The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-08
STOCK MARKET DAzED
1T MOVES IN A RATHER CROPPING,
BEWILDERED MANNER
Reduction in Steel Dividend Brings Heavy
Selling Orders-Support Comes to the
Stock-Weakness in Amalgamated Cop
per Affects the General List.

NEW YORK, Oct. THE stock market
moved in rather beWildered way today,
but the dealings represented little more
than a cropping by professional traders to
discern the sentiment of the real holders
of stocks. The. reduction in the steel
dividend brought in some heavy selling
orders, but they were all accepted at
first by one house which was credited
with acting for banking interests con-
nected with the corporation. Support
was accorded the stock. especially the
preferred, during the rest OF the day and
the personality of the brokers employed
for this purpose caused SurmiSe that
the market management of the stocks had
come back to the hands that were in
trusted with the first fotation. The COM
mon stock was forced down over point
at one time and the general list was
heavy after the opening frmness.
The marked weakness of Amalgamated
Copper, which lost more than three points
at one time, had a decided sympathetic
effect on the general list. Traders who
sold the stock pointed to the fact that
as an industrial on per cent dividend
basis it was too high, compared with
United States Steel, now on the same
basis. But the inference drawn from the
movement of the stock as to the market
attitude of the large capitalists con-
trolling this corporation were of much
more effect on sentiment than any diYi-
dend comparison: The accompanying
weakness of ST. Paul gave emphasis to
this view of the market attitude of the
Standard Oil party and made the con-
traSt stronger with the support in evil
dence for number of the Morgan stocks,
firm, Notwithstanding the depression
amongst the Coalers as a group. Asser-
tons were heard that the coming cold
weather demand offers little prospects
of an absorption of the accumulation of
anthracite. Erie had the advantage of
its excellent annual report, and the an
nual report of Louisville & Nashville and
the September showing of New York Cen
trail, helped to reinforce confidence as to
the general railroad situation. The late
strength in Atchison which rallied the
whole market seemed to be based upon
the declaration of the regular quarterly
dividend OF l per cent and to the grow
ing sense of security as TO the safety of
the corn crop. The insufficiency of diVi-
dend considerations to hold prices of the
1ndustrials was shown in the case of
American Car, which fell a point in spite
of the retention of its / per cent quarterly
dividend. The preferred stock also fell
points with recovery of 1. The de-
crease In net earnings for the past quar-
ter of $4,339 4S7, compared with the~cor-
responding quarter of last year of United
States Steel corporation and the falling
Off of 1,114.265 tons in the untitled orders
on hand for the same period, had de-
pressing effect on all the iron and steel
lndustrlals and indeed. upon sentiment
as a whole as being the most conclusive
evidence of the extent to which CONNER
cial reaction has already extended, and
the danger of its still further extension.
Money conditions are growing unmistak-
ably easier and the demand for CONNER
cial paper for New York account is re-
viving decidedly. Time money is in in
creasing supply, while the demand at pre-
Va1llng rates Is almost wholly nominal.
The increasing ease of money is having
its effect in the growth of some invest
m nnad demands for railroad bonds of
$2,220,OO0 United States Is declined u
per cent on the last call.
Closing List.