The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-01-12
WAR NEWS SEEMED
MORE CHEERFUL
Stocks and Cotton Both 40
vanCed
SOME DECLINE IN WHEAT
Supply of Money is Now Fairly Abund-
ant and Is still lncreasins-Gold
Is Lower at Lon
don.

New York, January 11.-There was gen.
eral agreement today that the outlook for
a peaceful adjustment Of the Russo
Japanese dispute was distinctly more
cheerful. All the speculative markets
moved in conformity with this view,
stocks and cotton advancing and wheat
showing a declining tendency.
The movement in stocks was moderate
and rather spotty, and there was obvious
disposition in holding the higher level
of prices. There was no change in the
character of the war outlook, SO far as
published news indicated to account for
the reactionary tendency which prompted
the conclusion that buyers of December
were still disposed to realize rather than
to hold on any strengthening appearance
The very general character of the up
ward movement in low grade stocks after
the opening this morning was taken as
an unproptious development owing to
the suspicion of manipulative methods at
taching to 1t, and the common knowledge
of the existence of stock market pools in
many of the stocks affected. These pools
have been quiescent during all the period
of Jealous conservation of money-market
resources. The revival of their activity is
considered highly significant Of the great
er liberaity of borrowers not only in
the amount of funds offering, but In the
quality of collateral required.
The supply of money Is now fairly album
dant and is still increasing, the movement
of exchanges at the south indicating that
the return flow from that section is be-
ing added to the western movement. The
movement of sterling exchange away
from the gold import point is therefore
no cause for surprise The lowering or
the price of gold in the London market
shows the sense of security there against
any further need for protecting the gold
supply.
An engagement of gold for import pre-
viously made was in fact cancelled today
to the extent of 100000. Sterling exchange
a. Paris also continues to advance In the
absence Of any pressure upon french
capital requir ements, such as was expect
ed to follow Russian war preparations.
Intimations that banking arrangements
had been made for renting the Panama
canal payments to Paris In instruments,
after a transfer from United States treas
ury to New York banks. deposits also
served to inspire confidence In the sta
substantial movement-in the stock mark
ct was that in Pennsylvania.
This stock IVES IN demand in the loan
crowd and the Industrious circulation 81
rumors ttas the differences with the a
bash party were being harmonizsd ealsea
the shorts uneasiness. The movement IN
the wabash securities late in the day con-
f1rued the reslessness of the shorts. The
upward movement in these stocks was
ineffectual to conceal the realizing In pro-
gress elsewhere. and the whole market
yielded.
Amalgamated was freely pressed to sale
at the sacrifice of over point In Its price.
Rock Island also yielded sharply IN the
late dealings and the closing was easy
with not much left of the days advances.
Bonds were firm and the market showed
a broadening tendency. Total safes par
value. $S,o25.0oo. United States bonds were
unchanged on call.