The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-01-03
GREAT ANIMATION
IN STOCK MARKET
Something Like a Bulge in
Prices Was Noted
STIFF DEMAND FOR FUNDS
Other Developments Pointed to Re-
Taxed Condition In the Loan Mar
ket and Sterling Exchange
Made Sharp Break.
STIFF DEMAND FOR FUNDS

New York January 1.-The trading on
the stock exchange started off with great
animation today and something like a
bulge In prices was noted. Buyers OF
Tuesday and Wednesday took advantage
of the rise to secure their profits. Prices
ran off under this process and the mar
ket became dull. The advance was re-
newed again at some points. but the snap
seemed to be taken out of the market,
and a fairly generalzing movement devel-
oped in the afternoon when call money
rates stiffened to 10 per cent. Reading
was vigorously advanced to above So
and served to steady prices, but the sell
ing was renewed before the close, which
was highly irregular. Sugar ran OH
point below Wednesday.
The opening call loan rate Of 10 per
cent revealed a stiff demand for funds,
but caused no uneasiness. Other develop
ments pointed to a relaxed condition In
the loan market and the sterling ex-
change market made a sharp break with
the cessation of the demand for cables to
meet the year end settlement In London,
which was a feature last week The
London market showed its usual prompt
response to the turn of the year. and
money and discounts made added declines
under the abundant offerings in the mar
ket This was accepted as indication OF
light demand in the future from that CEN
ter upon New York. Preliminary figures
of the currency movement which runs
up to Wednesday night. indicated that
the banks have gained upwards of 3D.
100000 on the regular export movement
with the interior, while the sub-treasury
has taken from the banks 81, 429,O0o, this
indicating a net gain of about $1,S000O0
for the banks.
The weeks grain exports were disap-
pointing while the imports of dry goods
at New York rose in value several hum
bred thousand dollars over those of last
week. and exceeded those of this week last
year by over 100000, this explaining the
large customs collections for the week.
The stiffening Of the call loan rate late
in the day indicates that there will be
the usual delay in the return OIL funds to
the channels of the New York money mar
ket following a disbursement period. The
action of the days market gave rise to
coniectures as to whether the advance in
prices simply halts upon the expected
easing of the money rate, or whether
doubts of last month over the general sit
uation have required. Today's statement
of Readings earnings for November
proved disappointing, and the late adj
vance in this stock was unexplained.
Other statements of November earnings
showed gross increases, more than wiped
out by increased operating expenses.
Louisville and st. Paul, however, showed
moderate net gains remaining. But these
stocks were rather more affected by
realizing than the others. The announce
ment of the proft-sharing plan of the
United States Steel corporation caused a
sharp rise in the preferred stock Anal
gamated Copper continued to advance on
the rise in copper, but reacted sharply.
Brooklyn Transit was somewhat de-
pressed and affected the other local back
ing Missouri Pacific sold ex-dividend and
continued notably strong, and the South
westerns were generally the same.
The early f1rmness in the bond market
gave way to an irregular tone In sympa-
thy with stocks. Total sales, par value,
SO, 100000.
United States bonds were all unchanged
on the last call.