The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-08

NEW YORK, Jan. THE stock
market today had a reaction which had
been looked for for many days by the
professional element. The ground of
| the expectation was that since the mid
die Of December fully half of the pre-
vious violent decline, which had >ex-
tended irregularly over six weeks, had
been recovered This recovery has been
practically uninterrupted, which is I'M
| usual in such a short and violent
| movement.
There was no material change IN
| conditions affecting values since yes
terday, when the market was buoyant
and animated up to the very close, but
the heavy buying which has been 60
ing on meant a large increase in the
number of holders waiting to take prof
its. The offerings of this class over
| came the market today and carried
prices to a lower level. The disturb
ance to foreign sentiment by the OAR
danelles' protest by Great Britain was
| reflected in international stocks at the
opening. The selling for London ac-
count was heavy The estimates of it's
volume vary considerably, some of
| them running as high as $4,000 shares.
First Pressure Resisted.
This first pressure upon the market
was strongly resisted and pretty gen.
eral recoveries were effected within a
few minutes, but realizing sales con-
tinued large at the rally and the mar
ket gave way again. Some subsequent
efforts were made to revive the mar
ket by bidding up individual stocks,
but the selling was renewed on all ad-
vances and the closing was weak and
about the lowest. A late break in St
Paul to below ISL was an effective in
huence upon sentiment.
In the early dealings support was
conspicuous in some of the Gould
stocks, including Manhattan, and in
Rock Island. The statement of the
yearly net earnings of United States
Steel induced some large buying of the
stock, but it suffered equally with
others in the realizing movement. The
official statement that the rumors Of a
coming dividend on Tennessee was I'M
warranted had an unfayorable effect on
the iron group. American Car, how
ever. got up point on the strength Of
it's dividend increase and favorable
showing of earnings. The declaration
in Gov. OdeIPs message in criticism of
the franchise tax had some favorable
effect upon the stocks of corporations
affected. The advance in Sugar was ac-
companied by rumOrs of a proposed
dividend increase, and this stock was
supported to help sustain the rest Of
the market
pennsylvania Depressed.
The proposition for practically
doubling the stock of the Pennsylvania
railroad depressed that security. There
were wide movements in some Of the
less active stocks, including gains of
8 1-2 each in Hooking Valley and Chi
cago Great Western preferred A and
of Is in Wells Fargo. The selling was
attributed in some quarters to shift
ing of loans, but the call loan rate did
not get as high as per cent at any
time, and increasing iberality was
shown by lenders in the matter Of col
lateral. The money market continued
to gain from the subtreasury, which
had another. payment of $250,000 today
by transfer from San Francisco. The
downward course of discounts in Lon
don was arrested and sterling exchange
rates here were slightly higher, the
demand being augmented by the large
selling of stocks for London account
London money supplies are much re-
! duced by repayments to the Bank of
England. The reaction in the copper
market hurt Analgamated Copper.
The bond market became irregular
in sympathy with stocks. Total sales,
par value, $3,6S5,0 600. United States
bonds were ali unchanged on the last
| call.
Stocks.