The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-04
HOLDS MARKET
IN COMPLETE CONTROL
MARROW RANGE OF PRICES
DESPITE MANIPULATION. S
Persistence Of Large Loans, in
Face OF Drastic Liquidation,
Becomes Cause of Uneasiness.

New York. Aug. 1.-The stock market set
tled down into an almost tmmovahle nut
to-day. Stocks Of the first clasv which
traversed a range Of a. much as q point
might be numbered on the fingers of one
hand Union Pacific was the most promi-
nenf OF these and was forced down at one
I time ~. but was not held there. The SELL
hFas attributed to professional manfpu-
.KNen for efSect on the market The under
] TO- OF the general market was, in fact,
thew. but the drift Of prices was quite
aimless and sluggish to q degree close to
. inertia The only significance to be derived
from the market 10. therefore, a negative
. one. the extreme apathy Of the trading rep
resenting the profound doubt in which the
speculative outlook IL shrouded according
20 all the opinions that one can gather in
the Wan street district. The total dealings
tell below the 10000 shares mark. 1t is
necessary to 90 back to the summer OF 1900.
b5ust preceding the last presidential election,
10 ind q level Of activity ~ low as that
now prevailing. There were several weeks
IN August and September of that year
when The daily average Of transactions was
lsss than 1A;eoo shares and on several days
during the summer the dealings 70. 4 fun
aaye seasion fell % hslow No0e shares
Aifp& 2 when only H44 shares changed
-. The total dealings for the week
49, August n Of that year were only
0E00 shares.
LOANS AAnNrA1NEn
Zhs principal puszls In the situation
which was dwslt on to-day was the aston
ishing maintsnance OF The volume of loans
ut the asDodassd banks In facs Of the thor
-cUgh Incubation to which the stock market
has been subjected
me ensentus shrfnkage in price OF seour-
e sssss .aS re nrssns .sn in te o
securities to mako this shrinkaye in mar
Gins Of 70 pey 81 loans outright has been
month In the stock market. Conjecture loses
3tDelf in he attempt to guess what great
0iskhola can have absorbed the trvmendous
Ecsiiy no szsct On the SI Loan ITEM sA Il Is.
banks nor Of the trust companies The
question OF possible overextenston Of credits
aty for further contraction there similar
70 which Wall street has been going
through engage an interesting amount OF
attention.
WAITING FOR LIGHT.
The action or inaction of to-day's market
reflects the disposition of the speculative
werjd to sit down and wait further light on
49, questions. The improvement in the
ocSdQ1on OF cotton over the previous
months shown by the Government report
On cotton agreed closely. with expectations
and failed to weaken the cotton market.
Tho strength in wheat was calculated also
70 have weakening effect on stocks The
weekly statistics Of railroad trafac made a
and favorable showing. especial
~ IN tie matter Of the general merchandise
41cvezDent- The Western agricultural pop
ulaf1on Is reported an eager buyer Of all
kinds OF manufactures, and mills and fac
tories are lid 70 be 10 large rs to tax the
oQufpment reeources OF the railroads, so
s6af 3 car famine Is threatened.
The bond market was dull and irregular.
Total sales, par va1ue, SSy7 900 United
ofntes bonds were all unchanged en- the
Wall Street Gossip.
Hsportsd b. the Commerciai Advertiser
QrYsgh Ffsrc44 Bro CO.. No IA North
!. Nov xofx. Aug. a-Ecre!sn-Th.s was the
A1gusf bank holiday IN London. and thsre vas
no erbifrase business to-day One
pc foreign housee was large seller OF
ean centrai but r. Sas not for London ae-
I1ft NJ eupposed.
a. 1ealsy-1hsrs xas an early rally in