The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-01-07
27fnaucta1.
YEsTERDAT1S STOCK MARKET.
Burst of Animation and Buoynmcs in
LOte Dealings.

Burst of Animation and Buoyamcs in
LNte Dealings.
New York, Jan. 1.-THE advance in
the stock market continued to-day,
rather irregularly for a time but with
burst of animation and buoyancy in
the late dealings. The clearing flnan-
cial skies were the underlying reason
for the movement, supplemented by a
number of special influences upon in
dividual stocks or groups of stocks.
The call money rate was not higher
than per cent, fell below that quite
| normally and late in the day was as
| low as per cent. Another Develop
ment was the soft condition of the for
| eign exchange market. There was a
fair supply both Of grain and cotton
bills in the exchange market and pur-
chases of stocks here for London ac-
count, though on a small scale, made
some additional supply of exchange
The demand at the same time was very
moderate SO that rates fell away easily.
The declining tendency of London dis
counts continued, and that market pro-
ceeded with the repayment of the heavy
balances borrowed from the bank of
England for the yearly settlements The
course of the foreign exchange market
is viewed with special satisfaction. All
departments Of the local money market
showed much easier tendency and
commercial paper was in quite active
demand. Reports from the interior
centers showed that easier money
markets are developing there, Reports
from Pittsburg Of the abandonment Of
the proposed malleabe iron combination
were accepted as Indicative of a halt In
creating new securities and large syn
dictate borrowings for their flotation.
The gIut Of securities and the heavy de-
mand by syndicates to carry them have
been the prime cause of the recent
heavy Withdrawals of funds from the
stock market so this development was
regarded as highly encouraging. The
personality of the money lenders under
whose offerings the current rate has
broken down was accepted as evidence
that the so-called large interests have
ceased to froWn upon efforts to advance
prices If stocks. Besides general cOndi-
tons gratifying reports Of weekly gross
earnings by railroads; a large growth
! In the com movement: large earnings
in the electrical industry; rum0rs of a
judicial decision against the New York
! franchise law. assertions that the Union
Pacific had settled its la Dor troubles
vague reports Of prospective new
stock issue by Canadian Pacific, renew
ed gossip Of early action upon the all
thnrized St Paul stock issue, reports Of
restoration Of the factor plan in the
sugar trade and an increase in the div
idend rate on the common stock Of the
American Car company, afforded a pret-
! rs comprehensive basis for operations
by bullish spectators. The judicial
check met by the Wabash in it's efforts
! to enter Pittshrrg had an unfav0ra Bile
effect on Wabash and the anthracite
roads We're affected by reports Of large
engagements of coal for import There
WAS considerable profit taking at times
but the market very generally respond
ed to the final uprush of prices.
The active dealings in stocks detract-
+ ed attention somewhat from the bond
market but prices were generally firm.
Total sales par value, 49, 400 900.
United States bonds were all UNI
changed on the last call