The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-11-06
TRADERS UNCERTAIN MOOD
HAS EFFECT ON MARKET.
UNITED STATES STEEL
STOCKS DICTATE TONE.
Rally in the Morning On Covering
by Shorts, but Prices Ease Off
in Sympathy With Steel
Preferred.

New York. Nov. 5-To-day's rather dull
trading In stocks was largely in the hands
Of room traders and their uncertain mood
left some impression on the market. The
tone of the market was decided by the
United States Steel stocks. These were
In consequence.
There was a rally late in the morning
on covering OF shorts. but prices eased of
again In some sympathy with the decline
Of United States preferred. The decline
OF IA In Amalgamated Copper was an ad-
ditional influence in affecting a market
which was still largely given over TO the
Tennessee Coal. Republic Steel preferred
and a few other less important industrials
proved a poor substitute for United States
Steel as a sustaining factor in the mar
ket- There was no marked pressure TO
sell, but the Discrimination to proceed with
speculative ventures until after the cleo
ton left little sustaining power.
The bank statement agreed closely with
the indications from the weeks currency
movement, the loss by gold exports being
fully reflected in the cash decrease. but
with to,day's 10000 shipment to Cuba
further gold outso to Europe next week
is still open, and the tide of the currency
movement with the interior has turned
in favor Of New York less decisively than
anticipated.
Missouri Pacifc's decline In gross earn
ings for the fourth week OF October hurt
that stock, and New York Central's small
Increase for October was disappointing.
The market closed easy. Total. sales of
bonds, par value, $4,000.
WEEKS HISTORY.
There has been a halt in the speculative
activity in the stock market this week.
The weeks movement of prices, however,
has been regular and mixed, the list at
no time moving in unison and varied by
occasional reactions both ways. Opinions
as to the grounds Of the reaction are
rather diversified, various factors playing
a nominal part. The recrudescence of the
war scare caused by the warlike repair
tons at Gibraltar Tuesday, the weeks
heavy outso II gold and the approach OF
the election are assigned as causes n
probably all have played a part.
The war scare broke out Tuesday, when
both the London and Paris stock markets
were having a holiday. Wall Street was
distrustful of Its own Interpretation OF
TIE situation in the absence of initiative
OF those well informed, but the excite
ment Of the English public on Tuesday
gave the news added influence here. While
the fear Of an immediate crisis was dis
sipated on Wednesday. there was an IN
feeling displayed by both the British and
the Russian sentiment over the situation
There has been undoubtedly some reduc-
ton OF speculative commitment in stocks
~ LIZ SiASI 40 Will 'iA.Nb
the outcome of a presidential election
always affects Wall Street. which is in
variably puzzled to Judge what the effect
on business and Industry may be. The
same spirit is shown by the reports from
the business Of the country.
Railroad officials this week have reported
a lull in the movement of general mer-
chandise and in the orders for goods.
which IS attributed to this cause. The con-
sequence has been some realizing of ac-
crue1d profits on speculative holdings of
stocks, which furthered the decline in
prices. The subsistence of the war scare
moderated the effect OF the heavy outgo
OF gold and the slight effect on the domes-
tic money market also lessened its infu-
ence. But it is evident that other causes
than the immediate crisis In Anglo-Rus-
sian relations lie back OF the demand for
gold on the Continent Of Europe. The
placing OF a Russian loan at
$40. 0p Is due to the regular prosecution
of the war in the far East, and is the i'm
mediate requirement to be met by the ex-
ports.
German capital commitments to undi-
gested Government securities of their own
are also involved. II is probable that
some OF the. demand for remittance
gold received at San Francisco. which is
transmitted to London by that route for
the convenience afforded by our Subtreas-
ury p%rivileses Of telegraphic transfer
Paris banks are offering special induce
ments for gold. which amount to the pay
ment of a premium for the accommoda-
ton, and SO make the operation satisfac-
tory to the bankers involved. But the
pressure on London has had the usual ef-
feet Of Inducing sales OF securities in this
demand upon this center. and lave thus
thrown a real burden upon our stock mar
ket. aside from the indirect effect that a
stiffening money market would have.
not reckoned in the summer estimates
with the present money situation.
Neither was the renewed shipment to
Cuba, which is in connection with the
Cuban loan placed here and which will
extend further. 1t is now generally ex-
pected, also. that the further decline in
the working balance Of the United States
Tr.asary viii make necessary some early
Withdrawals Of Government deposits with
national banks.
This is a contingency which It was hoped
fall requirements upon banking reserves
had been disposed OF. But these unlocked
for conditions to fall requirements have
not yet ruffed the tranquility Of the New
rowing for speculative purposes has been
content. hitherto, to rely on the call loan
market. Demand for time loans from
stock commission has been Of small pro
In the view OF bankers n reduction In
the abundant supplies OF money would not
be an unsatisfactory development. Ru-
mors Of great railroad deals have not lost
all their influence on stocks and a sup
posed settlement of the Montana copper
controversy has been added to this class
Of influence.
The excited demand for copper has given
strength to cope securities in all mar
kets and has supplemented the effect of
the improving prospects in the iron indus
try. The demand for iron is reported to be
extending to finished products and several
large railroad orders for steel rails are in
cluded. Revised estimates of the corn and
cotton crops, pointing to extra ordinary
yields have brought those factors into re-
newed consideration.
In coming returns of September net earn.
ings Of railroads show the satisfactory re-
suit Of retrenchment of operating expenses
in some CAGES. and of enlarged gross earn
ings In others.
Bonds have moved ~irregulariy In SYM
pathy with stocks. United States Is. the
3s and the new Is have declined IL. and
the old IS. 4 per cent on call during the
week