The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-05-12
NEW YORK STOCK MARKET
NARROW AND UNINTERESTING
NO SIGNS OF \ REVIVAL OF
SPECULATIVE INTEREST.
London Money Market Tied Up III
the TranSvaal Loan-Gold
to Go to Paris.

New York. May ll.-To-day's stock mar
kct showed no signs Of a revival OF s~pecula-
tive interest. There was an Upward tenden-
cy during the first hour. which was helped
by the buying of z small number of stocks
for London account.
The London money market Is still tied
up with the subscriptions TO the Transvaal
loan. or with the 3 per cent of the subscrip-
tons which vas required to accompany the
application. As fast as the allotments can
be determined the excess from oversubscrip-
tons Of this 8 per cent Will he returned to
subscribers, and this is expected TO effect a
marked relaxation in the London money
market.
Sterling exchange here, however. held firm
to-day. and its decline in Paris left the way
open Tor an export of gold from here TO
that point. Consequently $l,5g.cro was en-
gagged to go out tomorrow. II was allowed
10 South America during the week. This
news was followed by a decline in the price
of stocks. although il had been quite gem
orally expected.
SHORTS COVER.
That the decline was due partly to short
selling was demonstrated by the recovery
late to-day. when the shorts began TO cover.
They did this in the apprehension that the
monthly crop report to be given out by the
agricultural Department this week would
rot show as large 4 deterioration for win
Ter wheat from the almost perfect condition
of April as has been feared since the cold
wave in the last week of April. This COW
ering movement was again Interrupted by
sharp selling at the last and the market
closed easy.
Some special influences were at work dur
Ing the day. 4 strong upward movement in
Illinois Central resulted from a large buy
ing order from a single firm. which was
ostenSihly based upon runners that the diYi-
bends are TO be increased. The strength of
Ama!gamated Copper was due TO the active
demand for the metal in the London mar
ket. brooklyn Transit had the benefit of
yesterday very heavy seaside ira tic.
RAILWAY STOCKS.
There was continued speculation in Mis-
sour Pacific and in the National Railroad
CT Mexico stock. by the same interests
which have been respectively conspicuous
In those properties for some time past.
Southern Pacific suffered from the reports
OF a strike on the system. bur recovered
later. when Il was alleged that the work
men We're stu at their places. A drop OK
8 points in Metropolitan securities was at
triouted TO an unwilingnesr On the part OF
the holders to paE the second subscription
OF =. per cent. which has been called. Re
Ohio and the Great Northern served 10
keep alive the general apprehension which
is ts!t over the growth Of such troubles.
Ihere were some large offerings of the
United States Steel, coincident with a sharp
break in the price of the bonds. when is
sued on the curb market. The unfavo--
able view taken on Saturday of the loan
expansion of the banks seemed To he mitl-
gated this morning when il was better I'M
defsto7d that the increase was due 10 a
shifting or debts due to foreigners.
ne market was narrow and uninteresting
snroughout An example is afforded by the
TACT that there was no sale Of Sugar until
me fhnal hour Of the market. The move
g gan OF prices o. bonds was irregular and
week showed a decrease Of y per e com
pared with those of the corresponding week
9 o.. last year Total sales par value ,s1.7N,-
changed on the last call.