The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-06

NEW YORK, Jan. 5.-Today's ex-
tremely irregular and uneven stock
market made a considerable show of
strength and of a fair degree Of ac-
tivity. Stocks that did not share in
the strength were not generally re-
dictionary, but were rather restrained
from the advance by selling to take
profits. Commission houses reported
some growth in outside demand and the
feature of the days trading was the
comparatively small lots dealt in. The
great speculative pools were active at
a few points, but in stocks for which
outside demand appeared they were in
clined to take their profits by feeding
this demand.
The appearance of the outside de-
mand in fact meets the object of the
principal buying of the last three
weeks, which has been almost wholly
by professional operators in anticlpa-
ton of the conditions now existing.
The sustained character of this ad-
vance, it's freedom from reaction and
the development now of the normal
easing of the money market have evil
IDENTIFY served to some extent to en-
courage the public to buy stocks, some
thing it had not done for a long time
past, neither from lack Of means to
operate, owing to the tight money mar
ket or to deep rooted suspicion Of the
market
Relaxation in Money Rate.
The money rate did relax very dis
tinctly today and some of the banks re-
ported renewals of all loans for large
amounts at materially lower rates than
those lately prevailing. The market
rate on the exchange fell below 3 per
cent late in the day. Time money also
was easier and for the longer periods
there was difficulty in placing FUNDS.
The money centers continued to reflect
the returning flood of funds to the
channels of the money market The
encoura ging effect of this in New York
was somewhat modified by the demand
for gold in London and the decline OF
sterling in Paris, while exchange bills
were in considerable demand. The
possibility of the growth of Paris
demand upon London and its shlftlng
upon New York was thus indicated.
The problem of future net earnings
of railroads is kept alive by the con-
tinual reports of advancing wages. The
reopening of the Union Pacific wages
question was a distinct drag upon that
stock. The hard coalers reflected
profit taking and United States Steel
preferred was a notable example of
the same process, although the common
stock shared fairly in the general
strength OF metal SLOCkS, lAAC
railroad equipment companies.
Advance in Copper.
The further advance in the price OF
Copper benefited Amalgamated The
Southwestern railroads were the sub
ject of speculation on the ground OF
the early benefit to be derived from the
corn crop Missouri Pacific was prom
inent and was helped by its increase
in gross earnings for the fourth week
in December of $168,000. Louisville,
however, which gained in gross for the
same period over $195,000, was held
back throughout by realizing. The
large engagement for export of corn
and the resulting making of exchange
making an encouraging factor There
was a notable disposition for the spec
ulation to seek low priced stocks, both
among the railroads and industrials.
Some of the soft coalers were in de-
mand, especially those tapping the
Ohio and West Virginia fields. A raj
ly in st. Paul from early depression
had an encouraging effect upon the
speculation, as did the strength de-
veloped in Sugar, but the irregularity
in the market persisted until the close.
There was some evidence of invest
ment demand in the bond market and
some of the lower grade bonds which
still return a comparatively high rate
of interest were the favorites. Total
sales, par value, $3.50, 600.
United States Is and old As advanced
u per cent on the last call.
Stocks.