The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-29

NEW YORK, Jan. 28.-Today's stock
market f1attened out entirely and by
midday there was little or no more
power left in the market. Traders dis
played some ingenuity in trying to ex-
plain the late reaction of yesterday
which nullified the early gains. 1t was
argued that the long interests in wheat
were forced to unload some stocks to
protect their wheat holdings in the
sharp slump.
This aroused some hopes that the
decline in stocks was only temporary
and that the advance would be renew
ed this morning, but an attempt to put
up prices this morning met with active
selling in Pennsylvania, which caused
that stock a point loss and was unex-
planned by any news. Amalgamated
Copper made some show of strength on
a rather vague superstition that cond1-
lions in the trade were adjusted to
basis that would prove profitable for
the company.
Feeble Movement Of Stocks.
One or two other stocks moved feebly
from time to time, but they did not
long maintain their new position.
There was reported a hardening ten
dency in the London money market,
but sterling exchange moved down
wards here. Our own money market
ury has reversed it's recent tendency to
contribute to the money market and
has commenced to take a small sum
each day. The current redemption Of
national bank notes has been very
heavy, but deposits Of legal tenders for
the retirement Of bank notes will soon
be in order. Banks throughout the
country are in the habit of doing this
through the New ork correspondents.
Meantime the government continues to
collect daily surplus of revenue which
will make itself more felt with the re-
tirement of bank notes.
The Wabash earnings for December
showed the gain in gross practically all
wiped out by the increase in operating
expenses, conforming to the showing
of other railroads except the anthracite
coalers, and failing to show results of
increase in freight rates which went
into effect in December and from
which benefits to earnings were hoped
for
May Help Export Trade.
The failure in yesterdays slump in
wheat to develop buying orders for ex-
port was considered unsatisfactory in
it's relation to the exchange market, but
confidence is felt that a cessation of the
bull campaign in wheat will be for the
advantage of the export trade. The
declaration of an extra dividend on
Pressed Steel Car did not result in any
animated demand for the stock. Gen
eral Electric made a smart advance in
the late trading, due presumably to re-
ports of a deal with a rival company.
st. Louis & San Francisco common re-
covered part of its loss of the early aft
ernoon, but elsewhere the list was de-
void of interest Today's operations
were the smallest thus far this year,
and the closing was dull and steady,
with many fractional gains over the
previous day. The increased ease of
sterling exchange was in some quar-
tiers based on the belief that a large
part of the recent Pennsy lvania loan
had been placed abroad, but this is de-
MED by interested parties. London's
part in the New York market was alto
gether unimportant
The bond market was duh and gem
orally heavy. Total sales, par value,
$2,196,000. United States bonds were
unchanged on last call.
Stocks.