The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-09
ANOTHER FRUITLESS EFFORT
is MADE TO BOOM STOCKS.
AFTER BRISK START, MAR
kET GROWS DULL.
Steel Makes Fair Recovery After
Heavy Selling - Missouri
Pacific Shows Gain.

New York. July S.-Professlonal traders
made another unavailing attempt to awaken
some degree of activity in the stock mar
ket TODAY During the early market the
rate of activity was equal to.the expanded
dealings of the latter part of yesterday, but
the subsequent relapse was into such com
plete stagnation that the total dealings for
the day dropped back TO about the low
record level for the year. In the light of
This mornings developments. Yesterdays
late drive al United States Steel stocks
seemed to have no other purpose than to
providg bette; vantage . ground 10, Tor an
puraIion's earnings for the quarter lust
passed with its decrease OF over 81 10000
from the corresponding quarter of last year
was no worse than had been expected. and
III. slight increase reported in the June eS
tiTnatCd earnings. compared with June earn
inss OF last year. was regarded as favor.
abb" feature. This ccmnlc'; and preferred
stocks We're lifted about point OH the
score of this showing. In III" active rail-
road list st. Paul and Missouri Pacific We're
the only stocks TO gain as much as this.
GOLD FOR EXPORT
The further engagement of Sl.50ooUo gold
for export and the early sharp rally in the
cotton market seemed to have no effect IN
cotton had reacted that the unresponsive-
ness of the stock market to the stimulation
of light professional buying was perceived.
Prices tnereapon sagSed off and the whole
market fell back into its rut of stagnation.
Reports have been current for several days
that insiders Were buying Erie stocks on the
certainty that the directors to-day would
advance the first preferred dividend to per
cent and declare q . per cent dividend on
the second preferred. Credulous traders
who have followed this INSIDE buying
learned to-day on inquiry that no directors
meeting is in contemplation for two weeks.
The incident is Characteristic of the pres
Ont market. hut so far as can be judged
from the resulting movement in the stocks.
these rumors have done no great harm nor
conferred any great benefit on anybody
The rally in the cotton market IS regarded
as Il natural incident Of the process of set
Element TO a normal basis in that market
nut until the settlement is completed the
expected benefits to the financial and gen.
eral business structure are not likely to be-
come evident.
CROPS ARE VITAL.
The favorable crop weather waa offset by
tho expressive frmness in the wheat mar
ket, and the proft-taking reaction in corn
did not entirely relieve the fear that the
government crop report due on Friday will
make an unpromising showing for that CROP
Further weakness in International Mercan-
Tile Marine on the curb helped TO disturb
sentiment. There was also further slump
!, IN Standard and Irvine issues. but A pretty
etfectual recovery followed. New York OK
change at Chicago declined 20 points TO sOc
discount. The disposition at that center to
itfdil IullCS ana the complete CeSSa ton OF
any stock market inquiry from that source
give rise to some surmise in Wall street
circles. 1t is significant of the prevailing
dullneSs of business that stock brokerage
houses are largely reducing their clerica |
forces.
! Active railroad bonds were pretty steady.
hut htGh-srade inactive issues are settling
10 a lower price basis. The New York Cen
tral general mortgage 3l:s which sold last
week as low as par for the first time in
their history; sold to-day at 81 Total sales
par value sl.1'ooO; United States bonds