The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-01-06
STOCK MARKET IS
GROWING STRONGER
Commission Houses Report
Growth in Outside Demand
MONEY MARKET RELAXED
Time Money Also Was Easier and for
the Longer Periods There Was
Difficulty in Placing Funds.
Exchange Rate Falls.
MONEY MARKET RELAXED

New York. January 5.-Today's ex-
tremely irregular and uneven stock mar
ket made considerable show of strength
and fair degree of activity. Stocks that
did not share in the strength were not
generally reactionary but were rather re-
strained from the ADVANCE in the selling
to take profits Commission houses re-
ported some growth In outside demand
and the feature Of the lays trading was
the comparatively small lots dealt in
The great speculative pools were active
Mt a few points but In stocks in which
outside demand appeared they were In
clined to take their .,rof1ts + feeding
this demand. The appearance of outside
demand in fact meets the object of prin-
cipal buying of the last three weeks.
which has been almost wholly by pro-
fessonal operators In anticipation of the
conditions now existing. The sustained
character of tnis. advance, It's freedom
from reaction and the development now
of the normal easing of the money mar
ket, have evidently served to sc.2.e ex-
tent to encourage the view to buy stocks,
something 1t had not done for long
time past, either from lack of means to
operate, owing to the tiglt money mar
ket. or to deep rooted suspicion of the
market. The money rate did relax very
distinctly today and. some of the banks
reported renewals of call loans for large
amounts at materially lower rates than
those lately prevailing. The market rate
on the exchange fell below per cent late
In the day. Time money also was easier
and for the longer periods there was diff
ficulty in placing funds. TIE foreign
money centers continued to reflect the
returning flood of funds to the channels
of the money market.
The encouraging effect of this in New
York was somewhat modified by the de-
mand for gold in London and the decline
of sterling in Paris, while exchange bills
were in considerable demand. The posi-
bility of the growth of a Paris demand
upon London and its shifting upon New
York was thus indicated. The problem of
future net earnings of the railroads Is
kept alive by the continual reports of adj
vancing wages. The re-opening of the
Union Pacific wage question was a dis
tinct drag upon that stock. The hard
coalers reflected profit-talxlng and United
States Steel preferred was a notable ex-
ample Of the same process, although the
common stock shared fairly in the gen.
eral strength of metal stocks, including
the railroad equipment companies. The
further advance in the price of copper
helped Amalgamated The southwestern
railroads were the subject of speculation
on the ground Of the early benefit to be
derived from the corn crop. Missouri Pa
cifc was prominent and was helped by
Its increase in gross earnings for the
fourth week in December of 100000.
Louisville, however, which gained in gross
for the same period over $193, 900, was held
back throughout by realizing. Some Of
the soft coalers were in demand, espe-
cially those tapping the Ohio and West
Virginia fields.
There was some evidence of investment
buying in the bond market. and some of
the lower grade bonds which still return
a comparatively high rate of interest were
the favorites. Total sales, par value, 49,
$4,000. United States Is and old As ad-
yanced II per cent on the last CALL