The Birmingham age-herald., 1908-01-10
7... MARKET IS
 VERY ANIMATED. Prices Advance Sharply In Many Stocks BULL CAMPAIGN AGAIN ON Money Market Is In Good Condition and Fnanciers Are No Longer
 Scared Over the Announce
 ment of ReceiVerships.
BULL CAMPAIGN AGAIN ON

New York January 9.-The speculation for the advance took on considerable ani- nation today. Dealings expanded decld- edly in volume, and professional opera tions to lift prices were conducted with boldness and aggressiveness. The misgiV- ings which caused the setback of yester- day had been apparently overcome. The pronounced improvement in the money slt- nation was held to be of sufficient value to overweight the counter considerations. An effective factor in solving the ap- prehension caused by yesterdays news of the recevership for the Chicago Great Western was the dissemination of reports h detail and particularly of provision hav- ing been made for meeting the coming maturities of note issues of a number of railroads not of first-class credit Et- forts to obtain official confirmation for these reports were of no avail, and they were left in the form of intimations Their Influence on speculative sentiment was none the less decisive, although the stocks of the particular companies thus supposed 10 have been relieved did not always share in the strength of the days market.
 Some of the other factors in the days rise were similarly of a yet undefined kind. The coalers, for instance, rose viz orously, buyers professing confidence that action would Joe taken by Congress to- ward operation of the Hepburn bill re- quiring the railroads to dvest themselves of ownership of the coal properties. The operation of this requirement has been much dreaded as threatening an extreme effect and possible total suspension of business by these companies. Speculation on this ground centered in Reading and carried that stock to the highest price it has touched since August. Wide-reaching assumptions were deducted from report ed visit to Washington of J. Pierpont Morgan and from remarks on the f1nan- cial prospect attributed to the same per- son at dinner in New York last night.
 On the side of the money market there were many convincing evidences of the eff fective rehabilitation already effected there. So active a demand for commer- cial paper has sprung up amongst money lenders that uneasiness has subsided, and no fears are any longer felt of embarrass- ment for any solvent business. Increasing Oner1ngS or tune IunQS were reported dI declining interest rates, while borrowers were reported to show growing disposition to hold off for still lower rates.
 The Bank of France reduced its official discount rate to the level prevailing be- fore the crisis, and the Bank of England made so strong a weekly return that some surprise was felt in London that further reduction was not made in the official discount rate of that institution Enormous payments of credits were re- ported by both of these government con- trolled establishments, while the heavy re- duction of time deposits In both explained the increase of supplies in the money market by government disbursements. The English bank gained heavily also in bull lion, although the French bank reported a small decrease in gold.
 Call loans were not quoted higher than 51s per cent here, and yielded from that rate, thus indicating the increase of fa- cilities available for the conduct of spec ulative operations in the market. The radical cut in the rate of the country's iron production reported by the leading trade organs and further returns of large