The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-05-15
BRIGHTER
OUTLOOK
Traders Thought They Saw
It This Morning
STARTED TO BID UP
Found Plenty of Stock Was
for Sale

New York. May 1.-THE board room
traden. in the stocks this morning
thought they saw brighter outlook and
! they started to bid up prices in an ex-
ceedingly cautious manner. They demon
strated TO their own satisfaction that
I stock was for sale at the higher level.
So they gave up the attempt TO list the
market. When they attempted to sell.
they found very light demand and a
yielding market. The professional traders
are quite as cautious. however. on the
short side as on the long side. as they
find it very difficult to buy back stocks
at the lower levels. During the last hour
today there was . spilling out OF long
stock by the tired holders growing dis
susted with the lethargy of the market.
This selling movement was not OF large
volume, but il was still in progress when
the market closed. making il weak and at
about the lowest. The rather brighter
view of things taken this morning was
due principally 10 the hope OF the weekly
review Of the iron trade by the leading
authority in that trade. Its statistics
show that production is going on at
tremendous rate April's report promis-
ing to be eclipsed by that of May Not
withstanding this the stocks reported
were appreciably less on May than on
April l. 1t is pointed out also that the
founders have made large commitments
for which they are still uncovered. so
that in the opinion OF this authority a
rush Is bound 20 come. But IL is added.
1T remains TO be seen at what price the
deadlock viii be broken" The United
States Steel stocks and those OF independ-
ent companies We're notably firm in re-
Spouse TO this showing. But further price
CONCESSIONS in pig iron were reported
during the day. and the unstable condi-
ton in the iron market had its influence
IN the late break in prices. This morn
ings report Of possible adjustment OF
the labor difficulty on the Great Nor
thern system was a cheering influence
But railroads IN the Northwest were not
ably weak afterward St Paul in fact
led the late decline with a drop OF 10 Il
below last night. Northwestern lost over
a point in its preferred stock. which sold
last in February. to %. WAS offered down
TO 210 before finding a purchaser for a
single hundred shares. The announce
ment OF an export OF 81 .00oco0 in gold 10
Argentina was unfavorable. taken in con-
neCtion with other developments in the
foreign exchange situation. Although the
open market rate OF discount is declining
in London. the retention OF the Bank II
England rate was a disappointment. The
lowering of the price OF gold in the Lon
don market from the level OF the recent
bid by the Bank of England necessary 70
prevent the absorption of the market sup
ply for other account. shows that the
bank authorities desire t. test their abil-
fly TO conserve their gold supply in a
normal market before venturing to reduce
the discount rate. \ drop Of one centime
in the Paris rate showed some renewed
pressure upon London. which increases /
the probability OF further exports from
New York The statement Of our foreign
trade for April was a disappointment. the
in exports Is over that Of last
year proving TO be the only nominal. 1
while the value OF the imports has risen 1
nearly 100000 with a resulting reduc- |
ton Of the favorable balance OF trade. /
The unremitng activity in the cotton 1
speculation conduces 10 keep alive the 1
solicitude over the foreign exchange stu /
alton.
The bond market was quite broad but 4
irregular. Total sales par value. S2.55a. 90. /
United States IS coupon. advanced Is .
per cent on the last call
Closing quotations % stocks were as
follows: