The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-01-07

SKIES CLEAR
Stock Market Took Boom at
the Close.
MONEYDEMAND MODERATE
Government Loans May Call
for Credits.
M0NEYOEMAND MODERATE

New York, jan 1.-THE advance in the
stock market continued today in a rather
irregular way for time. but with
burst OF animation and buoyancy in the
late dealings. The clearing financial skies
made the underlying basis for the move
Ment, supplemented by a number of
special influences on Industrial stocks or
groups of stocks. The call money rate
vas at no time higher than per cent
and fell below that figure quite normally
and late in the day got as low per
cent: but with the days demand. was
mostly satisfied. The development was in
the lines of hopes. or anticipation OF
those who have been buying stocks. but
another development which dissipated
some fears as 10 what would result from
the easing money rate was the soft condi-
iion of the stock exchange. There was a
fair supply of both grain and cotton
bills in the exchange market and pur-
chases of stock here for London account.
though on small scale, made small addi-
tional supply of exchange. The demand
at the same time was very moderate. so
that rates fell away easily. The declin-
ing tendency of London discounts also
continued and that market proceeded
with the repayment of the heavy balance
borrowed from the Bank OF England for
the yearly settlements. Even those who
have been most sanguine as TO the relax
alton of American money markets after
January !. have harbored small anxiety
lest the easing OF the domistic money
markets should be followed by heavy
Withdrawals of foreign capital. which is
still placed here in the form OF floating
indebtedness. The knowledge OF the i'm
pending issue of a number of important
government loans abroad added 10 the
likelihood Of the calling OF credits For
this reason the course OF the foreign ex-
change market is viewed With special
satisfaction. All developments Of the
local money market showed a much
easier tendency and commercial paper
was in quite active demand. Reports
from Pittsburg of the abandonment OF
the proposed amalleabie iron cemoina-
ton were promptly accepted as symptom
attic of halt in the creation of new Sc
curities and of large syndicate borrow
ings for their local notation. As the glut
OF securities ard the heavy demand by
syndicates carrying them. have been the
prime cause of the late heavy with
drawals 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 these geenrai considerations a
number of gratifying reports Of weekly
gross earnings by railroads. a large
growth in the corn movement the large
earnings in the electrical industry,
rumors of a judicial decision arrived at
against the New York franchise law.
assertions that the Union Pacific had set
tied its labor troubles, vague reports OF
an intended new stock issue by Canadian
Pacific. renewed gossip OF early action In
the authorized St Paul issue. the re-
ported restoration OF the factor plan in
the sugar trade. and an increase in the
dividend rate on the common stock OF the
American Car company and IL will be
seen that there was a pretty comprehen-
sive basis for buliish spectators to oper-
ate on. The judicial check met BY the
Wabash in its efforts to enter Pittsburg
had an unfavorable effect on Wabash
and the anthracite roads were effected by
reports OF large engagements Of coal for
import There was considerable profit
taking at times but the market generally
responded to the final uprush Of prices
The active dealings in stocks deSracted
attention somewhat from the bond mar
fet. but prices there were generally firm
Total sales. par value. sI3 $50 900.
United States bonds were all unchanged