The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-10-11
DEMAND FOR STOCKS IS
ONLY APATHETIC AT BEST.
MARKET Is To
LIGHT SELLING.
Disgust at Methods of Trust Pro
motion Has Grown Amazing
" in Wall Street.

New York. oct. 1O-Demand for stocks
was apathetic today and left the market
vulnerable To very light selling. Some Of
this was palpably professional short SELL
ing n there seemed to be 4 professional
contest in the late dealings. The party
Of reaction conferred their attack on Uni
ted States Steel preferred. forcing it down
.. to Sc. This stock sold at 5Sza last
month. but otherwise never sold before as
low as tO-day's Price. The party f~avorinE
support in IN" market seemed most active
IN AmalEsumated Copper. That stock re-
sisted the general depression and Was
marked Up at one time Ia over last night.
There was some systematic buying also Of
Chicago and Alton. The contest was Who'll
Is Professional and not based on any news
50 far as known. London helped the de-
preston here somewhat and sold stocks
moderately. Fears are entertained there
that next weeks Stock Exchange settle
ment may uncover some embarrassment.
The tone Of the weekly trade reviews was
somewhat conservative and reflected the
state Of doubt which has been caused by
the reduction in United States Steel divl-
dCndS and the decline in profits in the iron
and steel industries The reports Of week
y bank Cl"IrinEs show sharp cuutractionS
as a whole compared with the CORE
SlNllAlllE week OF Al~L year But IN the
analysis ii is found that the decrease is
wholly due 20 shrinkJEe in New York.
Boston and Philadelphia, the four other
leading cities showing considerable in
creases. and the average for all other
cities a small increase.
These factors have only awaited partly
to onset the feeling OF disapproyal with
which the incidents In the promotion field
are viewed.
The bond market has reflected the grow
ing ease in the money market In some re-
NfENl Of investment demand for 4 good
grade Of railroad bonds. United States =.
Is n old q declined = per cent each
from the closing bid last week.
RALLY WAS MONETARY.
The market seemed encouraging by the
bank statement. and rallied m0mentarily.
The increase in cash was considerably
larger than expected. But the statement
Is 50 complicated 10y the merger opera
tons Of the National Bank 0f Commerce.
and the Western National as 20 throw II
out or balance. 10 Is inferred from the
small loan change that commercial hor-
rUwinE has Kept pretty steady uaC, with
the liquidation Boo the stock market The
market closed easy aud quite active. De-
vvlOpments during the week have resulted
IN "A new uutFuurluE OF stock on the mar
kst and almost entire paralysis % de-
mIuI. FOR the stocks most largely pressed
for sale. The effect has been "A renewal
Of tha feeling 0f DEPRESSION and gloom
which always gathers over Wall street
In n period Uf declining prices The liqui-
AtIlpA mas bHtu OF q most UlflCllt Cudr-
acter from that Of the recent past. which
was manife~tly forced hy financial ueCes-
stiles. due TO the failure to find a market
for many Of the new securities formed
out - recent promotion projects. This
week the selling Is attributed 20 distrust
on the part % the holders over the Indus
trltl eltiogA anu over the tuturs earning
power OF shares In corporations There has
been an occasional account Euuidated
which seemed 10 be caused hy tn mItur-
ing Of q loan Of whirh extension could
mot Ia had and for which tho COLA NarHrN d
therefore came upon the market. But the
prevailing topic In Wall street has been
the irritation and disgust Of shareholders
over the d~eNelOVmeutS regarding the prop
critics In which they have embarked their
money. LEADING them TO abandon hOp" 81
better conditions and To throw over their
holdings for what they would bring.
PUBLIC DISGTSTED.
The reduction Of the dividend on United
States Steel from = To a . percent basis
was the first Of these developments. The
long downward course Of this stock In the
market seemed a sufficient iutimatiOn Of
what was to come. but the fact remains
that the common expectation In ~speculI-
tive circles was Disappointing as II was
supposed that the retention OF the dividend
involved "a polio connected with the for
nation OF the cooperation. which would not
De depaTted from while fundS were avail
able for the distribution. The wisdom Of
this policy came In Tor Criticism vhen the
corporation announced It's q issue and
the necessity for increased working cap
itaI. which prompted the bond issue. In
view Of the partial failure Of the bond Of
fering and the marked decline reported in
the rate Of net earnings. and the heavy
decrease In the untitled orders on hand.
compared with last years corresponding
quarterly statement. the wisdom % the
preSEt iividsnd reduction Is generally
hy di.intereSted financial critics. |
But this commentator carries with u a
81 having entered upon dividend
payments In the nrst place IN view Of the
outlay ahead. The wisdom NJ
the reduction Is prelicated upon an aimis-
sion II the fact also that a declining de
utuud FOR iron and steel j. 10 De faced.
Ire implications To be drawn from this
prospect proved q so disturbing a char
acter as % throw sentiment into depres-
sion again
BAROMETER OF TRADE.
Iron and steel as a barometer OF general
conditions have a high authority in
street. and the proportions OF the
reaction in hat market thus reduced TO