The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-25
STOCK MARKET BUSINESS
Is ALMOST AT STAGNATI0N.
DEALINGS SCATTERED AND
PRICE CHANGES SMALL.
Transactions Now Almost Entire
~ Confined to the Efforts
of Scalpers.

New York. Aug. H.-To-dny's dull and
sluggish market accorded with expectations.
The volume of transactions fell to about a
quarter Of million shares and this small
business was on rapidly diminishing scale
during the latter part Of the day. In the
last hour of the market there were long
intervals when no quotation was recorded.
The tone was rather heavy throughout. but
hardened slightly at the last on covering by
the room shorts. Some inclination to sell
was carried over from Saturday on ac-
count of the bank statement and the filing
OF petition in bankruptcy by Stock Elk
change member, although it was subse-
quently withdrawn, had slightly depress-
Ing influence. The special weakness in New
York Central at a decline of 2 points was
the known necessity for the raising of ad-
ditional capital overhangs this stock and
causes It to be decreased at Intervals
VARIATIONS SLIGHT
Only few stocks of the first Importance
got as much as point away from last
weeks close. Realty preferred made dip
of "a points, but afterwards rallied and
steaoied. There was an evidence Of support
by market leaders for various leading
It is the general conviction that the process
OF closing out the larger class Of specula-
tive accounts, which are the outgrowth Of
a prolonged price movement in either di-
rection has been about completed and the
market left to revert to the smaller class
of SPECTATORS, who confine their operations
to the boardroom in efforts to scalp daily
profit of a fraction
Last weeks lessening fluctuations and to-
DAYS semlstagnation are the proof of the
closing up of larger speculative commit
ments. 1t is expected that the outcome OF
the corn crop will be awaited before the
market enters on. another distinct phase.
sentiment in Wall street also continues
doubtful as to whether the Industrial and
mercantile structure at large will be spared
a process of contraction similar to that
which had been going on in Wall street.
MONEY ABUNDANT.
Money on call continues cheap and alum
dant. but this is because lenders continue to
keep their resources in that shape, SO as to
be readily available. Time loans and mer-
camille paper continue to reflect firm tone
In the interest rate and great circumspec-
ton is exercised in the matter of collateral
on all loans. There is considerable demand
from the mercantile community, and bank
ers attribute last weeks loan expansion by
the banks largely to this cause 1t is ex-
pected that the late corn and cotton crop
may delay somewhat the full interior re-
qcirements for currency, but this demand
is now daily awaited. Sterling exchange
in London. Rains in the spring wheat belt
and talk Of large export engagements gave
firm tone to that cereal. while corn was
easier on good weather. Statistics of rail-
continues jmall. but railway officials assert
that the lovement of general commodities
is keepi1s the traffic at high level.
The bond bond market was dTll al and heavy;
States bonds were all unchanged on the last
call.