The Birmingham age-herald., 1903-01-09
STOCK MARKET
 FALLS IN A RUT Course Was Languid at First
 But Got Lively COALERS LED MOVEMENT The Fact of the Resumption ot Deals and Large Financial Projects In the Railroad World Caused
 the Animation.
coALERS LED MOVEMENT

New York, January s.-Today's stock market was languid ana somewhat lrreg- ular during the early part or the ses- sion. but 1t was reused Into great ani- nation and general strength by the re- ports of the buresu reports C. the deal for dividend control of Reading by the Pennsylvania and the Vanderbilt inter- ests The coalers led the movement, but the Readings themselves were but moder- ately affected beyond a full recovery from some early depressions. Pennsylvania also failed to share in the strength awakened by the reports. The Fries took the lead and scored advances of between 21a and 31a on enormous dealings. Concise details were lacking of the deal, but 1t was taken for granted that important steps had been taken toward further centralizing the control of the anthracite traffic. Re- ports have long been current Of large b,sing of Readings for Baltimore and Ohio account, and the dominance Of the Morgan influence in Reading made u eV- ident that the usual observance of comlty between the Pennsylvania and New York Central powers would be followed. The fact of the resumption of deals" and large financial projects in the railroad world was itself an indictment to spec ulation. The declining course of the mon ey market protected the speculation from anxiety on account of the money situa- tion The announcement late in the day that the bankers pool, which subscribed $50, ,0o0,0 900 in the middle of December Tor the protection of the money market against emergency, had been dissolved, added to the feeling of security and lead to the final outbreak of buoyancy, Tn which the market closed. New York Gen. tral and Baltimore and Ohio shared to some extent in the strength que 10 tne Reading report.
 Of the other special movement, that In the corn grangers was attributed to the extended corn movement, although there was immediate evidence of organized market support in Missouri Pacific and Rock Island. The speculation was con- tinued in sugar which is usual upon the approach of a dividend period for that stock but there was profit taking in the stock in the latter part of the day. There was also evidence of profit taking from time to time on some of the Paciflcs and St Paul.
 The United States steel stocks showed a tendency to rally from yesterdays de- clines. Amalgamated copper was very irregular, but was inclined to act under the influence of the weakness of copper, both here and in London The New York public utilities continued to reflect the favorable effect of Governor Odells re- commendation for the repeal of the fran chise tax. The reported blizzard in the northwest was taken account of by trad CTS who sought to renew the market reaction of yesterday. The recovery In the London market and the firmer tone of sterling exchange attracted some at tention. The reduction in money supplies in London insuffciently accounted for by the weeks reduction of over s90,0 GOO in the loans of the Bank of England. With this largely augmented control of the outside market it is a matter of interest whether the central institution will att tempt to attract gold from abroad or will operate directly to ease, the outside market in preparations for coming gov ernment loan operations.
 Bonds were not active and were rather irregular. Total sales par value s3,5s 900. United States bonds unchanged on last call.