The Montgomery advertiser., 1903-01-07
WALL STREET REVIEW
ADVANCE CONTINUES IN AN
 IRREGULAR WAY.
Burst of Animation and Buoyancy in the Late Deaings-Special In- huences on Individuals
 Stocks or Groups.

z NEW YORK. Jan. s-Ths advance in the stock market continued today in rather IT, animation and sbaoyancy in the late dealings. & S The clearing financial statistics made the un- derlying basis for the movements up supple mented oy number of special influences on individual stocks or groups of stocks. The call money rate was at no time higher than 6 per cent and fell below that figure quite nor mally and late in tho day got as low as per cent. but with the dey's demand then mostly satished. This development was in the have been buying stocks, but another de- velopment which dissipated some fears as to what would result from the easing rate was market There was a fair supply. both of gra n and cotton bulls in the exchange market and suppl es of stocks here for London on a small change. The demand at the same time was very mode ate so that rates feI away easily. also continued and that market proceeded with the repayment of the heavy balances borrowed from the Bank of England for the yearly set- sanguine as to the relaxation of American money markets have harhored small anxiety lest the easing of the domestic money may be followed by heavy withdrawals of foreign cap ttal which Is still practiced fin the form of floating indebtedness. The knowledge of the Government loans abroad added to the iikeii- hood of the calling of credit. For this the course of the foreign exchange market is viewed with special satisfaction. All de- velopments of the local money market showed an easier tendency and commercial paper was In good demand. Reports rom the intei for also showed good money markets developing there. Reports from Pittsburg of the aban- donnent of the proposed maileable iron com bination, were promptly accepted symp- tomatic of . halt in the creation of new uri- ties of large syndicates borrowing for their Rotations. As the glut of securities and the heavy demand by syndicates for carrying them have been the prm cause of the late heavy withdrawals of funds from the stock market. this development was also regarded as highly encouraging. The personality of the money lenders under whose offerings the current rate has broken down was accepted as evidence that the so-called large interests have ceased to frown upon the efforts to advance prices of stocks. Add to thees general considerations number of gratifying reports of weekly gross earntnss by ra Hoads a large growth in the corn movement. large earnings in the elec- trical industries, run1ors of a judicial deci ion law. assertions that the Union Pacific had settled its labor troubles vague reports of an intended new stock issue by Canadian Pa~ cinc renewed gossip of early action on the authorized St. Paul stock issue. the reported restoration of the factory plan in the sugar the common stock of the American Car Com pany. and 1t will be that there was a pretty comprehensive basis for bullish specula- ton and hullish spectators to operate The anthracite roads were affected by reports of large engagements of coal for import. but the market responded to the up-rush of prices.
 The active dealings in stocks detracted at- tention somewhat from the bond market. but prices there were generally firm United States bonds wore ali unchanged on the last call.
 New YOrk H1oek riaN