The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-21
ACUTE DEPRESSION NOTED
IN NEW YORK STOCK MARKET
PRICES FALL BELOW FRI
DAYS CLOSE ALL AROUND.
Trading Languid With Sluggish
Movement. Most Transactions
Originating in Board Room.

New York June 2o.-rO-day's stock mar
ket made some Roadway against early de-
preston. which seems to be reflected from
London. but the disappointing bank state
ment carried prices to below last nights
level all around.
The trading throughout was languid and
the movement of prices very sluggish.
Very few transactions were of an origin
outside the board room. Some support
Sc emed to be accorded TO the United States
Steel stocks and the Coalers The contin-
uance of this years schedule Of prices for
steel products and the announcement of
the placing of large orders for steel rails
heircd the steel stocks and was en-
couraging factor for the whole market.
lEeie Were some special points OF weak
ness. notably smelling. Its decline of 25s was
due to disappointment over the failure of
dividend action at the recent directors
meeting. The weather report from the corn
Leit ana the firmness of the cereal markets.
as well as the rally in cotton had an unsat-
lsfactory effect on stocks. and the reports
of the danger of a passenger rate in me
northwest were not liked.
RAILWAY DISPUTE.
The new steps taken IN the suit OF MI
nority stockholders in the Southern Pacific
against the Union Pacific interests disposed
OF the supposit.on that tbs dispute had
been COMPROMISED REPORTS from tSoston of
a cut in Copper by a leaGlng competitor
depressed Amalsamdted. Colorado Fuel was
hurt by the vague rumors of a renewed
tutUEedh OF Internal ulSStilSlOUS ONt- III
control of the company.
Instead of the expected increase OF $500
coo in the cash in the banks the weekly
statement shows gain OF only sl.35s,s1J.
Last weeks gold exports to South America,
which were too late to figure in last week $
statement. would account for only a small
part of the discrepancy. Hobby and vaca-
ton requirements supposed to have
made some local demands upon the banks.
The increase in loans although small. de-
tracted from the benefit of the cash in
rr.AS to hn N Nrh
ated by only So, 100. a rise in the discount
rate at London and a sharp .ecrease in
sterling at Paris and Berlin were calcu-
lated to increase the pressure for gold upon
New York.
REVIEW OF THE WEEK.
Narrowing and irregular fluctuations
have marked the weeks operations in the
stock market. The renewed decline early
in the week after last weeks sharp re-
covery was viewed with some anxiety. lest
il might indicate renewal of the hquida-
ton. which would carry prices To a lower
level than before and precipitated new
burdens upon the market. But support de-
vcloped before prices got down to last
weeks low level, and the uncovering of
fresh stop-ioss orders and a new wIpng
out of margins We're thus avoided. such or
ders having been largely cleared of brok-
ers' books py the previous decline.
The professional operators in the market
pretty generally accepted this as a demon
StratIon that large and urgent liquidation
had been completed for the time. but that
was likely to encounter fresh pressure TO
sell. Bear tactics TO depress prices. on
the other hand. seem TO meet buying orders
of substantial character. which takes
stocks out of the market for investment.
and thus fortifies the market.
;. This kind of buying. however. shows
itself extremely cautious in following any
advance in prices. The natural result is
the sluggish and waiting market which de-
WALL STREET GOSSIP.
Current discussion in Wall con-
Germs itself as much with the sources and
motives of the recent extensive selling of
stocks as with the prospects of the future.
Mr. Morsanss pronouncement that the
WORK itself out in time with no harm re-
Sulung where the undigested securities
We're inherently sound has not availed en-
tirely 10 reissure sentiment in view OF dis
closures regarding some OF the recent cor
poration formations. But that much has
been achieved towards the process of dI-
g.stion result OF the liquidation in the
stock market is believed
So far as it has resulted in the repay
ment of loans tor holding new securities
and the taking up by ownership of his Sc
curtties. the process of digestion may be
said to have been effected and the overex-
tension of credits relieved. So far as this
process has been completed. the problem
of the future must deal with the soundness
of the securities or of the industries which
they are intended to represent. II must be
allowed that feeling of anxiety on this
point deeply underlies the depression In the
stock market. -.--..-
The resort to the courts by dissatisfied
participants in the United States Ship
building organization and the charges and
recriminatiOnS made in that suit have af-
fected sentiment toward the whole group
of industrial securities. The fear of Excess
SIve capitalization is the more effective on
account of the current doubts over the in
dustrial future.
49, LABOR OUTLOOK
With the general unrest of labor and the
certainty of future demands for higher
wages. with the political unsettlement of
a national campaign in sight. the anxiety
over the labor outlook remains q dominate
ing factor in the securities market. The
week has not been free from crop scares.
normal to the season. and the feverish tone
of the sDecula ton in the markets for the
great agricultural staples has added to the
effects of these.
The influence of this speculation on cur
failing the export demand is of especial
weight on account of the situation In the
exchange markets. where the supply of eX-
change is so restricted and the demand for
remittance so considerable to keep the
question of gold exports open on each avail
able shipping day.
The compilation of reports of national
banks of their condition of June IS
awaited with great interest for the light il
will throw on the banking situation
throughout the country. The unstable con-
dition in the iron and steel trades has served
TO keep speculation in stocks more or less
unsettled. while waiting for the basis for
future business TO be adjusted.
Bonds have moved in sympathy with
stocks. United States IS coupon and the
new Is advanced 4 per cent, compared
with the closing call of last week.