The Birmingham age-herald., 1904-01-10
SMALL ADVANCE
 IN STOCK MARKET Damage to Private Wires Had
 Little Effect AN UNSATISFACTORY WEEK Feeling of Hopefulness Was Shown Over the Possible Peaceful Out come In the Far Eastern
 Situation.

New York, January s-Prices made small additional advances in today's mar ket on a falr volume of business. Damage to the private wire service. and interrup- ton of the outside quotation service by tckers, had little effect upon the volume of business done in stocks, indicating the largely professional character of the trad ing, and the large proportion of business originating on the floor of the stock ex- change itself.
 The main influence upon the advance In prices, was the more cheerful tone of foreign markets, and a feeling of restrain ed hopefulness over a possibly peaceful outcome to the far eastern negotiations. The bank statement also met expectations in the cash item, which showed an in- crease of over 100000
 The continued expension of the loan item to the extent of s7, 421,00 was not re- ceived with so much satisfaction, and in dueed some conjecture as to the source of the borrowing. It was suggested by some banking authorities that the low rate to which interest in New York has declined. has induced some reduction of trust company and out-of-town banking loans, which had to be taken up by the clearing house banks. It is known that the mid-week strength In sterling ex- change was partly caused by remittances to take up Lake Shore notes, which were placed about year ago, and this ma5 have involved some borrowing from New York banks
 London discounts continue to advance, but the weekly statement of the Imperial Bank of Germany made strong showing and sterling exchange at that center ad- vanced. Amalgamated Copper continued active and strong today, and the Pacifics grangers coalers, trunk lines and promi- nent industrials made quite uniform ad- vances The closing was steady, but slightly below the best
 Opening Week Disappointing.
 The opening week of the new year in the stock market has proved somewhat disappointing to those who bought stocks in the last weeks of December in the hopes of an awakened demand for securi- ties with the turn of the year, and the re- sultant easing of the money market. At ternpts- to take profits by these previous buyers have, however, proved an over weight upon the market, and some sharp declines have resulted. The latter portion of the week has seen some diminution of the selling pressure and sluggish recov- cries.
 The acute stage reached in the far east ern war situation and the passing of the United States steel dividend on the common stock, and the poor showing of earnings made by the corporation for the December quarter, have been impor- tant contributory causes to the light de- mand for stocks, and to the disposition of spectators long of stocks to lessen their holdings. The action of the United States steel directors in discontinuing the of accurately foreseen in speculative; cir cles, but the great decrease in net earn ings for the quarter proved a trying thing for stockholders, verifying as it did, about the worst intimations circulated by the bears before the publication.
 Current trade reports were not calcu- lated to remove entirely the feeble feel Ing of Encouragement over the situation, as they pointed to a continued waiting at titude on the part of consumers and oonfi- dence that they would be able to fill their requirements as they developed on sat isfaotory terms It Is believed that rail- roads are still dissatisfied with the price of steel rails, and reports were current that concessions were being made from the official schedule of prices.
 Made Resistance to Pressure.
 The preferred stock of the corporation, however, made some resistance to pres sure on buying attributed to supporting orders by the banking interests associe- ted with the corporation. Speculators gave some attention to the argument that the depression in the price of stocks was sufficient to discount the unfavora- ble conditions in the trade and that bet ter results were to be expected from economies by wage reductions. Reports of discontent on the part of some of the employees and threats of strikes against reduced wages, partly offset this argu- ment
 The successful subscription for s10000,- 900 of bonds on one of the Pennsylvania subsidiary companies, explains one field of diversion for capital seeking invest ment. It is believed that this and other new issues offering, are attracting capi- tai which might otherwise find it's way Into issues, currently traded in and list ed on the stock exchange, the demand. for which has failed to show the stim- ulation usual at the period of annual dividend and interest disbursements A Feature of the week has been the active speculation in, a group of minor rail- road stocks, in which there is a large common ownership, with accompanying rumors of proposed combination which have received no authentic verification.
 The movement of bond prices have been sluggish and irregular. United States 2s registered have declined IA per cent on