The evening world., 1903-10-05
All Trading influences Favored a
Rise, but Market So Heavy
Values Could Not Be Lifted to
AppreciabIe Degree.
BIG OPERATORS WAITING.
Testing the Speculative Temper for
Another Advance While diving
Investment Buyers Free Way
Volume Of the Dealings Small.

Trading was almost at q standstfli
when the market closed to-day. while
prices were halfway between the high
EFT and lowest of the session. Ali che
news wal favorable. but stocks were 20
heavy there was no chance Of lifting
hem to any appreciable degree. Crops
were reported good. railroad earnings
satisfactory and general conditions more
than fair and brokers held that there
was reason to look for Improvement.
At the opening short selling and hqui-
dation forced prices down to the lowest
point of the day. Prices soon reached
the point where liquidation ceased.
Then the bears began TO circulate
stories about certain traction men be-
Ing in additional trouble. These stories
were not taken seriously and had really
little effect or the stock market.
There seemed to be a tendency on tho
part of the large interests TO leave the
market alone to Q II the public buy
Ing was large enough Il maintain the
recent advance.
After the first hour the market be-
came very dull and good reports from
railroads. gains from ehe sub-treagury
by the banks. tho semi-oMdal an
nouncement Of tho payment OF the steel
dividend all failed to help matters,
Prices all day fuctuated fractiouaIly.
The advances M the declines were
lmmater1al INC Of little interest.
Late In the afternoon there was some
really good buying from outside
sources. One purchase was of 5000
shares of assorted stocks to be held for
az long as is necessary to bring a good
profit. There was quite a little buyinR
Tor investment n this buying IL what
caused the best rally of tho day. which
took place in no early afternoon.
1t became plain near the close that
some OF the larger operators were feel
ing the market with a view to another
advance. The Gates party was a buyer,
and the 'Waldorf-AstorIa crowd. after
at the opening. were buyers at the CLOSE.
The chief selling later came from thoss
traders who had bought stocks last
week on the DECLINE.
New York Central, which was under
pressure. became strong late in the day.
II became known that London had sold
short quite a little OF tho stock. as the
sellers will not have to borrow u unttl
Oct. Is.
1t IA pointed out that II the sale Of
s1 900. 900 of steel bonds last week was
all manipulation d had been the most
successful ever seen In the street. There
was q disposition to believe that this
buying was for investment. The FAIL
ure OF Louisville & Nashville to act
well was etlteved to be due to the fact
THAT there ls still a line OF the stock to
be ~liquidated.
One OF the features of the day was
tho absence of the Standard OIL ana the
Gould crowds In the marndt. II they
did any BUSINESS It was through new
brokers and was well concealed.
During the last hour prices advanced
slowly burt steadily and soon were weldl
above the low prices OF h day. Some
stocks showed small net gains. Steel
common was Ia under tho opening. the
preferred was Ia over the opening.
Union Pacific was but is under the
opening. St. Paul lost ia. while
Brooklyn was at about tho opening
price. This rally. however. did not hold.
Il. u. Oppenhelm & Co. near The close
of the market to-day bet -, 900 to 81. 900
that the next Steel dividend would be
l per cent. the regulation figure. The
money was all in small lots.
The total sales of stocks were So, 900
shares and of bonds -, 996.0oo.