The Birmingham age-herald., 1903-10-27
STOCK MARKET
 HAS MORE LIFE. Operators Find Little Difficulty in Bidding Up Prices IT MET LIGHT OFFERINGS Days News Was Not Especially En- couraeins and In Fact Offered sev-
 eraI Doubtful Features--some
 Underlying Strength.

New York, october 26.-Professional op- orators did not find much difficulty in bidding up prices today and their opera tions made lip the large part of the rath- CT a limited stock market They met light offerings as prices advanced, but they attracted no outside following to speak of. Some buying by uncovered bear operators was induced and this helped somewhat in the advance. In the occasional pauses in the professional op- erations on the advance, the market fell yileded little. The closing was strong and not much below the best The days news was not especially encouraging and in fact offered several doubtful factors But the traders are inclined to argue that the resistance offered by last weeks mar ket to the failures in Baltimore and Pitts burg is evidence of an underlying con dition of strength. These failures not only exercised an influence of their own, but they aroused spirit of suspicious inquiry into barking and trust company conditions as a whole This makes 1t inl- probable that those conditions have any surprises in store in the banking world. Specific reports of improved conditions at Pittsburg and Baltimore also contrib uted to the feeling of encouragement. The advance in prices was not anected by the admissions in the weekly reviews of railroad traffic that the general traf- fic situation does not look so strong as it did month ago. This is in strong contrast to the great confidence expressed hxy fraf fAo afG Gafo o1es 10
 business up to this time. This weeks
 report admits that everything is moving in much smaluler volume than at any time in many months, and for the first time in a long while some of the roads have their freight solicitors actively at work again. Now that the evidence of depres- sion is appearing at other points Wall street experiences the relief from having already gone through this process of con- fractions. There was also an appreciably ffrmer market for time money today, and call loans rose to per cent when belated borrowers supplied their needs. New York exchange at Chicago fell to 50 cents discount and attention Is awake for the long expected movement of cur rency inwards. Since July 1 the New York sub-treasury has transferred only s100,000 to Chicago, while for the same period of last year there was transferred to that point through the government in- stitutions s5, ,250, GOO.
 A conjectural explanation of the unex- pectedly light decrease in cash reserves last week is that funds finding invest ment in bonds are withdrawn from trust companies deposits. while the bond sell lers are depositing in the banks. Todays speculation centered in Amalgamated Copper which rose an extreme 3l4 The advance was based on much the same kind of argument as that in other stocks, namely, that the harm from the Montana litigation was discounted in the previous decline of the stock.
 | The bond market continued broad and strong. Total sales of bonds, par value, $2,s04,0O0 United States 3s and old As advanced A per cent on the last call