The Saint Paul globe., 1903-05-07
SUMMARY OF THE DAYS TRANSACTIONS IN THE MARKETS
INERTIA MARKS STOCKS
WITH FEW EXCEPTIONS CHANGES
ARE BUT FRACTIONAL
Prominent Securities That Went to the
Top Tuesday Retain Their Place, but
Active Profit Taking Occurs Therein
Gold Export Question Remains Open.

NEW YORK. May 6.-The stock market
today was so inert that the utmost en-
deavors OF the traders did not affect more
than fractional changes, except in a
handful of stocks. The prominent stocks
which started upwards on Monday and
early yesterday continued to hold a con-
splcuous position in the trading in the
degree of their activity, but their small
net changes in prices for the day are a
strong indication that profit taking was
actively going On in them under cover of
the new points of strength.
St Paul. the Pacifics, Louisville &
Nashville, Reading, Erie, Baltimore &
OHIO and other stocks of this class ended
the day practically unchanged from last
nights prices, though they absorbed a
large proportion of the days dealings. St.
Louis q San Francisco and Rock Island
were strong and active all day with no
other apparent reason than a revival of
old rumors of the former by the latter.
Cover for Profit Taking.
The rumors seemed to meet with little
credence. owing to the suspicion that
the movement in the stock was designed
as a cover for otit-ta1ing on other
points. Stocks affiliated with St Louis
& San Francisco, however, Were quite
consistently strong Pere Marquette and
Kansas City, Fort Scott & Memphis shar-
ing In the strength of the parent COM
pany. There was an advance OF Ia in
Illinois Central, which seemed to be sup
Elementary to yesterdays movement in
Louisville & Nashville. The strength of
ed upon an advance in the London price
OF copper.
Brooklyn Transit enjoyed the benefit of
published estimates OF large earnings
from the increasing summer weather traf-
nc. Marked weakness was shown by the
National Lead stocks, which was attriL-
uted to rumors that the principal COM
petitorS in the trade We're about to COM
b1ne: There Were no notable movements
outside Of those specified and there was
a sharp falling off in the volume of
IjnrS or Txyith 10
The course of the foreign exchange kept
the question of gold exports open all day.
The steady advance here only kept pace
with the rise OF sterling in Paris, so that
the expected triangular operation by which
gold would go to Paris was kept beyond
the bounds of profits.
Influence of Transvaal Loan.
But shipments of gold direct to Lon
don began to come into calculation when
the rate for demand sterling got above
$4.88 The inquiry for cable transfers was
even more urgent than that for demand
bills. The movement was clearly dut TO
preparations for participation in the pend
ing TranSvaal loan. Every indication
goes to show that this loan win be heavily
over subscribed so that intending sub
ScT1berS are putting in bids much in ex-
cess OF their desired subscriptions in or
der that their allotments may equal their
requirements. This process Of over-sub-
scrlpt1on, of course, emphasized the de-
mand for exchange With the opening
expected tomorrow, there is likely to be
a sharp falling off in the demand for ex-
change. The local money market was
unaffected and offerings on time were
rather freer than heretofore. The market
closed heavy and dull.
There was very good demand for
bonds, especially those paying per cent
ana over v on i the e. inyestment nNo Total sales
advanced 1s per cent on the last call.
Closing List.