The Montgomery advertiser., 1903-10-08
WALL STREET. REVIEW
PROFESSIONALS GRoPE FOR E THE TRUE LIGHT.
Ruling of the Market is Bewildered the Action of the Steel Stocks Not Being Fully Under-
 stood by Trades. '

NEW YORK. oct. 7.-The stock market ruled in a rather bewiidered way to-day. but the dealings represented little mcre rn than ,,e sentiment of the real holders Of stocks The reduction in the steel dividend brought in secsn,ed sS%s eda at Srst by one house. which was credited with acting for banking interests con necsed with the corporalE pcsalS ,hs ppeSsrred dur ing the rest of the day and the personality of the brokers employed for this purpose ment of the stocks had come back to the hands that were entrusted with the hrst no- taton The common stock nS %aS n. gener.I s was heavy after the opening hrmness: The marked weakness of Amaisamated Copper. time had decided sympathetic effect on the genera, list. Traders who soia ,osus,ris, tns o% cent .S the sSSend bass %as too high compared with United States tseei now on the basis. But the inferences drawn rom tne movement of the stock as to the marked at- titude of the large capitalists controlling this corporation were of much more enect on sen eompanyins meas ,fas WeaSness of st. Paul gave phasis to this view of the marked attitude or the Standard oil party. and made the e,,eons con, for a number of the Morgan stocks includ- ing the steeIs. Erie was also notably firm. c"aiers as sroup. n Assertions were heard that the coming cold weather demand oners little prospect of an absorption of the & as-
 
 vantage of It's excellent annual report, and the annual report of Louisville and Nashville and the September showing of New York Cen tral. helped to reinforce confidence AS to the general railroad situation. Tho late strength in Atchison which rallied the whole market. seemed to be based upon tho declaration Of the regular dividend of one per cent. and to the growins sense Of security as to the safety of the corn crop. Tho insufhciency of dividend considerations to hold prices of the industrials was shown In the case of American car which fell a point in spite of the retention of its ] per cent quarterly dividend. The preferred stock also fell 3 points with a recovery of ! . The decrease in net earnings for the past quarter of S4. 33s, 4s7 compared with the cor responding quarter of last year of United States Steel corporation. and the falling off of tIt426S tons in the untitled orders on hand for the same period had depressing eff feet on all the iron and steel industries and. indeed upon sentiment a whole as being the most conclusive evidence to the extent to which commercial reaction has already ex- tended, and the danger of its still further ex- tension. Money conditions arc growing un- mistakabiy easier, and the demand for com mercial paper for New York account Is re- vfviing decidedly. Time money Is increasing supply. while the demand at prevailing rates is almost wholly nominal. The increasing ease of money Is having It's effect in the growth of some investment demands for railroad bonds of a good trade. Total sales par value Si .220.- 900. United States bonds 2s declined \ per cent on the last cali.
 New York Stock List.