The St. Louis Republic., 1903-05-23
HEAVY SELLING MAKES
INROADS ON PRICES.
CLOSING ON NEW YORK EN-
CHANGE DULL AND HEAVY.
Net Changes for the Day Mostly
Small and Mixed Between
Gains and Losses.

New York May 22.-To-day's early mar
ket did not give good promise of maintain
ing the strength which developed yesterday,
but the announcement that bankers syn
dicate had been formed TO underwrite the
new Pennsylvania stock issue caused a sud-
den upward squirt In that stock to a level
points oyer last night. The stock held
that point but momentarily. and did not
get back to the top level again for the rest
Of the day.
In the general market the average high
level for the day was touched in the after.
noon. when the preliminary estimates 9t
the cash movements for the week were pub
lished. showing an Unexpectedly heavy re-
ceipt on balance from the interest, thus OIL
setting the weeks loss by good exports,
which it was feared. would make to-mor-
rows bank return very weak.
There was sufficient selling to take profts
during the last hour 10 make considerable
inroads upon prices, and the closing vas
changes for the day are mostly very small
and are mixed between gains and losses.
RAILROADS ACTIVE.
There was continued heavy selling this
morning of St. Paul and the Fries. and
United States Steel stocks were inclined to
be reactionary, the latter on account of the
further cut in prices of iron. Union Pa
cific was inclined TO lag throughout the day
in spite of the claim OF definite settlement
of its labor dispute. The news of the un-
derwriting of the Pennsylvania stock issue
did not hold its first stimulating influence.
The underwriting is IN effect a protective
measure to assure the taking up of the is
sue at l2o. at which price it was offered to
stockholders.
When the offer was made Pennsylvania
was selling above lio so that the right to
tractive. But from the first knowledge of
the Issue there has been persistent selling
of the stock against the expected new issue
and of the rights to subscribe to the new
X.
brought within measurable distance the eS-
tinguishment of the value of the stock
holders rights 10 subscribe.
MONEY MOVEMENT.
The news that sufficient money had, d,been
sent to New York from the interior to off
set the rather heavy outgo of gold came as
pleasant surprise. The known movements
of money indicate a net gain by the banks
of several hundred thousand dollars the re-
ceipts on balnce from the interior amount
ing apparently to over 100000. The sub
treasury absorption, which includes pay
ments for the gold exported, was $3.3S4 COO
But this does not take account of the ST.
100000 in gold shipped 10 South America
last Saturday too late for effect on last
weeks bank statement. Arrangements have
also been made to ship sl59o,09o to South
America on Monday.
Sterling exchange broke fully % points to-
day in response to the reduction of the
Bank of England rate. London continued
to buy stocks here to-day. thus increasing
the supply of exchange, ana the figures Of
the weeks grain exports show increase
over last week for wheat of 1.195.7T hu..
and for corn of 3S2 929 bu The market still
shows itself sensitive TO the cotton specula-
tion. and the opening strength in that mar
ket an influence In the reaction in
stocks of the first hour.
The bond market was firm. Total sales.
par value. sa220.0oo United States bonds
were all unchanged on the last call.
Wall Street Gossip.
Reported by the Commercial Advertiser.
Fourth street:
New York. May e2-Forcign-Americans were
strong in London on what looked like New York
more hopeful than here. Arbitrage houses were
again buyers, though not on so heavy a scale
as yesterday It was estimated that they took
St Paul-The puzzle of the day was St Paul
the most conspicuous sellers yesterday. sold 5.eoO
and later on as much more. The traders did
pg:ces. T incidentally guessing at the mystePiesis
dstion of a line by Mr.; Hawley. while another
Boston speculator. The older traders recalled
the days when st Paul was used to mystify the
were credited with moderate purchases
western union-The weakness was due to
Jnion poles from its lines The room element
that this would prove to be the first chapter Of
= very serious war. But really important HQui-
daxion did not take place.
Pennsyivania-The feature was Pennsylvania
The Btock sharply on heavy TRANSACTIONS
q he 70 re was I sa sas e
Safe composed Of Kuhn. Loeb & Co.. Speyer q
Co and other prominent International bankerl