The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-07
GOOD UPTURN IN PRICES
STOCK MARKET RESPONDS TO THE
EASY MONETARY CONDITIONS.
Special Causes Aid Many Securities I'm
Making Good Gains-FOrefgn
Exchange Is Plentiful.

NEW YORK, Jan. 6.-The advance in the
stock market continued to-day in rather
irregular way for a time but with burst
of animation and buoyancy in the late deal
ings. The closing financial skies made the
underlying basis for the movement, supple
mented by number of special influences
on individual stocks or groups of stocks
The call money rate was at no time high
err than per cent, and fell below that fig-
quite normally. and late in the day
got as low as per cent, but with the day
demand then mostly satisfied. This devel-
opment was in the line of the hopes or an
ticipations of those who have been buying
stocks, but another development which dis
sipated some fears as to what would result
from the easing money rate was the so1t
condition of foreign exchange markets
There was fair supply of both grain ana
cotton bills in the exchange market, and
purchases of stocks here for London ac-
count, though on small scale, maze
small additional supply of exchange Inc
demand at the same time was very mod
crate. so that rates fell away easily. Inc
declining tendency of London discounts
also continued, and that market proceeded
with the repayment of the heavy balances
borrowed from the Bank of England Tor
the yearly settlement The knowledge or
the impending issue of a number OF I'M
portant government loans added to the
likelihood of the calling of credits. For TINS
| reason the course of the foreign exchange
market is viewed with special satisfaction.
All Developments of the local money mar,
| ket showed much easier tendency, ana
| commercial paper was in quite active de-
mand Reports from the interior also
| showed easier money markets developing
| there. Reports from Pittsburg of the aban-
| donment of the proposed malleable iron
| combination were promptly accepted as
| sympathetic of a halt in the creation OF
new securities and of large syndicate bor-
rowings for their fiotation.
Add to these general considerations
! number of gratifying reports OF weekly
| gross earnings by railroads, large growth
| in the corn movement, large earnings IN
the electrical industry, rumors OF Judicial
| decision arrived at against the New forH
| franchise law, assertions that the Union
| Pacific had settled its labor trouble vague
| reports of an intended new stock issue by
| Canadian Pacific, renewed gossip OF early
| action on the authorized st. Paul stocE
| issue, the reported restoration of the fac
| tory plan in the sugar trade and an in
crease in the dividend rate on the common
! stock of the American Car Company anc
| prehensive basis for bullish spectators Il
| operate on. The judicial check met by the
| Wabash in its efforts to enter Pittsburg ha6
| an unfavorable effect on Wabash, and th'
| of large engagements of coal for import
| There was considerable profit taking a.
times, but the market generally Responded
to the final uprush of prices
The active dealings in stocks detractet
| attention somewhat from the bond market
| but prices there were generally firm. To
| tai sales at par value were S, 4U,WO
United States bonds were all unchanged
| on the last call
Following are the days share sales an,
the recorded price changes: