The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-27
WALL STREET CONTINUES
ITS BUSINESS DECLINE.
DEALINGS AT LOW MARK
AND PRICE CHANGES SMALL.
Brokers Who Have Remained Act.
i've Complain That Their Eff
forts Have Little Effect.

New York. Aug. 26.-Nothing worthy of
extended comment was accomplished by to-
days meager bidding In stocks, either in
the way Of distribution of securities or
price changes. The volume of dealings fell
another notch toward absolute stagnation,
with total for the day of only about
10000 shares. and the cases in which the
price variations reached a point were very
few. 1t was observed that the telephone
calls on the exchange and the annunciator
calls to members by number were extraor-
dinarily few. which Is regarded as evidence
that very little business originated outside
the exchange. Even the professional OPP
orators of larger caliber are going away
for delayed vacations, which have been
prevented heretofore by the troubled state
of the market. and the smaller class of
room traders have the market to them
selves. 1t is the complaint amongst these
that when they offer prices down they are
unable to force any renewal of LIQUIDATION,
and that they soon meet supporting orders.
while II they attempt turn on the long
side of the market they are unao!e to find
a satisfactory market TO realize on at any
advance in prices.
UNDERGONE HEAVY.
The undertone of to-days market was
heavy. but the only apparent reason for
this was that yesterdays movement was
upward. thus exhausting the limits of the
small traders in the decline. Attention in
the financial districts is centered upon the
money marker, rather than upon stocks.
To-day's official admission that the efforts
Of the Consolidated Lake Superior Company
to secure subscriptions to Its bond issue
had failed. was another example OF the
extreme difficulty at present of inducing
capital to assume any fixed form. There Is
continued unwiIlingness to lend money on
time. and rates are strongly held. although
there is little demand for loans of This
class, owing to the extreme dizziness in the
stock market. But commercial paper of the
highest grade finds difficult market.
There were further offerings of bankers
finance bills in the foreign exchange mar
ket to-day, which caused a yielding tone
counts at London and Paris Attention was
attracted TO the returns of the Canadian
banks for July. which show falling off in
these institutions of more than $4,000 900
in twelve months. while current loans in
the United States were reduced by about
EXPLAINS LOANS.
This helps TO explain the persistent main
tenance of the loan accounts of our own
banks in face of the heavy stock-market
liquidation. The market strength of silver
is also feature of the situation. to-day's
rise to 56ssc an o. marking the highest
level touched since November of l.Ol- 1t Is
believed that the London dealers have over,
sold the market, and are now covering, anu
there is some special buying for mintage
purposes by the French Government. Atcn-
ison had some advantage from its July
statement of earnings. showing an increase
of $50. s31 in the net conserved out of an
increase of S7S9,SS in the gross. Erie and
Reading were also relatively firm on the
expectation Of very favorable showing IN
the forthcoming annual reports. There was
profit taking in cotton. but wheat advanced
on unfavoraole crop news. and corn showed
some strength.
The bond market was exceedingly dull,
but steady. Total sales, par value. 81, 5000
United States Is advanced " per cent on
the last call.