The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-01-07
ANIMATION AND BvOYANcY
CHARACTERIZE WALL STREET.
FINANCIAL SKIES BEGIN TO
GROW CLEARER.
Call Money and Exchange Both
Much Easier and General Con
ditions.Are BufakA

New York, Jan. 6.-The advance In the
stock market continued to-day. in u rather
irregular way for a time. but with a burst
OF animation and buoyancy in the late
dealing. The clearing financial skies made
the underlying basis for the movement, sup
plemeuted by a number Of special iniu-
once on individual stocks or groups OF
stocks. The call money rate was at no time
higher than 6 per cent and fell below thai
figure quite normally. and late in the day
got as low as 4 per cent. but with the days
demand then mostly satisfied. This de-
Velopment was in the line of the hope or
anticipations of those who have been buy
ing stocks. but another development which
dissipated some fears as TO what would re-
suit from the easing money rate was the
sort condition of the exchange market.
mere was a fair supply Of both grain and
cotton bills in the exchange market. and
purchases of stocks here for London &C
count. though on a small scale. made small
additional supply of exchange. The demand
i a. the same en- time was very moderate. SO
tnat rates Tell away easily. The declining
tendency of London discounts also continued
ana That market proceeded with the repay
ment OF the heavy balances borrowed from
the Bank OF England for the yearly settle
ments.
EXCHANGE IS EASY.
Even those who have been most anguine
as to the relaxation Of American money
anxiety lest the easing of the domestic
money markets should've followed by heavy
p Ti.rafi hepe in Sf the, iorf foi 81 ePi Heating ms'f ihd ,i seti.
ness. The knowledge OF the impending
issue of a number OF important Govern
ment loans abroad added to the likelihood
of the calling of credits. For this reason
the course of the foreign exchange market
is viewed with special satisfaction. All de-
showed a much easier tendency and COM
mercial paper vas In quite active demand
Reports from the interior also showed
easier money markets developing there. Re-
ports from Pittsburg of the abandonment
of the proposed malleable iron combination
were promptly accepted as symptomatic of
Il halt in the creation of new securities and
of large syndicate. borrowings for their
Notation. As the glut of securities and the
he sn, aema anu, by synaleates Tor CARRYING
heavy Withdrawals Of funds from the stock
market. this development was also regarded
as highly encouraging.
FAVORABLE OUTLOOK.
The personality of the money lenders un-
der whose offerings the current rate has
roken down was accepted as evidence that
the so-called large interests have ceased to
fIown upon the efforts to advance prices
of stocks. Add to these general considera-
tons a number of gratifying reports of
weekly gross earnings by railroads., a 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 law. assertions that the
Union Pacific had settled its labor troubles.
vague reports of an intended new stock
issue by Canadian Pacific. renewed gossip
of early action of the st. Paul stock
issue. the reported restoration of the factor
plan in the sugar trade and an increase in
the dividend rate on the common stock OF
the American Car Company and it will be
seen that there is a pretty comprehensive
basis for bullish spectators to operate on.
The judicial check met by the Wabash in
its efforts to enter Pittsburg had an I'M
favorable effect on Wabash and the anthra-
cite roads were affected by reports of large
engagements of coal for import. There was
considerable proft-taking at times, but the
market generally responded to the final up
rush of prices.
The active dealings in stocks distracted at
somewhat from the bono market.
but prices there were generally firm. Total
sales. par value. $13. 4S0. 1000. United States
bonds were all unchanged on the last call.
STOCKS AND BONDS AT