better money.
Reports from Pittsburg OF the abandon
ment of the proposed malleable iron COM
hination were promptly accepted as sympto-
matte OF a halt I'm the creation of new Sc
c%urities, the end of large syndicates Dor
rowing for their fotation. This glut of Sc
curities and the heavy demand by syndi-
Gates for carrying them have been the
prime cause of the late heavy withdraw walls
of funds from the stock market, for de-
velopment was regarded as highly en-
couraging. The personality of the money
lenders anu whose offerings the current
rate has broken down was accepted as evil
dence that the so-called large interests
have ceased to frown upon the efforts to
advance prices of stocks. Add to these
general considerations a number of gross
weekly earnings by railroads, a large
growth in the corn movement, large earn
ings in the electrical Industry, rumors of a
judicial decision arrived at against the
New York franchise law, rumors that the
Union Pacific had settled its labor troubles,
renewed gossip of authorized action on the
st. Paul pool, the restoration of the factor
plan in the sugar trade and increase In the
dividend rate OF Pressed Car company, and
it will be seen there was a good basis for
bulls to operate upon.
The judicial check met by the Wabash In
it's efforts to enter Pittsburb had an I'M
favorable effect on Wabash, and the an
thracite roads were effected by reports OF
large engagements of coal for import,
There was considerable proft-taking at
times, but the market generally responded
to the final uprush Of prices.
The active dealings In stocks attracted
/ attention somewhat from the bond mar
ket. but prices there were generally firm,
Total sales. par value, s1S,49O,00
United States bonds were all unchanged
u The fSiiowing are the closing prices or