The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-01-28
STOCK MARKET IMPROVES,
BUT BUSINESS is LIGHT.
STRENGTH SHOWN Is DUE TO
SPECIAL CAUSES.
Demand Even for the Leaders
Does Not Follow Advance Far
and General List Is Dull.

New York, Jan. N.-Yesterday's improve
ment in speculative sentiment seemed to be
maintained to-day. but the trading was at
such a lob ebb of activity that it was futile
to try to measure the significance Of the
changes. 1t Is clear that some of the pro-
fessional traders sold stocks on Saturday
and bought back yesterday when they found
their fears of an outbreak of trouble over
the Venezuelan situation had not been real
lied. To-day's total sales of stocks were
little changed from yesterday. In a few
cases there was buying of stocks on the
strength of special Developments, but this
demand did not follow a rise in prices far
and had very little sympathetic effect upon
the general list.
RAILROAD REPORTS.
The frmnsss OF the ~coalers was based
Jersey Central in December, showing an
increase over those of last December of
$4,000. Confident predictions were made
Erie would show even better results. On
the other hand. the Atchison December re-
ports showed all but s7.Ol1 Of the increase in
gross earnings taken by the enlarged ex-
pense account The rise in American SmeIt-
ing WAS based upon assertions OF very large
current earninss and a heavy surplus ac-
emulation. Louisville rose on the rumor
that it would benefit in a largely Increased
degree hereafter from the earnings Of the
N NmaiEamate S%n nas SoaEbt and rep 81: Louis L. rs.
acquisition Of mines in Scandinavia and of
the rise in price OF copper. in London. A
number Of low-prtced railroad stocks were
lifted. It has been argued that prices Of
dividend-paying stocks are at a level where
the investment return is less attractive than
traders are led to conclude that with stocks
that pay no dividend this objection to high
er prices may not apply.
MANHATTAN SOLD.
These are fair examples of the influences
Manhattan was under pressure Of realiz-
ing by those who had bought the stocks
for the priyilege OF subscribing to the stocks.
day. The situation IN the money, and ex-
change markets was without appreciate
change Yesterdays decline in export buy
ing OF wheat as q result of the higher price
was a subject of comment. and there was
keen interest to learn whether to-dayss re-
action IN wheat would lead to renewal Of
early advance in stocks was defined by the
readiness Of traders to realize. The selling
Of the last hour was a proclamation Of
WEAKNESS with the attempt to get prices
up. The market closed duh and heavy.
The bond market was moderately active
Totai sales. par value. s2.zlc.ooo United
States bonos were unchanged on call.
Wall Street Gossip.
Reported by the Commercial Advertiser through
FTsncis, Bro. 4 Co. No. q! North Fourth street;
that. Amer:cans We're the feature Of tSe IoSnSen
market and prices came higher. The arbltrese-
houses. however. did very little in this market.
They traded on both sides Of the account, buying
on balance out Of a total of 5000 shares.
Late Reaction-After ruling duh and steady The
market developed = pronounced reacttonary ten
dency in the last hour under the lead Of Penn
Ufyania- The downward movement Of the gene
erai list vas by news or ramors.
the prevailing impression being that the Waldorf
Astoria CLIQUE. which Is reported to be bearfsh
ssneTsf list and found little Rssis inside support e '''
Anthracite stociu-Specialists in Erie asserted
that the stock had been quietly accumulated dur
ing the past few days and predicted an advances.
The initial strenlth Of Reading. was due 70 scat.
terin8 buying ntimulAted hy he JegUV Central