The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-04
WALL STREET DEALINGS
FALL TO new LOW LEVEL
MANY MEMBERS OF EX.
CHANGE OUT OF TOWN.
Week Has Been Full of Disap-
pointment for Those Who Ex-
pected Revival of Business.

New Yort. July s.-Many members OF the
Stock Exchange who had petitoned the
Board Of Governors to make to-day a holi-
day ignored the session to-day and went out
OF town. The handful OF members who at
tended the session to-day traded among
themselves almost exclusively. and there
was scarcely an echo Of the outside world
IN the board room. As consequence to-
days dealings fell below 10000 shares to a
new low level OF activity for the year. The
fact that the grain and provision markets
were closed for q holiday increased the
apathy in tho stock market. owing to the
large importance attached at this time to
tho progress OF the crops Whatever spec
ulattve interest was diverted from the field
seemed to go into tho cotton markell which
divides with It at present tho chief specula-
tive interest There was feycrish activity
in the cotton market over the publication
Of the Governments estimate OF the condi-
ZION OF the crop as OF June / But the cor
Sfeom for just differences Of crop conditions
from the price movement. The improve
ment in the condition Of the crop since the
last report was received with satisfaction
in the stock market. Neither this influence
nor any other caused anything but a
trivial movement Of prices
BANKS CONDITION.
The bank statement was without appre-
ciable influence, although the showing was
a weak one. The increase in the loan aver
ages of ss.s 800 was moderate in view of
the heavy operations of the turn of the
fiscal year, but the decrease OF s.. 80. 800
in cash reserves was disappointment OF
this S, 012.0o went to the Subtreasury, the
operations of tina: Institution having failed
to reflect the Government interest dlsbu-se-
ments until to-day, when It had a debit at
the clearinghouse Of sl-c51. LIS.
There are said to have been large ship
- 81 ll~la Nfgas-srT vi
St Louis, Boston ard Canada during the
week There were very few features in the
market Tho drop to 20 Of Hooking Valley
of the payment Of 1c5 for the pooled COM
mon stock, constituting majority Of S.
sue; with no provision made for the mi
at one time cherished the hope OF g guar
antee of ~ OF s per cent dividends. The
announcement Oh an aoEanced 20, rate 81, Te s19
points In United States Express. Demand
Sor remittance by to-morrow's steamer adj
sanced the rate Of sterling exchange. and
showing a decrease Of several hundred bu..
the dull, tagging movement of the early
fende Sf tn q, the as and Brought the leve
of prices for the principal active stocks to
a fraction above last night and the closing
was arm. Tho bond market was dull and
irregular. Total sales, par value. sl.eoo.coo.
HOPE AWAKENED.
There was some stirring Of speculative IN
terest In stocks early In the week. which
aroused hopes OF an awakening market for
securities. but the hope proved unfounded.
and the level of activity fell away to the
low level again late in the week, with a
saggtns tendency OF values. owing to the al
most total lack Of demand. The increased
animation with which the market started
off on Monday was largely due to the good
impression caused by the outcome of the
Pennsylvania stock subscription. It was
feared that some artificial support had been
given the stock during the subscription
period, and that, with the subscription
closed. and with this support withdrawn,
there would be further fall in the stock
1t was considered OF the best augury for
the money market also that this great op-
Grafton had been carried through with
scarcely ripple
I, With 80 per cent Of the Subscriptions paid
m full. instead OF only the 50 per cent in
ellment Of the subscriptions called for.
requirement upon the money marke,
q hounfed to S.. c0o00. The fact that SC
eEaIl q proportion Of subscribers awaited
tAsmalves OF the privilege Of deferred pay.