The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-02-06
STOCK MANIPULATORS MAKE
DISPLAY IN WALL STREET.
DILIGENT EFFORTS TO CAUSE
=, APPEARANCE OF GAINS.
Sof Far the Campaign Has Not In
duced Much Speculation by
the General Public.

New York. Feb. 5-The aggregate dealings
In stocks rose to above three-quarters of a
million shares. The market was broad and
at times very active and also gave a gen.
eral impression of strength and advancing
prices. That this impression was to some
extent ilusory Is manifest from the small
and ragged showing of net gains for the
day. Whereas. at one time a large number
OF leading active stocks were a point or
more above last nights closing. the last
prices for the day were in all cases below
the best. while in many instances the earlier
gains were wiped out and final prices made
lower than those of Jast night. The skilled
leadership Of the market may safely be in
ferred from this showing, and 1t Is not a
rash assumption that professional manipu-
!ation also played a part in the price move
ment. II is evident. however, that operators
4 in stocks with large resources and with an
!. extensive organiza don for the purpose ven-
advance in prices. There is no evidence yet
that the leadership thus undertaken hsss
been effective in attracting any large out
side buying movement.
COMMISSIONS GROW.
There was some increase in commission
house business. The professional operators
were taking advantage of this demand to
, realize profits. The prevailing ease of money
is the dominant motive for the reviying of
speculation, although the low rates to which
call loans have fallen are In part a result
demand. The leading feature OF to-day's
market was the announcement of the de-
GlSlOH OF the view Jersey court IN luVOE OIL
the right of the United States Steel Cor
porarion TO convert a part of its preferred
stocks into bonds.
The preferred Steel advanced strongly aft
or the decision became Known. Earlier, the
Readings were the leaders and their up
ward movement was said to be due to the
expectation that the first preferred stock is
to be restored to the 4 per cent dividend
list, and the voting trust dissolved. now that
the control is definitely lodged in the hands
of the Lake Shore and the Baltimore end
Ohio. 1t was thought possible also that the
heavy LIQUIDATION of the minority interest
resulted IN the creation of a large short in
terest. which was driven to cover yesterday
and to-day. 1t was very noticeable that the
large concurrent buying of Erie and On
tario and Western resulted in a very slight
price movement.
RAILROADS
The Pacific. granger and Southwesterns
moved upward in company. and this adj
vance was attributed to q belief that tho
agreement arrived at between the Rock
Island and the Union Pacific authorities
would be of benefit to the whole railroad
situation IN that part of the country.
fecting of its franchise to enter Pittsburg.
The strength of Brooklyn Rapid Transit
was due to hopes of advantage from the
new movement. Proft-taking was in evil
dence all Gay in Amalgamsted Copper. in
rpite of the reported strength of other cop
pers in Boston. and Sugar was carried
down sharply on the announcement of a cut
IN the refined product. Rock Island also
eee.ned 20 be under pressure most Of the
time, and Gid not share in the early
.s=anath In the KraaRers. The Droht-takin4