The Birmingham age-herald., 1903-10-08
STOCK MARKET
 IS BEWILDERED  Reduction of Steel Dividend Brought in Selling Orders STOCK WELL SUPPORTED Marked Weakness of Amalgamated Copper, Which Lost More Than
 Three Points at One Time,
 Had Sympathy on LIst.
STOCK WELL SUPPORTED

New York, October 7.-The stock mar ket moved in a rather bewildered way to- day but the dealings represented little more than grouping Of professional tra- ders 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 for acting with banking interests connect ed with the corporation. Support was ac- corded the stock. especially the preferred during the rest of the day, and the person. ality of the brokers employed for this purpose caused a surmise that the market management of the stock had come back to the hands that was trusted wdth the first Notation. The common stock was forced down over point at one time, and the general list was heavy after the open ing f1rmness. The marked weakness of Amalgamated Copper which lost more than points at one time had decided sympathy on the general list. Traders who sold the stock pointed to the fact that as an industrial on a per cent div idend basis it was too high compared with United States Steel now on the same
 
 basis.
 But the inferences drawn from the movement of the stock as to the market attitude of the large capitalists controne ing this corporation were of much more effect on sentiment than any dividend comparisons. The accompanying weak ness of St. Paul gave emphasis to this view of the market attitude of Standard Oil party and made the contrast stronger with the support in evidence for number of the Morgan stocks, including the steels. Erie was also notably firm, notwithstand- ing the depression amongst the coalers as a group. Assertions were heard that the coming cold weather demand offers little prospect of an absorption of the accumu- lation of anthracite. Erie had the advan- tage of It's excellent annual report and the annual report of Louisville and Nashville and the September showing of New York Central 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 quar- terly dividend of 1 per cent and to the growing sense of security as to the safe ty of the corn crop. The insufficiency Of dividend considerations to hold prices of the industrials was shown in the case of American car, which fell point in spite of the retention of its one per cent quar- terly dividend. The preferred stock also fell three points with a recovery of one. The decrease In net earnings for the past quarter of $4,339 4S7, compared with the corresponding quarter of last year of United States Steel corporation, and the falling off of 1,114.265 tons in the thrilled orders on hand for the same period, had depressing effect on all the iron and steel industrials, and, indeed. upon senti- ment as whole as being the most conclu4 sive evidence of the extent to which com- mercial reaction has already extended, and the danger of its still further exten- sion. Money conditions are growing un- mistakably easier and the demand for commercial paper for New York account is reviving decidedly. Time money is in Increasing supply while the demand at prevailing rates is almost wholly nominal. The increasing ease of money is having It's effect in the growth of some invest ment demands for railroad bonds of a good trade. Total sales par value, s1- 220, CO.,
 United States 2s declined A per cent on the last call.