The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-07

NEW YORK, Jan. 16.-The advance in
the stock market continued today. in a
rathef irregular way for a time, but with
burst of animation and buoyancy in the
late dealings. The clearing financial skies
made the underlying basis for the move
ment, supplemented by number of Spe-
clal influences on individual stocks OF
groups of stocks. The call money rate
was at no time higher than per cent
and fell below that figure quite normally,
and late in the day got as low as pei
cent, but with the DAVIS demand then
mostly satisfied.
This development was in the lines of the
hopes or anticipations of those who have
been buying stocks, but another develop
ment which dlSSipated some fears as to
what would result from the easing money
rate was the soft condition of the for
elgn exchange market. There was a fail
supply both of grain and cotton bills in
the exchange market, and purchases OF
stocks here for London account, though
on a small scale, made small additional
supply of exchange. The demand at the
same time was very moderate, so that
rates fell away easily. The declining
tendency Of London discounts also con-
tinued, and that market proceeded with
the repayment of the heavy balances Dor
rowed from the Bank Of England for the
yearly settlements.
VIII Foreign Capital Be Withdrawn?
Even those who have been most san
guine as to the relaxation of American
money markets after Jan. l have har-
bored small anxiety lest the easing OF
the domestic markets should be followed
by heavy Withdrawals of foreign capital
Which is still placed here in the form OF
floating Indebtedness The knowledge OF
the impending issue of number of i'm
portant government loans abroad added
to the likelihood of the calling Of cred
its. For this reason, the course of the
foreign exchange market is viewed with
special satisfaction.
All developments Of the local money
market showed a much easier tendency
and commercial paper was in quite act
i've demand. Reports from the interior
Veloping there. Reports from Pittsburg
OF the abandonment of the proposed mall
leable iron combination were promptly
accepted as symptomatic of halt in the
creation Of new securities and of large
syndicates borrowing for their f1otatiOn.
AS the glut of securities and the heavy
demand by SyndicateS for carrying them
have been the prime cause of the late
heavy withdrawal of funds from the stock
market this development was regarded
as highly encouraging. The personality
of the money lenders under whose Offer
ingS the current rate has broken down
was accepted as evidence that the So
called large interests have ceased to froWn
upon the efforts to advance prices OF
stocks.
Large Gross Earnings.
Add to these general considerations a
number of gratifying reports of weekly
gross earnings by railroads, large
growth in the corn movement, large earn
ings in the electrical industry. rumors
of judicial decision arrived at against
the New York FRANCHISE law, assertions
that the Union Pacific had settled its
labor troubles, vague reports of an in
tended new stock issue by the Canadian
Pacific, renewed gossip of early action on
the authorized st. Paul stock issue, the
reported restoration of the factory plan
in the sugar trade and an increase in
the dividend rate on the common stock
of the American Car company, and it will
be seen that there was a pretty compre-
hensiye basis for ..bullish spectators to
operate on. The judicial check met by
the Wabash in its efforts to enter Pitts
burg, had an unfavorable effect on Wa
bash. and the anthracite roads were af-
fected by reports of large engagements of
coal for import. There was considerable
profit-taking at times but the market
generally responded to the final up rush
of prices.
The active dealings in stocks detrated
attention somewhat from the bond mar
llet, but the prices there were generally
firm Total sales, par value, So, 490, 000.
United States bonds were all unchanged
on the last call.