The Birmingham age-herald., 1903-10-05
STOCK MARKET NARROW AND DULL Trading Largely Confined to Professional Operations TONE RATHER UNSE TIED
  Violent Jumps In Cotton Market on the Governments Monthly Report Of
 Conditions Was Not
 We'll Received.

New York, October 3.-Todays mar ket was narrow and dull and was large lv confined to professional operators. The movement was decidedly irregular especially at the close when some or the leading stocks ran up to the top leVel of the day, notably St. Paul and New York. while others ran off to the lowest Erie and Missouri Pacific being conspic- uous. The tone was somewhat unsettled throughout. Londons influence caused the opening decline and an effective raily was lost on the appearance of the pank statement. The decrease in the loan item was sat- tsfactory in view of the heavy require ments of the October 1 settlements and the steel conversion syndicate needs, but the decrease in cash of H,664,5OO disap- pointed extensions. This item, however, was complicated by the cash dividend payment of the National Bank Of Com merce in the adjustment Of us merger with the Western National bank The market rallied well and closed 1r- regular as above indicated. There was evidence of some left over hquiaatloh and the outcome of the Baltimore bank ing embarrassment was still some what disturbing factor on sentiment.
 
 on the governments monthly report ol conditions was not well received in the stock market. Sterling exchange was easy and discount rates declined in Lon don with reports of large arrivals of gold from South Africa. New YcIks prop able coming requirements upon Iondoh for gold thus promises to be facilitated. The showing in the annual reports of Reading and New York Central was con sidered favorable There were signs or continuance of arbitrage operations py the underwriting syndicate by buying United States steel preferred and sel1ns the bonds. Aa
 There has been considerable improve ment in sentiment in Wall street during the week as a result of various causes, but principally the Tightening of the pressure of unexplained liquidation which had been going on for a considerable tme and followed with an urgency and a disregard of prices which stamped 1t unmistably as necessitous Selling or this character was still in evidence on Monday and made the closing of the market on that day weak to the point of demoralization. The next day show ed a sudden and unexplained reversal In the course of prices. It became very evident in the course of the day that the strongest banks and capitalists were buying stocks at various points in the list for the purpose of supporting prices and soothing the fears which were threatening to run into panic.
 Formal denial was made that any agree ment had been entered into to this end, but it is certain that there were meet ings and discussions Monday night be- tween the capitalists concerned, which must have developed concensus of opin- ion as to the proper action to be taken. On Wednesday again there was abundant evidence that stocks which had been bought the day before to support the market were being sold again and there were signs of a recurrence Of liquidation, which caused the clouds of gloom to gather about the stock exchange again. But when this realizing was accomplish ed the market took on a more normal ap- pearance of strength and seemed compar- atively free from forced liquidation.
 The selling orders which originated In Philadelphia and Pittsburg were especi- ally heavy and the special weakness Of Pennsylvania and the traction stocks was a feature. Coupled with the unin- terrupted falling of the United States steel securities, the surmise was formed that the financial trouble centered about the iron and steel industry. The clos ing of various mills and the admitted ne- cessity for curtailment of the pig iron output gave additional force to these sur misses and gave rise to an apprehension that a coming industrial depression and an economic cflSlS was Delng IOreSnau- owed by the continued depression in the securities market It was obvious that the apprehension in the stock market was having reactionary effect also upon the commercial situation, and this was au- thor'tatvely pointed out in the iron and steel market.
 London has had the benefit of the turn of the month and this has relieved the New York market from some apathetic depression. The financial embarra ssment admitted at Baltimore seemed to be re- garded as a clearing up of a source of pressure whose mystery had been a dis- turbing element.
 Bonds were not so active as stocks, ex- cept for the enormous dealings in steel 5s but that market had the benefit of the i'm proved feeling in stocks. United States new and old As declined la per cent, the 3s coupon s4, the 2s per cent and the 3s registered 1Is per cent, as composer with the closing. call of last week