The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-12-22
VARIED INFLUENCES LEAVE
THE STOCK MARKET DULL
APPROACH OF HOLIDAYS
PARTLY RESPONSIBLE.
/ Disturbing Factor on Senti-
ment Is the Lowering of the
War Cloud in the Far East.

New York. Dec, ei.-Whatever infin-
noes were in operation in to-day's stock
market issued in an almost tmmovahle
market tho whole interest converSed in a
andful Of stocks. Dizziness is seasonable
I this time, when the year-end money
,roblcms are working themselves out. But
he extraordinary ease of the money mar
-et at present practically eliminates the
honey situation as a factor in the dull
less. The merely sentimental effect OF the
pproach Of the holidays may be reckoned
. induce part OF the duilness A more
substantial factor in to-day's market was
tho gathering of the war cloud in the far
East. which took on SO lowering an aspect
today as to lead 10 a general conviction
In Wall street that an early outbreak of
hostilities could not be avoided. The con-
lotion seemed to be without any marked
depressing effect on our securities mar
.es, except as London's more active in
crest in the situation led to selling of
locks In New York
ACTION DISCOURAGED.
The effect hero was more to discourage
operations on either side of the market.
This effect conforms well to the uncertain
" felt as to the effect of war between
Russia and Japan upon our situation. OF
apprehension. but the point of doubt Is as
70 how Tar the placing Of war loans in
Europe might disiocate the foreign money
markets and upset the expected demand
sor our merchandise products and for our
abroad securities. That considerable is
'ues of new railroad securities are i'm
iinent is the general feeling in
* Of street as a fosa for ss ss
.arket to the extraordinarily large offer-
igs Of funds: Money brokers assert that
ioney on call was more freely offered to-
ay than any other corresponding period
Dr. many years past.
All departments of the money market
Sere affected, 50 and 80 day loans and even
ger cent Mercantile paper for prime
trades also was offered at 81. thus break
ng the 6-per-cent rate which has been de-
;erminedly held for some time past. Senti-
nent WAS affected by the opinions ex-
pressed by eminent banking authorities
when questioned regarding the Likelihood
OF Russian or Japanese loan finding sub
scribers here. to the effect that We are
likely to need money resources in our
own market
ATCHIsoN HEAVY.
There Was some heaviness shown by
Atchison on the ground Of Its bond issue,
and the small grain movement affected
other grangers to some extent. The Atch-
ison bond issue also played a part in the
sharp upward movement of the railroad
equipment stocks. owing to the intima-
ton conveyed In the official announce
ment of the sale OF Atchieon bonds that a
part of the proceeds would be eased for
purchase OF locomotives and new equip
ment. The depression of United States
Steel preferred was accompanied BY fur
Their discussion OF the dividend prospects
for the stock and the expression of dis
couraging opinions as to these prospects.
There was some accumulation of the
coalers, attributed to better trade condi-
tions. The speculatio in the New York
public utilities continued without any new
features and Amalgamated, after advan-
cling slightly. reacted sharply. with the
and heavy
steady. but some Of the active issues were
heavy. Total sales par value 81 .SsO.tl0
J-1ited states 3. So and old As advanced
/, and the new As declined 4 per cent on
the last call.