The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-02-14
HEAVY SELLING OF STOCKS
SENDS PRICES DOWNWARD.
SUPPORT FOR ERIES ONLY IN
THE LAST HOUR.
Even Then the Buying Movement
Is Not Followed and the Clos
ing Is Dull and Heavy.

New York. Feb. 13.-The increase in bust
mostly on the selling side and caused n
further recession in the level of prices. The
marketing of stock was pretty constant I'M
til a supporting movement in the Fries set
in during the final hour. Support was evil
dent at the same time in some of the other
Morgan stocks, notably Reading and South
ern Railway, the latter rising a fraction
over Wednesday. The sentiment effect of
this support was little more than to check
the selling elsewhere. The buying of the
Fries themselves was not followed up. and
the closing was dull and heavy. The sell
ing of the Fries was on n very large scale
from the outset. London joining in the
movement. Extreme declines were effected
in the common stock of ~. In the first pre-
ferred OF 2as. and in the second preferred
to 3as The terms Of the new issue of bonds
were disappointing. but there was also sell
Ing by speculative holders. who had bought
with the idea that some new disposition OF
sort Of new capital issue by the Erie sG has
been understood TO be on the programme
for several years past.
INCREASED EARNINGS.
The prospect Of increased earnings by rea-
son of the outlay and the possible right to
subscription by stockholders at the issue
price of s7la did not prove sufficiently az
tractive to prevent heavy realizing on the
LNNSht II SIDCkS were pTaCIlCal-
ly unsupported until the last hour. The
sympathetic effect on the general list was
considerable. and the active speculative
leaders were very generally a point or more
below Wednesdays level at one time dur
ing the day. The concentrated selling of
some Of the recent speculative favorites
pointed to enormous realizing on the part
OF some OF the speculative pools. There
We're some evidences also Of bearish manip-
ulation.. especially in the circulation of ru-
mors of the serious illness of a prominent
operator. who is supposed to have i'm
portant market interests committed to his
guardianship.
The rally in the last hour was helned nv
the preliminary figures OF the weeks cur
rency movement. which indicate a net gain
IN cash by the banks during the week up
to Wednesday night of over a million dol
lars. Early in the day the sentiment over
the money situation was dominated by the
further considerable rise in sterling ex-
allowing for yesterdays reaction in ster-
ling at, Paris. Exchange authorities affirm
mat II a fast steamship were sailing to
Europe she would carry a consignment Of
gold.
GOLF EXPORTS.
There will be no fast ships to sail soon.
until next week. but a probability of gold
t tkRae.s in IS Ld l y end me Mos seli,n Is g Fr s,0dss
here to-day for that account was large
and was a material factor in the strength
both of wheat and corn also fell of materi-
ally from those of last week. while the
weeks imports of dry goods show the In
ward movement of merchandise still main
tanned at a high level. The January ex-
ports of domestic products showed the ex-
pected increase by a large outward move
ment OF corn. but a decrease in cotton was
disappointing. and the present high price of
that staple. 1t is feared. will discourage the
export demand
The Central Of Georgia income bonds
rose sharply. but the movement of prices
generally in the bond market was trregu-
lar. Total sales. par value. 1885, 900. United
States rs declined 4 and the old IS " per
cent on the last call.