Omaha daily bee., 1903-05-07
Inert Market Resists All Eff
forts to Stimulate Activity.

-
forts to stimulate Activity.
NEW YORK, May 6.-The stock market
today was so inert that the utmost en-
than fractional changes except In a Land
full of stocks. The prominent stocks which
started upward on MONDAY and early yes
terday continued to hold Il conspicuous
position i'm the trading i'm the degree of
their activity, but their small net changes
In prices for the day are a strong lndica-
ton that profit-taking was actively going
on In them under cover of the new points
of strength. st. Paul, the Pacilcs. Lou s.
Vile, Reading. Erie. Baltimore a Ohio and
other stocks of this class ended the day
practically unchanged from last nights
prices, though they absorbed a large pro-
portion of the days dealings. st. Louis e
San Francisco and Rock Island were stron Z
and active all day, with no apparent reaso /
than a revival OF old rumors OF the pur-
chase of the former by the latter. These
rumors seemed to meet with little credence
owing to the suspicion that the movement
in the stock was designed as a cover for
proit-taking on other points. Stocks af-
hliated with st. Louis & San Francisco,
however, were quite consistently strong.
Pere Marquette and Kansas City, Fort
Scott & Memphis sharing in the strength
of the parent company. There was an ad-
vance of IA in Illinois Central, which
seemed to be supplementary to yesterdays
movement in Louisville. The strength OF
Amalgamated Copper was ~nominally based
upon an advance in the London price of
benefit of published estimates of large earn
ings from the increasing summer weather
| NAdlalNs hdIhtu was nOW ny
tt National Lead stocks, which wer, at
tri uted to rumors that the principal cDm-
petitors in the trade Nere about to COM
bine. There were no notable movements
outside of those specified, and there was a
sharp falling of in the volume of the deal
ings compared with" yesterday. The course
of the foreign exchange kept the questi IN
of gold exports open all day. The steady
advance here only kept pace with the ris e
of sterling in Paris, so that the expected
triangular operation by which gold would
go to Paris was kept beyond the bounds of
profits. But shipments of gold direct u
London began to come into calculation
when the rate for demand sterling got
above S4.Ss. The inquiry for cable trans
fers was even more urgent than that for
demand bills. The movement was clearly
due to preparations for participation in tn
goes to show that this loan will be heavily
over-subscribed. so that intending sub
scribers are putting in bids much IN excess
of their desired subscriptions in order that
their allotments may equal their require
ments. This process of oVer-subscription
of course, emphasizes the demand for ex-
change. With the opening of subscriptions
to the loan which Is expected tomorrow
there is likely TO be a sharp falling OFF IN
the demand for exchange. The local money
market was unaffected and offerings on
time were rather freer than heretofore. The
market closed heavy and dull.
There was a good demand for bonds, es'
pecially those paving 4 per cent or over or
10000. United States Is advanced Is on tn;
last call.
The following are the quotations on tn,
Nou, Vork Stook EXCHANGE.