The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-05-28
SPECULATIVE SENTIMENT
is ALMOST PARALYZE0.
NEW YORK MARKET INERT
TO DEGREE OF LETHARGY.
ST. Paul Leads Occasional Rallies,
but These Are ShOrt-Coalers
Incline to Heaviness.

New York. May 27.-The only significance
in to-day's market movements conferred In
a handful of stocks. and in these prices
moved cOntrariwise, with the result that
speculative sentiment was wholly confused
and almost paralyzed. The whole market
was inert TO the degree of lethargv and in
very few cases was there q movement eX-
ceeding a small fraction.
Some comfort was secured from the evil
dence of support in ST. al Pennsylvania.
United States Steel preferred. and for a
short time after the opening in a few other
prominent speculative stocks. But. on the
other hand. there was obvious continuation
of liquidation in Rock Island and the Pa
cities. and coalers We're generally inclined
to heaviness. y brief upward movement i'll
Reading seemed to have no other purpose
than to correct this impression as to the
coalers, and 1t was quickly abandoned.
ST. PAUL LED RALLIES.
The occasional rallies in the market.
which were invariably led by St. Paul, We're
made in the intervals between the execu-
ton Of selling orders and were not pursued
with any aggressiveness. The appearance
of the market suggested that those who had
constituted themselves its protectors were
satisfied to acquiesce in a downward move
ment of prices while the selling pressure
lasted but sought to improve the price
IeNtl pN bliGlIiS up Wien lD StTlOuS ODSkd~
Gle was encountered.
In any event. suspicion was rife as to the
condition of the market, and there was no
ton recently in evidence has fully been
completed. If there has been any extended
bear account left over as the result of a
est evidence to-day of any nervousness on
the part of the bears over the check to
the decline, and the apparent cessation Of
heavy liquidation and the demand from
the shorts was very light
LONDON BUYING.
Some slight buying for London account
helped the firm undertone of the early mar
ket. The very fact that the demand for
stocks could be so languid and Indifferent
after q decline of such violence as has oc-
CURED during the last week served to deter
buyers from committing themselves. whether
Tor speculative or investment account. There
was very little news of Importance bearing
on values and little attention was paid to
what there was.
The rise of a point In United States Steel
preferred was attributed to reports of the
purchase of 10000 tons or upward of pig
iron by the corporation for delivery during
the late summer months. The gain was lost
before the close ST. Paul got as much as
is over last night and was near the high
level several times during the day. but it
closed q shade under last night.
ROCK ISLAND WEAKNESS.
The weakness of Rock Island was unex-
planned beyond the general argument that
the sum of the market prices Of the securi-
ties exchanged for old Rock Island stock
makes a valuation FOR that stock consider
ably above that prevailing for other SIM
larry situated stocks. Southern Pacific,
Union Pacific and &. & o. lost nearly a
point. The selling of the United States
Leather stocks was connected with the re-
ported projec; for a bond issue BY the COM
pany. The market closed weak.
No gold was taken for export, but this
was said TO be due to inadequate shipping
facilities.
Bonds were irregular. Total sales. par
value, s. 2o5.eI. United States bonds were
all unchanged on the last cali.