The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-03
BULGE IN STOCKS.
AT THE START
WALL STREET SURPRISED BY A
FINE SHOW OF AMI
NATION
1T DOESN'T LAST LONG,
i DULLNESS SUPERVENINc
This Is in Consequence of Profit Taknq
and the Selling Movement Becomes GEN.
eral--Close of the Market Characterized
by Pronounced IrrequIarity.

NEW YORK, Jan. 2.-The trading on
the stock exchange started off with great
animation this morning and something
IKE bulge in prices. Buyers of Tues
day and Wednesday took advantage of
the rise to secure their profits. Prices
ran off under this process and the mar
ket became dull. The advance was re-
feWed again at some points, but the snap
seemed to be out of the market and a
fairly general selling movement develop
ed III the afternoon when call money
rates stiHened to Is per cent. Reading
was vigorously advanced to above 50 and
was renewed before. the close, which was
mighty irregular SINar ran off a point
below Wednesday.
The opening call loan rate of IS per
cent revealed stiff demand for funds,
but caused no uneasiness. Other devel-
opments pointed to a relaxed condition
IN the loan market and sterling exchange
market made sharp break with the ces-
Satlon of the demand for cables to meet
the year-end settlements in London
Which was a feature last week.
Hopeful Indication.
The London market showed its usual
prompt response to the turn Of the year
and money and discounts made added de-
! clIneS under the abundant offerings in the
market: This was accepted as a hopeful
indication of little demand for the
future from that center upon New York.
I Preliminary figures of the weeks cur
rency movement, which runs up very
4lSh, lldlcdleS IIdt the banks nave gained
upwards of $3,200.000 on the regular ex-
press movement with the interior while
Inc SubtreaSury- has taken from the banks
$!,429, 600, this indicating a net gain of
about $1,S00, 600 for the banks.
The weeks grain exports were disap-
pointing, while the imports of dry goods
at New York rose in value several hum
dred dollars over those Of last week and
exceeded those of this=week last year by
over $500 600, thus explaining the large
customs collections of the week The
stiHening of the call loan rate late in the
day indicates that there will be the usual
delay in the return of funds to the chan
rels of the New York money market, fol-
lowing disbursement period.
Here Is a Question.
The action of the days markets gave
rise to conJectures as to whether the adj
vance in prices simply halts upon the ex-
whether doubts of last month over the
general situation have REQUIRED Today's
statement of Readings earnings for No
Vember proved disappointing and the late
Other statements of November earnings
showed gross increases more than wiped
out by increased operating expenses.
Louisville and St. Paul, however. showed
moderate net gains remaining. But these
stocks were rather more affected by real
izfng than others. The announcement of
the profit-taking plan of the United States
corporation caused a sharp rise in the
preferred stock. Amalgamated Copper
continued to advance on the rise in cop
per, but reacted sharply. Brooklyn
Transit was somewhat depressed and af-
tected the local fractions. Missouri Pa
ciftc, selling eX-diVidend, was notably
strong and helped the Southwesterns gen
orally.
The early firmness in the bond market
gave way to an irregular tone in sympa
thy with the stocks. Total sales, par
value So, 100000. United States bonds
were all unchanged on the last call.