The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-01-06
PUBLIC BEGINS TO INVEST
ITS MONEY ON WALL STREET.
POOLS USE OPPORTUNITY TO
TAKE PROFITS.
Irregular Market Makes a Show of
Considerable Strength and
Prices Are Higher.

New York. Jan. 5.-To-day's extremely
irregular and uneven stock market made u
considerable show of strength and of a fair
degree OF activity. Stocks that did not
share in the strength were not generally
reactionary, but were rather restrained
from the advance by selling to take profits.
Commission houses reported some growth
in outside demand and the feature of the
days trading was the comparatively small
lots dealt In. The great speculative pools
were active at "A few points. but in stocks
in which outside demand appeared they
were inclined TO take their profits by feed
Ing this demand. The appearance Of the
outside demand IN fact meets the object of
the principal buying Of the last three we ks.
which has been almost wholly by profess
s!onals, in anticipation of the conditions
now existing. The sustained character of
this advance. Its freedom from reaction. and
the development now in the normal easing
To some extent to encourage the public to
buy stocks. something it had not done for
n long time past. either from lack of means
to operate, owing to the tight money mar
ket. or to deep-rooted suspicion of the mar
ket.
MONEY RATE EASIER.
The money rate did relax very distinctly
to-day and some of the banks reported re-
newals of call loans for large amounts at
materially lower rates than those lately
prevailing. The market rate on sterling eX-
change fell below 8 per cent late in the day.
Time money also was easier and for the
longer periods there was difficulty in p!ac-
ing funds. The foreign money Centers con-
TO the channels of the money market. The
encouraging effect Of this in New York
was somewhat modified by the demand for
gold In London and the decline of sterling
In Paris. while exchange bills We're in con-
siderable demand. The possibility OF the
growth OF a Paris demand upon London ami
its shifting upon New York was indicated.
The problem of future net earnings OF
railroads is kept alive by the continual re-
ports Of advancing wages. The reopening
distinct drag upon that stock. The hard
coalers reflected proft-taking and United
States Steel preferred was a notable ex-
common stock shared fairly In the general
strength of metal stocks, including the
railroad equipment companies.
ADVANCE IN COPPER.
The further advance in the price of cop
per benefited A~malgamated. The South
western railroads were the subject of spec
%ulation on the ground Of the early benefit
to be derived from the corr crop. Missouri
Pacific was prominent and was helped by
its increase In gross earnings for the FORTH
same period. over $4,000. was sold back
throughout by realizing. The large en-
ing making Of exchange. made an encourag-
ing factor. There was a notable disposition
for the speculation to seek low priced
stocks. both amongst the railroads and in
dustrials. 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 encour-
aging effect upon the speculation. as did the
strength developed in Sugar, but the irregu-
larity in the market persisted until the
close.
There was some evidence of investment
demand in the bond market and some of
the lower grade BONDS which stil return a
comparatively high rate of interest were
the favorites. Total sales par value, $3.50
900. United States Is and old As advanced
Il per cent on the last call.