The St. Louis Republic., 1903-04-26
OUTSIDERS FIGHT SHY OF
NEW YORK STOCK MARKET.
BROKERS TRY HARD TO STIR
Up INTEREST.
Mass of Undigested Securities
Waiting for Buyers-BOnds
Fare Somewhat Better.

New York. April s5.-To-day's stock mar
kst gave abundant evidence that the pro-
fess.0nal traders had u entirely 10 them
fUuEGly indifferent 10 the market. The DIS
post tiuu Of the professional traders PLAINLY
was 10 get cut OF their holdings OF long
stock. Some stress was laid in The GOSSIP
of the street uu a fear tlet tSe %tuatIol
created by Rlss!a's new demands IN Man
Government securities Of the nations most
interested =aye no intiuattOn that such =
crisis might become acute over Sunday- W
more immediate effect Wss the rensWe'i
weakness caused IL METROPOLITAN street
Railway by the ye!led intimationS OF matter
for investigation by the District Attorney
Office In the Affairs pf the corporation;
Metropolitan Street Railway Itself dropped
three points. Metropolitan Securities and
other local fractions a gOint o. more IN
sympathy. The market was mostly walt
ing one until the appearance % the bank
statement. which was regarded rs favor
able. although the cash increase did NOT
equal the maximum estimates OF yesterday
The loan decrease OF &.ss2.-D contributed 70
raise the percentage OF reserves TO deposits.
the surplus rising As1I.s25. to SlO.sSr,=io- As
thgre has been considerable liquidation Dur
ing the week for local obligations To foreign
lenders. which probably involved reborrow-
ing from the local banks. the loan decrease
gains additional significance. The strong
weekly statement Of the Imperial Bank OF
Germany to-cay completed the record Tor
the great foreign banks Of effective Tecu-
perat!On.
EAGER To SELL.
FrfceS OF stocks rose on the bank state
meut. but a rather eager desire to sell at
the advance carried prices backward To-
The lowest. and the closing Was active and
weak. with net losses OF point or more
for most of the principal stocks Prices
have moved In 4 halJing and inCOnclusive
manner in The stock market this week. al
thCugh the level was at one time consider
ably above that Of last Saturday. The
granting Of stay by the Circuit Court at
St Paul on that portion Of the Judgment
aeHHAW H-HW aTFw
which eniOined the payment to Il OF diVi-
dsrds by the constituent companies was
surprise TO this speculative element In Wall
street The result was TO prclong the up
ward movement which was begun on the
Gay after the demoraHzed trading induced
by the original judgment. This upward
a technical recovery from the excessive de-
preston on the decline. The real test OF
svch . market Is looked for after the COW
ring operations by bear traders are COM
pleted. A violent slump In prices invaria-
bly, invites large sales for the short ac-
count, and also considerable unloading for
TIE long account, with the purpose OF re-
covering tie stocks At \ lower level of
prices There has been a speculative party
IT. the market which has embarked in op-
eTationS for the long account since the de-
cline on the assumption that the CnfavOr-
able factors involved in the Northern Sc
ell by the spssmodic decline Immediately
after its announcement. This party has
argued, also. that requisite liquidation for
was effected at the same time.
MONEY NOW EASY
The immediate condition OF the money mar
hst hts come TO oe so easy as 10 faclliIate
me operations OF an advance As matter
or fact. the formation OF various pools by
pIoisySi9nai n sSr, opessiors and Their activity
themselves manifest In the price movements
OF the week A factor IN lifting prices.
ously regarded by ali observers. was the
hak sentimental and half superStitious de-
sire Of members OF the Stock Exchange to
see the first business In the Exchanges new
building done on rising scale OF prices.
But another party amongst professional
traders has been on the alert for oppor-
tunites to sell stocks at an advantage and
so commit themselves to an opinion In favor
OF renewed decline. This party processes
the conviction that the recent recovery Is
due 10 purely technical causes and IS the
forerunnsr OF another and longer decline
As the market has been made up almost
entirely OF these professional operations, IL
Is necessary 10 dwell upon them at this
length In consideration OF essential con-
ditions OF the market II does not appear
that there has been any large outside de-
mand for stocks. such as is looked for to
take UP the large undigested mass of secur-
tiles which Is the real burden Of the mar
ket. II Is also evident that the easier con-
dition of money has relieved the necessity
of liquidation Of stocks which pressed upon
the market for a time without regard to
dence Of Investment buying of stocks at the
recent low level. but Il seems evident that
selling orders overhang the market which
are reached on any considerable advance
The tide Of travel away from Wall street
on the part OF some powerful personages in
finance served as a discouraging influence
upon those who look to such quarters for
in a buying movement There
can be no do1bt that an important factor
in causing hesitation is the ulterior posSi-
bility OF the application OF the PRINCIPLES
Of the Northern Securities decision at large
The greatest interest Is manifested In ev-
erything going 10 show the plans OF the le-
Gal department OF the Government in the
further prosecution OF the provisions OF the
antitrust law. The opening OF q hearing
by the Interstate Commerce Commission on
charges Of suppressinz competition by the
al thraclte coal roads has been interpreted
py Wall street as an intimation that the
coal roads would be the next object OF pro-
ccdure BY the Government. The special
hs4yiness shown In that department Of the
stock list has been due to this cause
AUTUNN'S NEEDS
The present decided relaxation OF the
money market, due to the customary refux
~ IN ha