The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-28
STOCK MARKET BUSINESS
NARROW AND INSIGNIFICANT.
PROFESSIONALS MANAGE TO
EFFECT SMALL ADVANCE.
Efforts to Move Level Far in Eli.
Their Direction Have All Re
suited in Failure.

New York. June 27.-To-day's stock mar
ket was narrow and Insignificant as for
several days past. Professional traders put
up prices slightly on the score of the add-
ton of 1854, 275 to the surplus of the banks.
which is practically satisfactory in view of
the approach of July l settlements The
Pennsylvania stock subscription seems to
have figured both in the loan and in cash
items of the bank statement. The increase
in cash of $4,000, 100 is between 100000 and
100000 larger than was estimated. Some
large receipts from Philadelphia in connec-
ton with the PENNSYLVANIA subscriptions
helped to this result. and the weeks aver
ages probably had the advantage also of
some Of last weeks receipts, which came
too late to figure in last weeks statement.
The large loan increase of S. 800 is at
tributed to the Pennsylvania operation, but
1t is believed that the consummation Of the
Hooking Valley control also figures in the
item. Authoritative Information of the
Hooking Valley settlement is not forthcom-
Ing, but the common assumption is that
Lake Shore figures in the new control, pos
Sibly in company with Pennsylvania and
some of its affiliated companies.
Pennsylvania officials express confidence
that an Insignificant amount, If any, of the
new stock will be left for the underwriting
~
ton OF the subscriptions seem to be paid in
full instead Of the 50-per-cent installment
which was required. The rise of the quota
ton for the stock to 12Ih and the narrow
ing of the gap between the old stock and
the certificates of the new stock were due
TO the success of the subscriptions The
general stock market this week has been
apathetic to an extreme degree. The ex-
pectaton that with tightening of the
pressure Of liquidation which caused the
long decline there would be a rush to buy
demand was proved unfounded by the ac-
tion OF last weeks market. On the other
hand. the professional bears meet with lit
tie success in efforts to dislodge fresh stock
py onerinS down prices. Their discoura cling
experiences have led to a progressive abanl
comment OF attempts to move the market
u! IN either direction and the daily transac-
o orons nave sunk to an average Of about a
quarter OF million shares. The hardness
OF tne market Is In the face of some of the
week news, which might be regarded as
uhtaVorable, caused a good impression.
WAITING MARKET.
= But the market has been entirely a wait
ing one for more light on the future course
OF business and earnings. The volume of
transactions has not sunk as low as during
the midsummer period Of dullness In years
before the recent great speculative move
ment, but account must be taken Of the
large number of new securities added TO the
Lst OF me Stock Exchange during that pc
rlod Many Of these form an inert mas \
winch are not quoted on the tape for weeks
IN succession, In strong contrast to their
activity and rapid-price movements at the
nlpulatton In the interest Of their flotation
An occasional sale of a small block of sa-
eu1ities OF this class when it Is effected Is
made at 30 wide a decline from the last
sale. sometimes mouths preceding. as to
give anxious concern to the holders of the
stock In particular and to security-holding
differences to be drawn from the financial
conditions upon which the organization of
'n Tb corporation was originally based.
dissatisfied participants in some of these
organizations and the ugly charges of mis-
representation and unfounded claims of con-
e d;tions on which the sale of securities was
effected serves to keep alive feeling Of dis
trust and suspension toward the whole class
OF securities. based on industrial promotions
which have been so freely set afoat in the
last few years. 1t was hoped that the fixing
by the United States Steel Corporation Of
Its schedule Of prices for the coming year
and the placing with the corporation Of
livery would clear up the feeling of doubt
over the stability OF trade But the stock
market has failed to reflect any such con-
fidence.
STEEL DEPRESSED.
The iron and steel stocks. on the contrary.
have shown more evidence of depression
than the list in general. and the iron trade
reports indicate persistence in a wait
ing attitude by consumers In that trade
The renewed spread of the strikes in the
New York building trades has been a
factor In this tendency. So has been the
notable liquidation of United States Steel
second-mortgage bonds. carrying them to
the lowest point since they were issued.
The general supposition that this selling
payment OF large maturing loans did not
seem 70 relieve the depressing influence it
mad. The market has had to contend also
to Berlin and Paris, which was more in
fuential as a factor on speculation in view
OF the state Of the banks surplus In New
requirements. The important operation Of
payment of subscriptions for the new
PENNSYLVANIA stock has also overhung the
=, The 5o-per-cent installment of subscrip-
tions due to day called for as. 900 coo. but
SUBSCRIBERS had the privilege of paying In
done so. thus adding to the money-market
requirements for the operation The pay
m In,l OF sqbscriotions by foreign. stock
ply OF exchange sufficient to affect the ex-
change market and to cause decline in
rates from the gold export rate late in the
been undisturbed. nnd rates for time loans
and Tor commercial paper have beeen
shaded shaded The stock market has laid prac-
ana the demands from other sources seem
to be very light.
The news of the crops had not been
sustaining force for prices of stocks and
the rather fevcrish fluctuations in the cotton
and cereal markets with the active specula-
ticn In progress there have been perceptibly
bu, faintly reflected in stocks. Reports of
railroad earnings have been good both of
gross earnings for June and of net earnings
for earlier periods. The continuance thus
shown over the previous high level of earn
ings has been made the subject of some agi-
tation OF the question OF increases OF divi-
dend disbursements. But this agitation is
regarded as of stock-fnarket origin largely
and there Is no deep-grounded expectation
that railroad authorities will advance diyi-
dend rates under existing conditions.
The dealings in bonds have been largely
in the more speculative issues and the i'm
portant price movements have been in con-
United States new IS coupon advanced T.
per cent as compared with the closing cali