The Birmingham age-herald., 1903-10-07
STOCK MARKET
 SHOWS LETHARGY Everybody Waited on Action of U. s. Steel Directors DEALINGS ARE VERY SMALL Outside of the Steel Stocks the Trad ing Was Exceedingly Narrow, Only
 Handful of Stocks Going
 More Than a Point.
DEALINGS ARE VERY SMALL

New York, October 6.-Todays stock market lay practically in lethargy pend- ing the action of the United States Steel directors on the common stock dividend. This action had not been decided up to the close of the market, and the pressive in- huence of the suspense accordingly was not removed. Dealings were the smallest for many weeks and small as they were, a large proportion of the whole was ab- sorbed by United States Steel securities which were the only stocks in which the uncertainty over the dividend action was made the occasion for speculative price movements to any extent. This Is largely due to the fact that the financial world has been in great doubt over what the effect would be of the dividend action. Whether the passing or the reduction of the dividend could result i'll any further fall in the price of the company's secur- tiles has been much questioned The con- servatism Of a surplus, 1t is now believed, would have held the market price of the securities better than the distribution of dividends on the comomn stock. which has proved utterly unavailing to hold the market The sharp advance in the pre- ferred stock this afternoon of more than two points, while the common stock was but slightly affected, was due to the party that waS in doubt over the declar- ation of the dividend and 1t was believed that the additional security for the pre- ferred by the retention o. he surplus In the treasury, would result in higher prices Outside of the steel stocks, the market was exceedingly narrow and the governments insignificant
 Only a handful of stocks got as much as point away from last night, and ex- treme movements were not maintained in any place. The early movement was downwards, and London assisted in this tendency to some extent on account of the unsettled opinion in that market from the British cabinet changes. Some of the selling was reported to be for vest ern account, and may have been asso- ciated with the reports of deterioration in the wheat yield in one or two of the western states, which also caused a firm tone in the wheat market. The govern ment's weekly report on corn was con- sidered highly satisfactory, but the re- port on cotton was felt to leive a good deal to be desired. There was no pres sure of liquidation at any point, and the market recovered in sympathy with the late upward movement in United States steel preferred. The full recovery was not held, but the closing was steady and showed very slight net changes as a rule. The time money market seems to be growing softer, and apprehension of any real stringency has been pretty we'll dis sipated The large movement of gold towards London and the cessation of the Berlin demand for gold, seem to assure the prospects for that center. The lateness of the crops does not seem fully to &C., count for the long postponement of the western demand for currency, and the belief is gaining force that the deposit of government funds with western banks has supplied a sufficient proportion of the usual demand to relax the pressure upon New York decidedly.
 The bond market was very full apd about steady. Total sales, par value, g. 643, O0O
 United States Ss declined A per cent and the old 4s F per cent on the last call.