The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-14
A REACTION in STOCKS
HEAVINEsS HAS NO BETTER Elk
PLANTATION THAN ON MONDAY
Market Neither Weak Nor Heavy During
Most OF the Session, but Receivers
Somewhat During the Last Hour and
Closes With IrreguIarIty.

NEW YORK, Jan. 13.-The stock mar
ket made further reaction today and
was. neither heavy nor weak during most
of the session, but made some recovery
during the last hour and closed irregular.
The heavineSS had no better explanation
than yesterday. Money advanced from 40
per cent at the opening to 5 per cent,
but no difficulty was experienced in get
ting 1t and little attention seemed to be
PAID TO the money situation by operators
In stocks.
elgn exchange market ana the anxiety felt
In regard to that development was due
OF course, to the probable effect on money.
Sterling was in quite streng demand to-
DAY, IN spite of yesterdays heavy en-
gdSFementS OF grain for export and good
hopes or a continuance OF this outgo
London,s operations in stocks here were
not on large scale and did not influence
exchange. 1t is believed that some bills
are about maturing tha1 represent bor-
rowing abroad for New York account dur
Ag the money stringency here last month.
insurance Companies ccncurred.
There is a likelihood also that there is
some accumulation of exchange to pro-
vide payment for French reTtes for
which there is said to be some present de-
mand on account of the American insur-
yesterday of the foreshadowing of a Ger
man loan was duplicated in London to-
day by the expectation OF an early an
Eouncement of TranSYaal loan These
government operations are probably the
true explanation OF the hardening of for
e1gn money rates, and it is believed that
our obligations to foreign money centers
are still sufficient to permit them to draw
gold from us in case of need. This pros
pect would have natural tendency to
check wholesale commitments in specula-
ton for a rise in New York
But yesterdays disappointing response
from the general public to last weeks
considerable and inviting rise, served to
admonish the managers of the advance
that little was to De hoped for yet from
the public in the way of absorbing Sc
cIr1tieS which still tEomain in the hands
OF syndicates and promoters.
Erie and st. Paul.
Renewed strength in Erie and st. Paul
this morning and vigorous support OF
Reading seemed to be designed to reas-
sure speculative sentiment. but when it
was perceived that advantage was being
taken of this sustaining influence to eff
iect large selling of Rock Island, the sell
ing was renewed throughout the list and
there was no important recovery until the
last hour, when Manhattan WIS lifted two
points over last niglI ard Erie was run
up again to the top level of the morning
Contributory causes ID the heaviness were
lhe steps taken Oy c1ue1 ess to investi-
gate the coal supply. 1ealS of damage to
earnings of railroauG bN snow blockades
ano broad intimidatiGnS that no imme-
oaa1e dividends are to be expected on Col
CaQO Fuel. PracttLallv all leading stocks
were point or more below last night at
one time and not all of them fully re-
covered on the late rally.
Bonds We're moderately active, but were
iri oegular. Total sales. par value, 81. O7O.-
yanced 4 per cent. while the So coupon
declined II and the new Is coupon 81 ner
cent on the last call.
Stocks