The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-10-06
STOCK MARKET FALLS INTO
HANDS OF PROFESSIONALS.
PRICES SLUGGISH AND
TENDING LOWER.
Announcement of Action on
United States Steel Corpora
ton AnxiOusly Awaited.

New York. Oct 5.-To-day's stock mar
ket dropped into a professional nut and
there was a s~hriEkage IN the dealings to
about half the recent daily average The
movement OF prices was exceedingly slug
Eish and showed little disposition to get
far from last weeks level. The bullish
professionals who had formed a hope that
the considerable strength shown last week
would serve to reassure buyers and bring
them into the market were decidedly dis
appointed. Notwithstanding the fact that
It fs usual for considerable orders 70 ac-
oumulate in brokers offices over Sunday.
there were fewer orders either TO buy or
sell in this market tnan lo[
many weeks past When the failure OF
buying was perceived the traders sold the
market, with the result Of slowly saggins
prices all through the early part OF the
day There was no renewal OF the late
urgent Liquidation such as kept sentiment
unsettled and nervous unit the bankers
support turned the markets. But the re-
Covery from last Mondays low level,
which has run from 3 to 5 points for many
Of the most prominent stocks. seemed TO
e measure the reCuperative power OF the
market for the present
STEEL DIVIDEND.
The news Of to-day was rather favora-
be thar otherwise. but there was very
little Of It bearing on security values. To-
Ag@AS" - Az NIl - 80 ~ -. 49,
dividend on United States Steel common.
Offers were made In the curb market to-
day OF the prospective dividend Of ! per
cent Reports from London that several
million pounds sterling were adoat for that
center from India and Africa were a re-
assuring factor on the London market. as
81 promises means 10 supply American de-
mandS upon London for gold should the
eIigencies Of the money market demand It
Gail money here was hrsner, but quota
lions for loans on time were somewhat
aNaEnn Tho WHwna mmannU HnnwLEW hnuw-
ever, Is largely nominal, the demand be-
ing languid n lenders still incisposed to
press funds upon borrowers al current
rates Some rumors continue to circulate
Of large loans yet 10 mature, whose NQui-
dalton may necessltate renewed selling IN
the stock market But there was no sign
OF this to-day.
STREET Is PUZZLED.
Wall street continues to puzzle itself
over the enormous loans disclosed By the
national banks in the statement OF condi-
uons to the Comptroller on September 9
The yeaTs-e expansion in loans OF upward o.
$4,000 with a falling on in deposits fot
the same period OF over So,oo0,pq0 Is the
ErOund for some u-neasiness over the gen
eral situation. This condition seems 70
point to a conclusion that in spite OF thu
enormous LIQUIDATION there is still much
borrowed money tied up. In the case OF
stocks which have been saved from eac-
Tihce by response 10 calls for margin the
enormous decline In price Of securities
must, OF course, have involved TIE placing
OF very large additional funds. Stocks
thus held through a long decline are a
threat hanging over the market, on any
considerable advance in prices. There was
some slight recOyery at different times,
but the demand was nothing more than
short covering. and the closing was heavy
and nearly staEnant.
Most Of the speculative bonds were weak,
but some Of the higher-grade issues were
bought IN moderate amounts Total sales,
par value, 2-2A0g0. United States bonds
were unchanged on call.