The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-12-01
NARROW AND DRIFTING
MARKET FOR SECURITIES.
DEPRESSION EARLY IN THE
DAY DISAPPEARS.
Close Is Exceedingly Dull but
Steady and Near the Best
Little Done With Bonds.

New York. Nov. 3O.-There was narrow
which resulted In only small net changes
except in special cases. There was some
depression manifest In the early part OF
the day. and this was aggravated by, If it
was not entirely due to, disturbance of
sentiment In London over the reiterated
rumors of trouble between Japan and Rus
STA. Professional traders endeavored to
extend the decline here. but they succeed
ed in bringing out little stock and SO COW
cred their short contracts. The market of
the latter part of the day was decidedly
firm, but the movement was small owing
to the duilness of the dealings. The pre-
vailing premiums on some OF the indus
trial stocks in the loan crowd kept the
shorts uneasy, especially in some of those
stocks which were sold most freely last
week. Shorts in Pennsylvania covered
freely. There was some pressure upon
Republic Steel preferred. due to the fear
that the dividend would be reduced or
passed during the day. The doubts were
rot dissolved when the market closed with
The directors in session.
BUYING OF RAILROADS.
There was 4 special accumulation of
Louisville and Nashville. and the accom-
panying strength of Nashville. Chattanoo-
Sa and st. Loui.i gave color to the suppose
ton that an early dividend distribution on
That subsidiary stock is in contemplation.
The rise In the money rate to ? per cent
Was practically ignored in the trading as
1t was attributed to the arrangements for
The Dec. settlements. which funds il was
expected would return in a few days to
line money market
The various movements In the money
market were on a large scale, but SO near
~ offset each otner rs TO have little net
result. Photographic transfers of 100000
was made to San francisco. and authority
exists for the transfer tomorrow to the
same point of Sl,o0o0eo. Such a movement
Is not unusual at this period OF the year.
the sum OF si.9s5ooo was telegraphcj
through the Subtreasury- to San Francisco.
The requirement is Ter the crops. Arrivals
of foreign gold to figure in next Saturday,
bank statement already amount to over
$4,000. leaving upwards of a million en-
gagged previous TO to-day. but not received.
MORE GOLD ACQUIRED.
In addition. about sl.9Oo.0o0 was taken in
the London market for New York to-day
out of total arrival in that market to-
day Of some s2,7sO0co. There is a feeling
OF assurance. therefore, against more
suingency. But there is not much expec-
tation OF any considerable rise in the
money market In the month of Dec as
funds are Likely to be retained at the in
terror over the yearly settlements The
demand Tor crOp-mOSing purposes, how
ever, is believed to be over for the pres-
ent. The market closed exceedingly dull,
but steady and near the best.
Little WIS done in the bond market, hut
the tone was firm. Total sales, par value,
Ss024.0O United States new As declined Il
per cent on the last call.
Wall Street Gossip.
Reported by the New York Commercial Adver-
Fourth street.
Foreign-There was little done in American
stocks in London to-day. Prices were Irregular
but with more declines than advances. Arbi-
traEe houses bought and sold. Out OF total Of
1s.0 90 shares they bought a few hundred shares
On balance.
Psnnsylvania-One OF the features was sharp
ADVANCE on what locked to be covering by room
shorts: Al all events the larger room traders
were the principal buyers The room shorts COW
cred because the rest of the market became
strong and because the offerings Of Pennsyl.
comfortable.
Pacifcs!The strength Of Union Pacific and
Southern Pacific was accomplished by so much
talk Of what the improvements planned by the
management would do for the companies that
he street fell back on Its theory that the move
inent vas due to manipulation by Hartman
brokars.
Louisville ami Notwithstanding was TAX
e. OF recent ruMorr that good dividend would
OF the tail; Of IN Increase Iu L. & n. ratio to
u5opk fy~iceS bOtif eaJH by