The Birmingham age-herald., 1903-10-04
STOCK MARKET
 NARROW AND DULL Trading Largely Confined to Professiona Operations TONE RATHER UNSETTLED Violent Jumps In Cotton Market on the Governments Monthly Report Of
 Conditions Was Not
 We'll Received.
TONE RATHER UNSE TIED

New York. October 3.-Today's mar ket was narrow and dull and was large lv confined to professional operators. The movement was decidedly irregular especially at the close when some or the leading stocks ran up to the top leVei of the day, notably St. Paul ana NC" York. while others ran off to the lowest Erie and Missouri Pacific being eonspic- uous. The tone was somewhat unsettieo throuehout. Londons influence caused the opening decline and an effective rally was 1ost on the appearance of the bank statement.
 The decrease in the loan item was sat isfactory in view of the heavy require ments of the October 1 settlements and the steel conversion syndicate needs, but the decrease in cash of s1,664.5oO disap- nointed extensions. This item, however, was complicated by the cash, dividend payment of the National Bank of Com meree in the adjustment or lts merger with the Western National pank' The market rallied well and closed IT, regular as above indicated. Ihere was evidence of some left over hquloatioh and the outcome of the Batiihore n Daln ing embarrassment was still some what disturbing factor on sentiment. The violent jump in the cotton market on the governments monthly report or conditions was not well received Tn the stock market. Sterling exchange was easy and discount rates declined In Lon don with reports of large arrivals or goio from South Africa. New Yorks prop able coming requirements upon Lonaon for gold thus promises to be facilitated: The showing in the annual reports or Reading and New York Central was con sidered favorable There were signs or continuance of arbitrage operations by the underwriting syndicate by buying United States steel preferred and selling the bonds 3HkB
 There has been a considerable improve ment in sentiment in Wall street during the week as a result of various causes, but principally the Tightening of the pressure of unexplained liquidation which had been going on for a considerable time, and followed with an urgency and a disregard of prices Awhich stamped 1t unmistably as necessitous. Selling Of this character was still In evidence on Monday and made the closing of the market on that day weak to the point of demoralization. The next day show ed a sudden and unexplained reversal In the course of prices. It became very evident in the course of the day that the strongest banks and capitalists were
  list for the purpose of supporting prices and soothing the fears which were threatening to run into panic.
 Formal denial was made that any agree ment had been entered into to this end but it Is certain that there were meet ings and discussions Monday night be- tween the capitalists concerned, which must have developed a concensus of opin- ion as to the proper action to be taken On Wednesday again there was abundant evidence that stocks which had been bought the day before to support the market were being sold again and there were signs of recurrence of liquidation, which caused the clouds of gloom to gather about the stock exchange again. But when this realizing was accomplish ed the market took on more normal ap- pearance of strength and seemed compar- atvely free from forced liquidation.
 The selling orders which originated In Philadelphia and Pittsburg were especi- ally heavy and the special weakness of Pennsylvania and the traction stocks was a feature Coupled with the unin- terrupted falling Nf the United States steel securities, the surmise was formed that the anancal trvSble centered about the iron and steel iadustry. The clos ing of various mills aud the admitted ne- cessity for cnrtailment of the pig Iron output gave additional force to these sur misses and gave rise to an apprehension that a coming industrial depression and an economic crisis was being foreshad- owed by the continued depression in the securities market. It was obvious that the apprehension in the stock market was having reactionary effect also upon the commercial situation, and this was au- thoritatively pointed out in the iron and steel market.
 London has had the benefit of the turn of the month and this has relieved the New York market from some apathetic depression. The financial embarrassment admitted at Baltimore seemed to be re- garded as a clearing up of a source of pressure whose mystery had been dis turbng element
 Bonds were not so active as stocks, ex- cept for the enormous dealings in steel 5s, but that market had the benefit of the im- proved feeling in stocks United States new and old As declined Da per cent, the 8s coupon s4. the 2s per cent and the 3s registered 1Hs per cent, as composer with the closing call of last week.