The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-16

NEW YORK, Oct. 15.-The professional
traders in stocks renewed their attempt
today to divorce the movement of the rail-
road stocks from the depressing influences
now overhanging the industrial securi-
ties. The effort met with less success
than was the case yesterday. More bust
ness was done during the first hour than
at any other time during the day. After
that the market fell into neglect owing to
the evident futility of the efforts to at
tract buying for the railroads. No urgent
or general liquidation was manifest, but
the industrial securities continued to suf-
fer in spots.
The reported disruption of the Southern
Pig Iron association, further reduction
In the price of Northern pig iron and a
decline in the official price of copper were
pointed to as concrete evidence of unfa-
Vorable trade conditions, This view was
not frightened by the rather negatively
favorable opinion of the Iron Age, which
asserts that evidently consumption is
keeping up much better than would be
supposed from the discouraging reports to
circulation. The renewed break in Cruel
bic Steel preferred at Pittsburg, with the
Official lntmation of possible passage of
the dividend, was another unfavorable
factor, and the explanation that this
might be necessary to carry the Clarion
steel plant, the sale of which to the
United States Steel corporation, has fallen
through, gave an impression of growing
friction in the trade Operators in stocks
also kept one eye on the proceedings in
the shipbuilding hearing all day.
Effect of Shipbuildlna Hearing.
While the Wall street mind may be sup
posed to be sufficiently sophisticated to
have already been instructed on some OF
che methods of corporation administra-
ton which are being disclosed, Wall
street has grown exceedingly fearful OF
the effect upon the public at large which
may result from the heated interest now
focused upon this hearing. The poor mar
ket for industrials, while due in part to a
state of mind on the part of the public
mas a serious effect upon their accepta-
olllty as collateral Some of their weak
ness is plainly due to the fact that bank
ers are throwing them out of collateral
for loans, owing to the unready market
that now exists for them.
Amalgamated Copper shares in the early
weakness of this department, and made
a new low record. There was an active
speculation in this stock, on its dividend
chances. But the announcement that the
regular dividend had been declared passed
almost unnoticed. The declaration of ar
initial dividend On Reading second pre-
ferred, Immediately following the ANAL
gamated announcement seemed to have a
cumulative effect, and there was a sharp
scramble among shorts to cover just al
the last. Norfolk & Western. Baltimore
q OHIO and Chesapeake & Ohio We're eX-
ceptionaHy heavy in the railroad list APP
parently on. the report of a reduction liz
freight rates on soft coal to the seaboard
The rumor that the Gould interests would
acquire the Seaboard Air Line possibly
had some influence also upon this group
Money continued to work easier and sterl-
ing was inclined to harden, the cotton
bills in the market being insufficient to
supply the demand for bills to cover ex-
change sold previously.
The bond market was dull and inclined
to be bearish. United States bonds were
unchanged on the last call.
CLOSING List