The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-05-14
STOCK MARKET STRONGER
THOUGH DULL AND NARROW.
CONDITION PARTLY DUE TO
NATURAL RECOVERY.
Some Disquieting Influences ALE
waited or Removed-Money
Somewhat Easier.

| New York, Nay 13.-To-day's stock market
was a dull and narrow affair between pro-
fesstonal traders for the most part, but tho
stronger tone was un~mistakable. To a large
extent this was a natural recovery from
yesterdays weakness. The influences which
weakened the market then were alleviated
or removed to-day and there was a consid-
cradle demand from the professional short
interest, which sold stocks short yesterday
on the unfavorable developments. The pub
LEGATION Of the Governments unfavorabie
report Of crop conditions on May l induced
considerable realizing by the short interest.
The decline In the condition of winter
wheat was hardly SO great as expected, but
the abandoned acreage proved larger than
supposed. Professional shorts were disposed,
on the whole, to take their profits, and they
were urged to this course by the additional
argument that the favorable weather since
the LIST of the month must represent a nota-
BILE improvement in the crop since the date
of the Governments report. Pressure
against the shorts also was exerted by the
circulation of rumors of a favorable turn
in the anthracite strike situation. but no in
formation on this point was forthcoming.
Money More Easily Pleased.
Apparently the liquidation forced by the
more urgent discrimination by money-lend-
ers against collateral was completed yester-
day and there were no such formidable
breaches in the prices Of high-grade stocks
as on yesterday, when that feature was a
strong sentimental influence against the
market. Some of the wide advances scored
to-day, in fact, simply represented sudden
recoveries or partial recoveries from yester-
was somewhat easier to-day, although
loans were made again at as high as s per
cent. The foreign banking houses were very
tinIed decline in exchange reflected further
borrowing from foreign money markets, I'M
der which the money rate weakened. The
effect, going short in the exchange market.
and represents requirements for exchange
to be met in the future, to some extent a
speculation on the future volume of our ex-
ports, which depends most largely on the
size of the coming corn crop. Buying of
stocks for London account was a strength
for money still ruling abroad makes it prof |
liable for domestic buyers Of American
hold heIdA them m with Uid1n money yns Borrowed IN do tSere. ans AS
the floating supply in London is small. the
effect is to induce purchasers in
this d saTs sy i in f Londoa. RfHkefi the se e shipr
Of stocks from New York are covered
by sales Of exchange here, thus relieving
market.
Sharp Relapses Awaken Fears.
Yesterdays sharp relapses in some stocks
awakened skepticism ae 20 many recent ru-
stocks, said to be for control by large in
.terests. But the Louisville and Nashville
and the known character of some of
the recent distribution of Reading among
railroad interests keep alive the con-
viction that there is a tendency toward the
Judgment of stocks in strong hands for
The suspension OF the Northern Sc
,urities case clearly does not prevent the
of plans for control. as the ques-
ion involved there is one of method in
holding stocks after. they have been Sc
,ured. A rumor circulated to-day, although
alphabetically denied, that the Northern Sc
interests Intended to abandon their
present plan resulted in q drop in the stock
the curb to 80. which is its first fall be-
ow parity. The stock market closed dun
nd firm.
The bond market was dull and somewhat
Total sales, par value, s., 80, 0O0.
United States 8 and IS declined \ per cent
n the last call.