The Birmingham age-herald., 1904-01-09
STOCKS HAD DULL
 AND STRONG DAY Easier Feeling Over the Far
 Eastern Outlook BEST PRICES IN LAST HOUR Weekly Movement of Currency Prom Ises Gain In Cash of Between Ten and Twelve Mil-
 lion Dollars.
BEST PRICES IN LAST HOUR

New York January S--rhere was a dull and strong market today without sensations. and without marked features. An easier feeling over the far eastern outlook and the promise of large replen- ishment of banking reserves to be shown by tomorrows bank statement. were the impe1ling causes of the slow rise.
 The best prices of the day were made in the last hour, and the closing was fairly steady and near the top Actual news on the war situation was meagre and there was no deep seated conviction that hostilities would be averted but the possibility of a quick change in the situ- ation, and the influence which would be caused by such change induced great caution in trading on the assumption that war was inevitable.
 The forecasts of the weekly movement of currency promises gain in cash of be- tween ten and twelve million dollars Of this estimated gain. one-quarter or less results from sub-treasury operations, in- cluding receipts of foreign gold and the remainder has been received from interior points. Expectation Is general that the loan item will show further substantial expansion, but so large an increase in the basis for credits deprived that prospect of any disturbing power.
 Money was easy today for all forms of loans and call money became almost a drug In the market at per cent. condi- ton not seen on Friday for many months. The speculation in Amalgamated Copper continued very active and that stock rebounded from early depression to 1A over last night. The figures of the December exports of copper which were the largest for fifteen months past, start ed the recovery, Copper was strong iR London and there was further rise in the price of copper in the domestic mar ket.
 Rumors were current of some large sales effected above the market and quoted trade opinions were hopeful. Uni ted States Steel preferred was largely traded in and lifted point, and hopeful views were expressed of the outlook in, the trade and the character of the buy ing of the stock. The special strength of Baltimore and Ohio was due to the re- port that application had been made to list the stock on the Berlin bourse. There was strength In Mexican railroad stock which was explained that war in the orient would increase the demand and price for silver and so rebound to the benefit of the Mexican exchange.
 The statement of the net earnings of the Southern Pacific for November had a stimulating effect on that stock and Union Pacific showed a gain in gross earnings, which was supplemented by an important reduction in operating ex- penses, which, conducted together, gave the gain in net earnings The average of net earnings of railroads thus far re- ported show decrease of November com pared with last year for the first time In 1903. The gross earnings thus far re- ported for the fourth week in December, however, show a larger ratio of increase than for any week for some time past.
 The bond market was dull and irregu- lar. Total sales, par value, s1617,6o0.
 United States bonds were unchanged on call.