The Birmingham age-herald., 1903-10-03
STOCK MARKET
 GAINING GROUND Financial Embarrassment in Bal- timore Did Not Hurt CAUSED FEVERISH TONE As Day Progressed It Became Manifest There Was No New Pressure of
 Stocks, and Professionals
 Were Inclined to Buy.

New York, October 2.-The stock market made good headway today against he public announcement of the financial embarrassment in Baltimore. This news .aused rather feverish tone in the early dealings and evidence of some liquidation was assigned as a result. For the most part it was believed the public announce ment served to explain some peculiar past events in the markets, rather than to threaten future results. Some of the stocks which have been weakest during the past week and subject to recurrent liquidation, are now known to have been sold by local banking house, which held them as collateral for loans to the em- barrassed houses. The recent mood of Wall street has been so fearful of mys- teries, and so prone to exaggrste them, that explicit information, even of an un- favorable character, is rather welcomed. Professional traders are Inclined to buy in a market when bad news Is out AS the day progressed 1t became manifest that there was no acute pressure of stocks and on the contrary a well defined rarty of professional operators were in- clined to buy. Commission houses also reported some slight demand from out side sources. There was some very heavy blocks of United States steel bonds marketed, which could hardly have been other than syndicate holdings. but there seemed good demand at the same time for the preferred stock. The inference was drawn that arbitrage operations be- tween the two securities had been re- sumed by the extended syndication. A rumor was current that the market man agement of this operation had been en- trusted to the same operator who con- ducted the original fiotarion of the Un.. States steel stock While this rumor was without confirmation, 1t had It's effect upon the speculative sentiment of the highly professional market.
 The prospect of a strong bank return helped the late market. indications point ing to gain in cash. by the bank of s1,- 800, 900 to S1000,O00. The regular interior movement took from New York about to the cotton region, and exchange at government bonds and the payments on account of new gold, including Australian gold received at San Francisco, more than offset this loss. It is evident that the principal movement of currency is still to the cotton region, and exchange at western points fails to show prospect of dH cary ueldHu lToHl IHdC QudTItfs lnta causes the indulgence of a hope that the deposit of government funds at western points may tighten the demand for cur rency from that quarter. It is also sug- gested that the lateness of this demand may allow some refiux of funds from the cotton region in time to help meet 1t. There was sharp rise in call money late in the day which may have been con- nected with the winding up of the syndi- cate affairs of those withdrawing from the United States conversion syndicate.
 Sterling exchange rallied sharply from yesterdays decline but the large increase fin wheat and corn exports over last week indicated growing supply of exchange
 Pennsylvania was inclined to be heavy in spite of the good increase in net earn- ings reported for August, while Union Pacific with decrease for that period of st43,S12 was well supported A sharp drop of over a point in St. Paul just be- fore the close with an immediate fraction al rally, had the appearance of a bear drive. but 1t unsettled the closing and made 1t irregular.
 The bond market was still made up largely of United States Steel 5s but the tone was pretty firm. Total sales par value, $5,4S5000 United States coupon 3s advanced % per cent on the last call.