Omaha daily bee., 1903-01-06
NEW YORK STOCKS AND BONDS.
Market Irregular, but Fairly strong
and Active During Day.

NEW YORK, Jan. 5.-Today's extremely
irregular ana uneven stock market maze
a considerable show OF strength and of q
fair degree Of activity. Stocks that did
not share I'm the strength were not gem
orally rcacttonary, but were rather re-
strained from the advance by selling to
take profits. Commission houses reported
some growth In outside demand, and the
features of the trading was the compare
lively small lots dealt in. The great specu-
latiNe pools were active at a rev points,
but i'm stocks in which outside demand
appeared they were inclined to take their
prohts by feeding this demand. The ap-
p%earanCe OF the outside demand in fact
meets the objection of the principal buying
of the last three weeks which has been
almost wholly by professional operators In
anticipation of the conditions now existing.
The sustained character OF the advance, It's
freedom from reaction and the development
now in the normal easing OF the money
market have evidently served to some eX-
tent to encourage the public to buy stocks,
something II had not done for a long time
past, either from lack of means to operate
owing to- the tight money market or to
d~eep-rooted suspicion of the market:
The money rate did relax very distinctly
today and some of the banks reached re-
lewals of call loans for large amounts at
prevailing. The market rate on money
fell below s per cent for the day. The
foreign money centers continued to reflect
the returning floods of funds to the cham
nels of the money market. The encourage
ing effect of this in New York was some
what modified by the demand for gold in
bilh allu NIG Nlli Va III III
Paris, while exchange bills were in con-
siderable demand. The possibility of the
growth of a Paris demand upon London
and its shifting upon New York was thus
indicated.
The problem of future net earnings of
railroads is kept alive by the continual re-
ports of advancing wages. The ~reopening
of the Union Pacific wage question was a
distinct drag upon that stock. The hard
coaleTs reflected proft-taking and United
States Steel preferred was a notable ex-
ample of the same process, although the
common stock shared fairly inh the general
strength of metal stocks, including the
railroad equipment companies. The further
advance i'm the price of copper benefited
A~malgamated
The southwestern railroads were the sub
ject OF speculation on the ground of the
early benefit to be derived from the corn
crop. Missouri Pacific was helped by its
Increase in gross earnings for the fourth
week in December of S16S, 600. Louisville,
however, which gained IT. gross for the
same period over 1888, 900, was held back
throughout by large realizing.
The large engagement for export of corn
and the resulting making of exchange made
an encouraging factor. There was a nota-
BILE disposition for the speculation to seek
roads and industrials. Some of the soft
cOalers were in demand, especially those
tapping the Ohio and West Virginia fields.
A rally in St. Paul from early depression
had an encouraging effect upon the specula-
ton, as did the strength in Sugar, but ir-
regularity in the market persisted until the
close.
There was some evidence of investment
demand I'm the bond market and some of
the lower grade bonds which still return
a comparatively high rate of interest were
the faVorites.
Total sales. par value, $3,S7O,cOO. United
States IS and old 4s advanced one-half per
cent on the last call.
The following are the closing prices on