The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-10

NEW YORK, Oct. 9.-The stock market
this morning continued to show depression
and encouragement. The professional
traders sought to take advantage of this
movement to force liquida ton by Offering
prices down. Their operations of this
character became SO over-eXtended as to
result In rather urgent borrowing de-
mand for stocks. Taking warning from
this condition, the shorts covered their
contracts, causing the late recovery in the
market. This was quite comprehensive
and lifted the average level of prices wei
above last night. The closing was about
steady and near the top. The predomi-
mating influence on the market was still
the testimony concerning the promotion
Underwriting and location of the United
States Ship Building company elected in
the receIvership proceedings.
Disclosures brought out by these pro-
eeedlngs have caused a state of irritation
ana diStruSt amongst. shareholders diff
cult TO describe, and the character of the
discussion of the episode in Wall street is
a kind regarding trusts and promoting not
OFTEN heard in the financial district itself
London felt the reflex of this influence this
morning, and its sales in this market We're
an important element in the early de-
preston. When the London selling had
been completed. the recovery set in
me Industrial department naturally was
most afEected by the prevailing sentiment
and the United States Steel stocks and
Amalgamated Copper bore the brunt of
the pressure. United States Steel common
and A1nalgamated Copper both touched
don depression had some expression in the
rear that next years stock exchange
sentiment would reveal some embarrass-
ment.
Steel Decline Is Disturbing.
The persistent downward course of
United states Steel bonds is especially
disturbing to sentiment since the reduc-
ton OF the dividend on the common stock:
Inc long decline in the common stock was
sought to be explained as due to the
unwieldly bulk of that issue rather than
to forthcoming bad news. Now that the
PAD news is seen to have been a factor,
Ieeiifg is more sensitive over the con!
tlnued decline in the preferred stock and
ponds Inc annual report of the earnings
OF the Metropolitan Street railway. show
ing denclt after payment of the per
cent dividend guaranteed without allow
ance for the franchise tax, pending the
appeal-to the courts, was not worse than
had been expected and was followed by
some railway stocks
Reports of frost in the corn belt nrob-
ably had some influence on the early de-
cline, but didn't interfere with the re-
coNery, indicating the passing of uneasi-
ness over the present corn crop. A falling
on In wheat exports of 1 703, 1853 bushels
compared with last week, was disappOint3
ing and helped to explain the arrest of
the downward tendency in the exchange
market. The shipments of currency 70
the interior on balance have been some
what larger than last week, the outward
movement being near 81, 000, 000 This
movement Is still well below the normal
for this period. of the year, and seems to
nave been more than offset by redemption
on government bonds. and other sub-treasl
lry operations, so that gain of several
hundred thousand dollars in cash reserves
is promised for the banks. The loan item
is IN the usual obscurity
Ihe bond market was heavy, in synpa :
thy with stocks, but made some recovery.
Total sales par value, 81 ,895, 900. United
STATES sta IS declined 4 per cent ON the last
Closing List.