The St. Louis Republic., 1903-05-05
STOCK MARKET PRICES
ADVANCE DECIStvELf,
ELEMENT OF PROFESSIONAL
ISM EVIDENT ON 'CHANGE.
The Feature of the Market Was
the Rise in Stocks of East
ern Railroads.

New York. May +.-Prices advanced quite
cectsively in to-day's stock market and
closed firm at the top level In fact there
was no appreclable reaction at any time
during the day, and the advancing tend
ency gained somewhat in force as the day
progressed.
The market was still almost wholly pro-
1essionai and decidedly lacking of anima-
uon, but the days business was consider
ably greater. than on last Friday, which
was the lowest thus far for the year.
The rise in prices was not due to any
Specnic news development. but was based
rather on the conviction in the minds of
the professional traders that stocks for sale
mad become scarce and holders little dis
posed to sell, as shown by the recant pow er
of resistance of the market to bad news.
With these favorable technical conditions
ana considering the extensive decline which
has occurred from last years high level.
the professional bull party operated with
the immediate subject of the demonstration.
especially the high-priced members of the
group.
RAILROAD STOCKS UP.
Owing to the small floating supply in the
market of these and the closeness with
which they are held by investors or for
purpose OF control, it is a comparatively
easy matter TO bid up their prices without
bringing out large offerings of stock.
Inc rise of S points in Delaware and
Hndson. of nearly = in New Jersey Cen
frala I Of 81 in Lackawanna, as well as a
~ in Chicago and Northwestern offer fair
examples of this.
Such. striking advances are calculated to
have large sentimental effect upon spec
ulative opinion.
The spread of the movement 10 the other
quarters found the readiest response among
the passing away of last weeks crop scare
due to the wintry weather in the winter
wheat belt
The strength of sugar was based upon the
raft ttrI nf n Inv rtrn
amount OF war taxes. The local traction
group shared only moderately IN the ad-
vance, as the dismissal of the libel suit
against the president of the Metropolitan
Street Railway already had been dig
counted.
GOLD GOING OUT.
Saturdays unfavorable view of the bank
statement seemed to have been modified
owing to the perception that the large loan
expansion represented a simple transfer of
Obligations from foreign TO domestic lend
eNchanse market left the probability unal-
tered that Surther gold will 20 out f,ss
week. But. the solicitude on this point also
seemed to be quoted.
No unfayprable effect seemed evident
from the indications furnished by weekly
freight traffic reports that the volume of
minishing. This tendency is said to be due
TO hesitancy on the part of the manu-
facturers toward further expansion until
there is change in the labor situation.
the prevailing mood of the speculation and
unfayorable factors were Ignored.
Bonds were dull and irregular. Total
registered declined 4 per cent on last call.
Wall Street Gossip.
Reported by the Commercial Advertiser through
Francis. Bro. s Co. No. iii North Fourth our street
New York. May. 4-Foreign-There was no
to-day It was dull and lover The cable 81 1eh shaWea
more, more declines lines than m advances The arbtrase
though on very light & scale hs Their total trans
vided between purchases and sales
Mexican National-The advance in National
by carrie Bros followed BY scattering ring comms nihs
sion houses and traders. The room aseritcd the
bun operations BY the ms de pool Exeksnge o
New York in Mexico declined 10 points to-day.
advance in D. & ii: Some OF tho buying b.'Vsa was
ner Of o eeon sns for az m
mand for. the stock. which brought in some
%su be paid TDG5 notSes ,ba, ba
the company was earning in excess Of % per cent
other high-prieed anthracite stocks rose shsrp'y
road would be ''modernized'' by him ''U '''e
Missouri Paciac-The room traders were bul,isb
on Missouri Pacific and worked accordingly
Al the higher level however. there was inside
selling Butler Bro. were open sellers. bu;
the room thought the selling was too omen
Miscellaneous-The most substantial advance
other sharp rises Wes,nshoase out 1oss she5e ,e
ean 1as Lost ps mos q nn. the ADVANCE
in B. R. 7. became more active f'o'
Government bonds.
New York, May 4.-Governmen, bo,ss e,s,er.
United States refunding IS, registered. .Ioss.