The St. Louis Republic., 1903-10-18
REALIZING SALES FOLLOW
ADVANCE IN WALL STREET.
RISE IN INDUSTRIALS
STEADIES MARKET.
High-PIiCed Railroad Stocks I'm
prOved-Wcek Has Been Full
OF Disturbing Forces.

New York. oct. I7--N estcrdIy'S sharp
recovery in prices brought in "a large num-
her OF buying orders this morning and
the stock market was very active during
the Erst hour. Ey the end OF that time IL
bcr.Im- very evident from the narrow
movement of prices that III" demand was
being freely ted To take profits on ycster-
Gays rise. The bears thereupon became
less soIicitous TO cover their short con-
tracts and ceased to buy. The sellers al
lowed prices to slip hack To about last
nights close. at which point there was Il
marked decrease i'm the volume OF busi-
ness. with the movement Of the market
brought practically to Il standstill. The
market FOR the rest ~ the DAY WAS some
what hcsitating and irregular. An ad-
vance Of IboIt "a point in Amalgamated
Copper. United States steel preferred and
Union Pacific had "a reassurInE effect and
st"adiCd the market. but failed 10 LIT II
10 a materially higher level.
INDUSTRIAI.S RECOVER.
Several industTi5ls which have suffered
violent losses during the week made
sharp recovery and the high priced coal
ers were marked UP several points at
Cumuldtlons OF steam sizes OF anthracite
are being worked on. Inc bank stale
mcut was regarded as favorable. The
further contraction in loans is q salts
factory development and the small de-
cline IN cash reserves I'm face of the ap-
parent gain by the banks on the week 5
currency movement Is attributed TO pos
SiJie Withdrawals by the trust companies
The market did MT hold and closed easy
but dul.. The weeks decrease In bank
ClearinCs again CeuterS in New York.
q nFFf
To the decline in speculation. while the
average Tor the rest OF the country shows
an Increase over l-st year. Imports OF
mercha ndiSe at New York for the week
show a decrease Of S992 00O from last
week and Ct Sl,6-fO0 from the correspond
ing week OF last year As bearing on the
increase Of our power 10 draw on foreign
ceuters for money needs The stock mar
ket has been unsettled all week by sew
eral disturbing factors and continuance OF
Liquidation in spots. The trouble has cen
tered in the industrials. as for some time.
and the dividing line between that class
and the railroad stocks has grown dis
tinCt- This had led to some effort on the
part OF the professional operators TO in
augurate an upward movement I'm the
railroad list In face OF the continued de-
preston IN tnduStrials.
SUCCESS Is MEAGER
But the attempt met with meager sue
cess beyond the comparative steadiness
OF the shares OF railroads until the sharp
rally ON Friday. The disturbing Influences
have come from outside sources rather
than from local quarters. and still have
to do largely with security market con-
siderationS rather than general business
and industrial factors Thus the unset
Element ON the pittShurE Stock Exchange
has been reflected on tine New YORK eN-
change. The prospect OF the passing OF
divideni j. on the tructble Steei pteIeTItSu -
stock caused by the falling through OF th5
Intended purchase Of the Clarion Steei
Company by the United States steel COR
poration has thrown a burden ot hquldS-
tion Of more readily marketable stocks
upOn the New York market, especially OF
United States Steel stocks, when nave
figured cOnSniCuOuSly In the week 5 as
turbunCc- Liquidation has come iOlH
Canadian sources and from Boston. OF
which the causes are not clear from hHy
public knowledge Of the facts A group o.
Canadian speculative taVOrites were mus
affected BY this selling. but the syInpa-
thetic effect on the general list was con-
siderable and gave rise 20 persistent fu-
morS OF financial troubles. s
The IsnndOa stock market mas p.ts,eu
through "A troublesome settlement uuLHls
the week which proved severe STRAIN
and reflected some influence upon the .3sl!,, Ius,
side financial world Al the same uIne
the market has rot been Tree from 1e,
pressing influences drawn from induSsIl4i
Developments. The Teductlon pa tuy wv, ",
1end and the formidable decrease IN net
earnings OF the United States steel Cor
poration have teen a persisting inhuence,
0fficiaI admission OF large reductions IN
working force by number OF the great
railroad systems have pointed to gen.
erll policy OF retrenchment In that quar-
ter OF the Industrial world. The departure
OF an inspection party OF United states
steel officials with the avOwed purpose or
seeking measures OF economy OF opera
tiOn and reduction Of working force where
possible pointed TO the same conclusion
The high rates paid for temporary loans
by railroads within a year past show that
many large projects were being. carried
forward OF necessity. owing to the stage
to which they had already reached.
FEAR AWAKENED.
But the present movement aWakens the
fear that their continuance Is to be limited
TO these necessities and that curtatlmeut
is in view. This fear has had It's clearest
reflection in the weakness OF stocks OF
railroad equipment companies ana the
close affiliation OF these with the iron ana |
steel trade has aggravated their weak
ness RumnrS Of heavy cancellations OF |
orders in various lines of railroad eqGip-
msnt have played their part in the weeks
operations IN stock. These prospects |
have directed attention to the LABOR OUT |
look. which Is viewed with Apprehension |
IN Wall street. The troubles IN the struc- /
tural steel trade are attributed IN large |
degree to the tying up OF ouildlns opera
tiOns Ey strikes IN NeW foIh anu otheF
forces in the steel works indicates the re-
1ctionarv effect Of this cutting on Of i'm 4
Dortaut consumption
REDUCING CONSUMPTION.
With the reduction OF WOFhlus IoTCeS /
on railroads. the economic problem OF re-
Iuction Of consumption growing out Of
stoppare or wages gains increasing weight
.u me consideration Of the outlook The /
sentimental effect OF the United States
mir building proceedings upon the stock 4
market would be difficult 10 estimate.
There is no dificulty FOR the well Informed Il
10 make discriminating judgment among i
he many Industrial securities in the mar
xet and there Is no disposition In such
luarterS TO view the shipbuilding instance
a. other than an extreme illustration OF
he abuses IN the recent trust forn.,-
ions II Is recognized that the snip
luiIdInS episode has focused public atten-
Ion upon the typical abuses OF recent pro-
notion and underwriting to a degree new
n before reached. and the financial world
: IN dread OF the effect OF this public in
,trucfion upcn the demand for this class
y securities both present and future
Prospects for future promotions are con
iidered OF the poorest The very unready
market for this class OF securities which !
as resulted from this state OF mind |
makes them unacceptable as collateral for l
oau-. and no small part OF the stock mar
ret disturbance OF the week has been due /
% the throwing out OF industrials from
.oIlate-al for loans and the selling out OF
his collateral for what IL would bring on
he exchange.
RAILROADS HOPEFUL.
Railroad ofacials continue to speak in