The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-05-27
STANDARD STOCKS LOSE
GROUND IN DULL MARKET.
-
HOLDERS TIRED OF WAITING
FOR ACTIVITY.
Notable Advances Made in Some
Specialties-Money at Three
Per Cent.

New York, May 26.-There was rather
more activity in the market to-day than
during the latter part of last week. but IT
was at the expense OF values OF standard
stocks. There were some specialties which
made striking advances. which would have
served as a sustaining influence under or
binary circumstances. Neither was there
any bad news to account for the selling.
The days immediate developments were
rather feeble. But the failure Of the ia
vorable Developments and of the persistent
Hardness of the market to attract any
speculative demand for stocks served to
discourage soLIe considerable holders. who
have tired of he passivity of the market,
with the result that they unloaded con-
siderable lines To-Day. There seemed to be
a large speculative line of St. Paul.. Union
Pacific and less amounts of various other
stocks which, were urgently pressed for
sale. The only immediate news of a de-
pressing character was the spread of the
ScL. sabSf troubles into some portions Of
the soft-coal he,ts in Virginia and West
Virginia.
ealer Are Little Affected.
The ooalers themselves. however. were
little affected. The rate for call money
mme to a quiet, three-point basis.
exchange market for the return of bor-
rowed money abroad. But, despite the re-
lief accorded by the large sums borrowed
on the European Continent and from our
own domestic ~centers, there Is some solic-
itude apparent in financial circles over the
future meeting OF the large obllSat10nS
which have been incurred. Bankers are in
clined to nurse their reserve to some ex-
tent in order to strengthen their position
against the future need.
1t is believed that trust companies are
also disposed to build up their reserves, In
compliance with the intimation from the
clearinghouse authorities that the total
volume of outstanding credits ought to have
greater reserves back of them than those
retention Of the exchange rate at the low
level. despite the easing of the money mar
ket Is the more remarkable in view Of the
considerable buying Of British consols for
Americans.
Approach of Peace Disregsrded.
The apparent approach Of peace in South
Africa was an inspiring influence in for
eign stock markets, but seemed to be dis
regarded here. Canadian Pacific continued
its remarkable advance, which gave rise to
rumors of something like a struggle for
the Northern Securities group. There were
a few minor points of strength among the
railroads. Rutland pfd. scored a 9-point re-
covery on light transactions. Among the
industrials which were as Irregular as the
railroads. Pressed Steel Car was conspicu-
Gus for a rise Of nearly s points. without
explanation. Favorable . news from the
crops. continued increases in railroad earn
ings reported for the third week of May and
generally encouraging news from all
branches of industry except the coal trade,
seemed to be ignored in the trading. The
market closed quite active and irregular, but
with many prominent stocks at about the
lowest.
The bond market was rather dull and ir-
regular. Total sales. par value, 81. 045, 900.
United States bonds were all unchanged on
the last call.