The St. Louis Republic., 1903-02-17
WALL STREET INTEREST
SHIFTS TO INDUSTRIALS
BUSINESS IN RAILROAD LIST
IS LIMITED.
Speculators Seem to Think the
Change Necessary to Enliven
the Market.

New York, Feb. 16-There was notable
shifting Of speculative interest to-day from
the railroad list into the specialties. Most
of the stocks embraced in the days move
ment were industrials, but there were a rev
railroad and other stocks included. whlch
do not figure in the usual activity OF the
market The standard railroad stocks were
quite firm, but this was evidently due 10
sympathy with the advances in the lnous
trials. There was some special strength IN
Wabash preferred, which was due to ouyins
by the interests which have recently sus-
tanned that stock. The railroad list. as a
whole, was conspicuous for the small yo.-
ume Of transactions in 1T and for the slug
gishness of its movement. The several m
0ustrials which rose to-day did not moSe
in concert. and in most cases separate en-
plantations were offered for the strength OF
each. But 1t was evident that their move
ment In general was due to a speculative
theory on the part Of 81 dIsn"s ra
road stocks had been demonstrated by last
weeks events. anG that the industrials Of
fered the only hopeful field for higher prices
as the result OF the continued faVorapie
business advices from all quarters
SUGAR IS HIGHER.
so far as the news was responsible Tor
the days movement that In sugar was que
to the advance in the price of the granu-
lated product; in AmalSamated to the con,
tinued rise in Copper in London; In unlteo
States Steel to reports OF heavy nrs Ur%ss 8, on a
plan of funding the accumulated di'ioehos'
and so on for other stocks.
Call loan rates ruled easy, but time loans
were quoted fraction higher, and there IS
a dfsinclination on the part of lenders 70
put out funds on time at present rates. IL
is expected that heavy corporate require
ments, including railroad bond and stock Is
Sues will make early acquisitions upon the
money supply. The advance in sterling was
checked here, but the rate declined IN
Paris and the private discount rate there
rose to per cent, which was perhaps the
most significant development in the money
situation. 1t could not be learned. however.
that any definite step had been taken
toward the export OF gold this week. :
EFFECT OF WEATHER. - i.-
Opinions at first were somewhat mixed
over the effect of the severe weather In the
West. but the decline which developed in
the wheat market indicated the conviction
that the snow covering provided for the
crop afforded security Tor its safety. The
weekly statistics of railroad traffic showed
moving freight. although much obstruction
is still reported. The foreign trade state
ment for January attracted some attention
on account Of the high level OF the value of
our imports. which is disclosed. The in
crease in imports continues to more than
Offset the renewed increase in exports, on
account of the revival of the export of
corn, compared with last year. The net re-
suit is a continued decline in the value of
compared with last year. The market closed
duh and steady.
The market for bonds maintained steady
tone. Total sales. par value, $685. United
States bonds were all unchanged on the
last call.