The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-01
~ WALL STREET APATHETIC
AND BUSINESS NOMINAL.
RALLY IN ATCHISON PRE-
VENTS FURTHER DECLINE.
Rock Islands Desire to Issue New
Bonds Puzzles Brokcrs--Light
Demand for Money.

New York. July 3l.-The trading in stocks
became extremely apathetic today, and at
times the dealings on the floor were no more
than nominal. The undertone was heavy
but the price movement was very narrow
md uncertain. The recent weakness in
Atchison was supposed 10 be explained by
the statement OF June net earnings. show
ing n decrease, compared with the preced-
ing June. of ssI1 .395. An official explanation
was added that the heavy costs Of tho
floods were accountable for the poor show
ing. The bears. who have been selling tho
stock short, ceased 10 operate on that side
OF the market and covered. The rally in
Atchison relieved the market of yesterdays
principal disturbing factor and checked any
general downward tendency. but the de-
rnand became very light. and the market
was seinistagnant. The determination to
keep out OF the market was partly due TO
the issuance OF circular by the ROCK
Island directors asking for authority 70 Is
sue a s259.oooopo rcfunding and unifying
mortgage
RUMoR CONFIRMED.
This IL a confirmation of many rImors
which have circulated lately without receiV-
ing wide credence. Tho weakness OF the
stock yesterday was due to those rumors'
l and It rallied to-day. indicating that yes
terday's selling was for the short account;
The proposed issue Is a puzzle TO wall
street in view Of the present condlloqhi ol
the securities market Money c9nH .oi;,,,
retained Yesterdays relaxation, and pteliiii-
mary figures indicate a cash gam by LIE
banks for the week OF nearly N.vgVc. inc
repayment OF the pennsylvania loans naS
statemeut but the purchase of the Evans-
vile and Terre Haute. and payments 81
100000 on the final INSTRUMENT on Ine N
ternational Mercantile Marine un Gst VIII" TIA
ing. and OF 100000 on the LOUISVILLE ana am
Nashville bond underwriting may cohpii-
cate the loan item OF the banks
EASE IN MONEY.
The nominal ease In the tine-ioa' MAJ
bets was partly due TO the light demand loi
funds. and this in turn does not. Tree 'he
stock market from evidence OF forced hqui-
dation in spots. Yesterdays extreme weak
ness in some Of the spee,niies Tevxen and
heIned 10 paralyze the trading. Inc SUI uS-
gle for the Consolidated LAKE Sup,stio s,
1,ompany to obtain subscriptions 10 us poliu
offering was accorded attention Tor lis pos
sible echo In the stock market. st Paul :
moderate decrease In Juno net earnings ana
Union Pacifc,s moderate Increase seen ioct 70
'rhe weekly statistics OF grain exports CON
firm the hope OF a good foreign demand Ior
wheat. the shipments rising 5I,45i pu. over
those of the preceding week but the corn
exports have fallen of 5,2.59 bu- for the
same period. The days movements Of prices
were most insigIificant New hoFk Cen
newed rumors that a bond Issue was pend
ing TO provide for terminal Improvement
United Stntes Steel preferred WIS notably
heavy Tho local fractions made advances
and Arnalgamated Copper rose n point over
last might None OF these changes was
maintained and the market closed dull ana
heavy.
Bonds were irregular. Total sales par
value $4,000 United States bonds were
unchanged on call