The Birmingham age-herald., 1903-01-07
MUCH ANIMATION
 IN STOCK MARKET Advance Continued Yesterday in Rather Irregular Way CALL MONEY RATE TUMBlES Financial Skies Are Clearing and This Has Given a Firm Basis for the
 Traders to Work on-suoy-
 ancy in Late Dealings.
CALL MONEY RATE TUMBLES

New York. January 6.-The advance In .ha s+ocr market continued today in rather irregular way for time but Wltn A burst of animation and buoyancy Ill inc late dealings The clearing financial skies made the underlying basis for the movement supplemented by number of snecial influences on individual stocks ar groups of stocks. The call money rate was at no time higher than per cent and fell below that figure quite normally and late in the day got as low as per cent but with the days demand then mostly satisfied This development was In the line of hopes or anticipations of those who have been buying stocks, but an other development which dissipated some fears as to what would result from the casing rate was the soft condition or the foreign exchange market. There was fair supply both of grain and cotton pulls in the exchange market and purchases of stocks here for London account though on a small scale made small additional supply of exchange. The demand al the same time was very moderate so that rates fell away easily. The declining ten dency of London discount also continued and that market proceeded with the knowledge of the heavy balance borrowed from the Bank of England for yearly set dement's Even those who have been most sanguine as to the relaxation or American money markets after January 1 have harbored small anxiety lest the easing of the domestic 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 impending issue of a number of government bonds abroad added to the likelihood of the calling of credits. For this reason the course or the foreign exchange market Is viewed with special satisfaction. All develop ments of the local market showed much easier tendency in commercial de- mand.
 Reports from the interior also showed easier money markets developing there. Reports from Pittsburg of the abandon ment of the proposed malleable iron com bination were promptly accepted as symp- tomatic of a halt in the creation of new securities of large syndicates borrowing for their f1otations. As the gut of secu- rites and the heavy demand by syndi- cates for carrying them have been the prime cause of the late heavy withdraw- diS or IulluS rom lIe SUCK HdThel, tllS development was also regarded as highly encouraging. The personality of the money lenders under whose offerings the current rate has broken down, was ac- cepted as evidence that the so-called large interests have ceased to frown upon the efforts to advance prices of stocks. Add to these general considerations number of gratifying reports of weekly gross earnings by railroads large growth in the corn movement, large earn ings in the electrical industry, rumors of a judicial decision arrived at against the New York franchise, assertions that the Union Pacific had settled its labor trouble and vague reports of an intended new stock issue by Canadian Pacific, re- newed gossip of early action on the au- thorized St. Paul stock issue the report ed restoration of the factory plan in the sugar trade and an increase in the divi- dend rate on the common stock of the American Car Foundry and it will be seen that there was Q pretty comprehensive basis for bullish spectators to operate on. The judicial check met by the Wa bash in it's efforts to enter Pittsburg had an unfavorable effect on Wabash and the antarctic road was affected by re- ports of large engagements of coal for import. There was considerable profit taking at times, but the market gen. orally responded to the final uprush of prices The active dealings in stocks de- tracted attention somewhat from bonds But prices there were generally firm.
 Total sales par value $16, 490000. United States bonds were all unchanged on the last call.