The Birmingham age-herald., 1903-01-10
STOCK MARKET
 HAS 4 BUSY DAY More Business Than at Any Time Since the Semi-Panic TRADING FREE AND BROAD Report of Details of Control of Read ing, Pennsylvania and Vanderbilt
 Interests Caused Specula-
 ton to Catch Fire.

New York, January 9.-More business vas transacted today on the Stock Ex- change than on any day since the semi panic condition of the middle of Decem- Der last Although the market became extremely irregular and at one time gen. orally reactionary there was free broad market during the whole of today ana the closing was firm and active at a rally from the low point.
 The report of the details of the division of the control of Reading, Pennsylvania and Vanderbilt interests caused the speculative imagination to catch fire and operations were hastily entered upon, seemingly on the assumption that all the recent bills resulting from an overplus of new securities and an adequate supply of capital to take up has been cleared away and cured. The conclusion was ar rived at by inference that further pro- jects would be pushed for the harmonz- ing of control of the whole eastern trunk line railroad and anthracite field, with subsequent designs upon the soft coal tield through the medium of the proposed distribution of control of Hooking Valley amongst the same interests that are to share the Reading control. There seemed to be an assumption that this would herald resumption of a large number of projects of consolidation and merger, which were interrupted by the stringency In the money market. The prospect that this would multiply new securities again and involve heavy syndicate require- ments seemed to have none of the recent terrors, and new buying orders were poured into the market this morning ri ipc b1t cable from London. It was obvious from the start that this demand was literally fed by sales to take profits by the large buyers of yesterday and the preceding days, but the buying was sufficient to absorb this realizing for a time and to initiate fresh advances here and there.
 Reports that the dispute between the Pennsylvania and Gould interests had been settled caused buoyancy in the WabasheS. There were subsequent de- mands of strength in other Gould stocks, notably Missouri Pacific and Manhattan, which initiated movements respectively in the Pacifcs and the local fractions and which were not explained by any news of the day. Money continued quite easy in spite of the heavy new demands resulting from the speculation, as a fair bank statement was forecasted by the large currency from the interior and by the gain on sub-treasury operations re- 5ulllHS lTOIH lne payments or govern ment interest and the transfers of cur rency from San Francisco. Late in the day when the market had become reac- tionary, a belief gained currency that large exports of gold were in contempla- tion at an early day. The rising money market in London, the sharp rise in sterling at Paris and the indications that the Bank of England is disposed to main- tain the open market rate of discounts were adduced as evidence of the likeli- hood of such a movement at an early day. A more reasonable explanation of the reaction, aside from the natural profit-taking was the persistent and heavy liquidation in Reading, due to the fears of small holders that as minority interest they would have no interest to hope for in the new position of the stock. The failure of the Louisville directors to advance it's dividend rate as had been hoped by holders of the minority stock who followed the advance in prices when the control was passing, served to em- phasize this impression and the break Tn Louisville accompanied that in Read Ing. The market was supported at the decline and the closing was firm at the ally.
 The bond market was broad but irreg- ular. Total saves, par value, $3,76O00O. United States new 4s coupon advanced per cent on call.