The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-01-06
DID
NOT ADVANCE
Yesterdays Market Was IT.
regular and Uneven.
BUT WAS FAIRLY ACTIVE
Outside Demand Showed but
Slight Increase.

New York. JAN 5.-Today's extreme, If
regular and uneven market made con-
siderable show of strength and OF fair
degree of activity. Stocks that did not
snare in the strength were not generally
reactionary, but were rather restrained
from the advance by selling to take prof
its. Commission houses reported some
growth in outside demand. and the feat
ure of the days trading was the com
paratively 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 feeding this demand.
The appearance of the outside demand
in fact. meets the object of the princi-
pal buying Of the last three weeks. which
has been almost wholly by professional
operators in anticipation of the condi-
tons now existing. The sustained char
acter of this advance. its freedom from
reaction and the development now inn the
normal easing of the money market, have
evidently served to some extent TO n
courage the public to buy stocks. some
thing il had not done for a long time
past, owing TO The tight money market
or to deep-rooted suspicion OF the mar
ket. The money rate did relax very dis
tinctly today and some of the banks re-
! pOTteu RENEWALS OF call iOdlS LOT large
amounts at materially lower rates than
those lately prevailing. The market rate
on the exchange fell below per cent
late in the day. Time money was also
easier and for the longer periods there
was difficulty in placing funds. The
foreign money centers continued to re-
/ feet the returning hood OF funds to the
channels of the money market The en-
couraging effect of this in New York
a.
for gold in London and the decline of
! sterling in Paris, while exchange bills
were in considerable demand. The posi-
/ bility 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 reports of
advancing wages. The re-opeing Of the
/ Union Pacific wage question was a dis
( tinct drag upon that stock The hard
coalers reflected profit-taking, and United
States Steel preferred was a notable ex-
ample of the same process, although the
common stock shared fairly in the gen
eral strength of metal stocks. including
the railroad equipment companies.
The further advance in the price of
copper benefited Amalagamated The
southern railroads were the subject of
speculation on the ground OF the early
Missouri Pacific was prominent and was
helped by its increase in gross earnings
= for the fourth week IN December OF
sl6S, 600 Louisville, however, which
gained in gross for the same period over
Sls3 900, was held back throughout by
realizing. The large engagement for ex-
port of corn and the resulting making OF
exchange. made an encouraging factor
There was a noticeable disposition for
the speculation to seek low priced stock
both amongst the railroads and indus
trials. Some of the soft coalers were II
demand specially those tapping the
Ohio and West Virginia fields. A rally
in St Paul from early depression hac
encouraging effect upon the speculation
as did the strength developed in sugar
but the irregularity in the market per
sistd until the close.
There was some evidence OF demand
in the bond market and some of tn
lower grade bonds which still return 9
comparatively high rate OF interest wer'
the favorites. Total sales. par value
$4,000 United States threes and olf
fours advanced Il per cent on the las
call.
Closing stock quotations were as fol