The Birmingham age-herald., 1911-01-10
GENERAL ADVANCE
 IS MADE IN STOCKS
Prompt Aid to Closed Bank
 Gives New Confidence
BOND MARKET IS ACTIVE
Practically All the Leading Securities Touch the Highest Level in Re- cent Weeks and others
 Make Gains

New York, January 9.-Apsence or
 any further complications in the
 local banking situation was of ma
 terial assistance to today's stock
 market. The concerted and effectual methods employed by powerful inter- ests to confine the trouble to its source were received with lively satisfaction in stock exchange circles. The stand taken by these bankers was accept cd as indubitable proof of the intrin- sic strength of underlying conditions and this theory advanced prices. The short interest, whose proportions are now a matter of much debate, joined in the movement by hasty cover ing. Practically all of the better known securities touched the highest level in several weeks with concurrent gains in the more obscure issues.
 Another favorable feature was the continuance of even a larger scale of the inquiry for bonds. As has been the case for some weeks the greater part of this business was by direct or overcounter sales, and total trans actions of this character were prob ably, the largest of any day in the re- cent history of the bond market.
 Tt was announced shortly before the close that the city had completed ar arrangements for the Notation of $60,- O00,OOO new bonds but the interest rates and other details were not then disclosed.
 si Prices receded and the stock mar ket languishe ed during the early aft ernoon, chiefly on further realizing for profits but the early activity was resumed In the late hours, the close showing general gains. but below the days best prices.
 Yet another contributing factor was the greatest ease in money which opened at 4 per cent and soon de- clined fractionally on offerings in ex- cess of demand. Local banks made large cash gains from the sub-treas- ury over the weekend and surface conditions point to steady gains from that quarter with resultant strengthen ing of reserves. Foreign exchange was slightly lower on offerings of cotton bills. Discounts abroad held firm and adyices from London, where the mar 
 renewal of the recent inquiry for gold from Indian and continental centers.
 Grain receipts decreased over 1,375,- coo bushels at Chicago fast week with a decrease of over S00,000 bushels in corn. Traffic seems to be well diver sified. however. and the demand for cars of certain type emphasizes a , better movements of general neTchar,S disc. Railroads east of Chicago showed , an increase of 12 per cent in traffic. Strength of Steel shares betokened lit- tie, if any, change in prices ..s-
 The December report of the Cop per Products association showed de- crease in supplies on hand of over 5000. 900 pounds compared with the pre- vious month. while production was about 44,O00,000 pounds greater.
 The domestic demand fell over IT, o00,000 pounds, but this movement was reversed in exports which increased almost 21,000.000 pounds. The increased production was matter of surprise in trade circles and copper shares were under pressure throughout.
 The slight activity in Pacific Mail was associated with the introduction of a ship subsidy bill in Congress today. All though the proposed measure elimin- ates the trans Pacific lines and favors only those serving South America.
 Bonds were firm in sympathy with the stock market. Total sales, per value, $3,446,000.
 United States government bonds were unchanged.