The St. Louis Republic., 1903-10-04
STOCK MARKET IRREGULAR
AND LACKING IN SPIRIT.
LONDON'S INFLUENCE AIDS
OPENING DECLINE.
Bank Statement Less Satisfac-
tory Than Was Hoped, in View
of the Months Needs.


narrow and dull and largely confined to
professional operations The movement
was decidedly irregular. especially at the
close, when some OF the leading stocks
ran up 10 the top level OF the day. nOta-
bly, St Paul and New York Central. while
others ran OF to the lowest. Erie and
Missouri Pacific being conspicuous. The
tone was somewhat unsettled throughout.
LondOn's influence caused the opening de-
cline and an effective rally was lost on the,
appearance OF the bank stand The de-
crease in the loan item was satisfactory
In View OF the heavy requirements Of the
october l settlements. and the Steel con-
yersion-syndicate needs. but the decrease
In cash OF Sl.s6i. 800 disappointed expecta-
tons- This item. however. was compli-
Gated by the cash-dividend payment OF
the National Bank Of Commerce In the
adjustment Of its merger with the West
ern National Bank. The market rallied
well and closed Irregular. as above indi-
Gated There was evidence OF some left
over hquidauon, and the outcome Of the
haltimore banking embarrassments was
still a somewhat disturbing factor on SEN
timenI The violent jump in the cotton
market on the Governments monthly re-
port Of conditions was not well received
in the stock market. Sterling exchange
was easy and discount rates declined IN
London. with reports Of large arrivals OF
gold from South Africa New Nork's
probable coming requirements upon Lon
ciiitated -The showing IL the s5nriuai re-
ports Of Reading and New York Central
was considered favorable. There were
signs OF continuance Of arbitrage opera
tons by the underwriting syndicate BY
buying United States Steel preferred and
selling the bonds
SENTIMENT BETTER.
There has been considerable improve
ment In sentiment in Wall street during
the week. as a result Of various causes,
but principally the tightening OF the press
ure OF unexplained liquidation. which had
been going on for considerable time and
followed With an urgency and a dlsregdrd
Of prices which stamped u unmistakaoly
as necessitous- Selling OF this character
was still in evidence on Monday and made
the closing OF the market on that day
weak 10 the point OF Generalization The
next dag showed a sudden and uneN-
plained reversal in the course OF prices.
Il became very evident in the course OF
the day that the strongest banks and cap
italists were buying stocks at various
points In the list for the purpose Of sup
porting prices and soothing the fears
which were threatening 10 run into panic
ment had been entered into 20 this end,
but II Is certain that there were meet
ings and discussions Monday night be
tween the eapitalisis eoneerned- Wnich .l,sl
ion as 20 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 mar
ket. were being sold again and there were
signs Of a recurrence OF liquidation which
caused the clouds Of gloom TO gather
about the Stock Exchange again
RETURN TO NORMAL
But when this reselling was accom-
plished the market took on a more nor
NAL appearance OF strength and seemed
comparatively free from forced liduida-
ton The selling orders which originated
In Philadelphia and Pittsburg. were espe-
ciaIly heavy. and the special weakness OF
Pennsylvania and the Traction stocks was
a feature Coupled with the uninter-
rupted fall In the United States Steel Sc
curities. the gurmLse was formed that the
financial trouble centered about the iron
and steel Industry. The closing OF various
mills and the admitted necessity for cur
tailment OF the pig iron output gave add
tionai force 70 their sumises and gave ap-
prehension that coming unusual depreS-
sion and an economic crisis was being |
foreshadowed hy the continued depression |
in the securities. II was obvious that the |
apprehension in the stock market was |
having a reactionary eifect upon the com
mercfal situation and this was authori-
lively pointed out In the iron and steel |
market. Closing down Of mines In the |
anthracite region. owing 70 an accumuia-
ton OF stocks. was an additional factor |
in the feeling OF depression. The turn |
In the situation was due. 20 some extent. |
to the exercise OF main strength By the |
great banking interests
The anxiety Of Monday led TO a thor |
ough canvass n the situation by banks. /
were able to ind no trace OF the mystic |
Ttous trouble. which persistent rumors |
said was hanging over the market. The /
views OF Jacob III Schin OF Kuhn. Loeb |
& Co. on the situation. In an interview i
for the Associated P-=ss. attracted much /
attention. Mr. Schin characterized the /
selling movement as a fever, which must /
run It's course. and which had reached /
which found no basis in rea-
son. or In the situation and outlook Mr.. i
Schin. however. pointed out that with the /
inability Of corporations 20 finance their /
requirements. owing 10 the impairment /
and contraction Of credit. business \
throuEhout the country must. after a
time. fall OF. with the consequence that /
a large amount of funds will then be /
found seeking employment with stimula-
tion OF the demand for securities The i
had some influence In relieving the situa-
END OF CORNER.
The end q the corner In cotton Is cal
culated 10 have far reaching eject. both
In financial and industrial affairs The
demand for commission-house
account and for cotton mills made Itself
artificial price itvel established by the
corner. and the confidence Of a large ex-
port demand 10 follow q flood OF cotton
bills into the exchange market. with n
resulting break IN the sterling rate TO
within measurable distance Of the gold
impor. point
F'ree supplies have come into the money
market as result OF Government opera
tfons Including the redemption Of per /
cents and deposit Of internal revenue re-
reiptE In the hanks. The arrival OF over /
4 million dollars IN gold az San Francisco
from Australia and it transfer through
the treasury 20 New York had a timely