The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-03-13
STOCKS ARE MORE ACTIVE
AND WEAKNESS is MARKED.
COMPLEX INFLUENCES AT
WORK FOR DEPRESSION.
Business of the Last Week d
Small Fraction of That Done
Two Years Ago.

Two Years Ago.
New York. March 12-The stock market
developed some activity to-day and d
rather positive tone of weakness. The
weakness was largely sympathetic with
the pressure upon individual stocks. es-
pecially Metropolitan Street Railway and
Metropolitan Securities. The liquidation
in these two stocks gave signs of urgency
and cost the former Az points and the lat
ter 5 points. The selling was unexplained
by any news regarding the property and
was thought likely to be due to settle
ment of one or two large estates largely
interested in the property. The obscurlty
OF the motive of the selling gave it a
sinister effect. Pennsylvania was also
freely pressed for sale and broke through
me support which has been in evidence
above H. The price touched 11li2. which
Is only z above the low point since the
last stock started its long decline. The
selling of Delaware and Hudson was sup
posed to be to provide funds for subscrip-
ton to the new stock offered. The mar
ket hardened on short covering in spite Of
the continued weakness of the two
METROPOLITAN stocks. and the closing was
firm United States Steel was rather con-
SplcuOuS in the recovery.
The decrease in loans shown by the bank
statement was contrary to expectations.
The bank statement was of little infiu-
encer however. as the present condition of
the money market gives little occasion
for sohcitude. The steadiness of North
ern Securities on the curb had a dis
suasiye influence on traders who sold
stocks yesterday to discount a possible
decision in the Supreme Court on Mon
day. Total sales of bonds par value
SPECULATION DEAD.
1t is far c-y from thn . $40 1nn cbaraS
Of stock sold on the Stock Exchange April
81, 1901. to the $500 shares sold on Thurs
day of last week. 1t is a striking showing
of the vicisstitudes in the world of specu-
lation and might serve by the rule of
Exchange circles then and now. The mar
ket is absolutely unresponsive to news
developments whether favorable or un-
favorable and lies inert to the despair of
all who look 10 business in stocks and
bonds for their profits.
At the fun commission of i of 1 per
cent on orders allowed by the rules Of the
Stock Exchange, Thursdays sales of 10
60 shares would yield about Sl.S25. allow
ing the commission both to buyer and the
seller. TIT membership of the exchange
LOO. But the meager dealings
are largely made up of dealings amongst
themselves or OF orders given BY
one member to another on which the com
mission is less. ranging down tn 81 on 1p0
shares of stock. The gloom which per
vades the circles in whose hands lie the
conduct of the machinery of the market
Is then appreciable.
FORMER FRENZIES.
Three years ago a suggestion OF the pos
of the purchase of a railroad sys-
tenn by another was sufficient to throw
the market into a frenzy. At the period
the Burlington purchase was work
ing out. a mere surmiSe that the Union
Pacific was to be included in the com
munity of interest induces transactions
day, April a. 1901.
Even as late as April Is. 1909. the rumor
That Louisville and Nashville was passing
70 the control of Southern railways caused
transactions in $4,000 shares of Southern |
alone On that day. There was
a railroad stock on the list. but |
was regarded as available for absorption
mate OF the price to be paid was regard |
ed as too e-xtravagant. The fact that the
payment was to be made in new securities
not at ali from the Importance |
to the transaction. as the in
;atiable demand for securities in the mar
could be relied upon TO convert them
MO cash. The United States Steel Cor
ooratlon was confidently regarded as an
of the future stability in that
-rade by regulating the production and
against the violent fluctuations
he Industry at periodical intervals. The
ordinary operator in Wall street looked
onward to the early assimilation of all
he great railroad systems of the coun-
in ''one community of interest = which
do away with destructive competi-
Ion, while the various industries were to
,e consolidated under centralized control.
which would insure their stability and at
ract the confident investment of the saw
ngS of all grades of employees for the
'eaceful sharing in the profits of enter
SUFFICIENT WARNING.
From tho proSap. --,,l-z..
lection and experience. the excessive
peculative exaltation of tina time seems
sufficient warming in itself of the vim
revulsion which was TO follow in ac-
ordance with the history of All similar
The revuision of the senti-
nent on the part of the outside world has
cen accumulated by the revelations of the
n~scrupulous methods employed in the
Of some of the corporations
hose shares were offered to the public.
ne notation was furnished. The assump-
on that the legal obstacles opposed to
ne press OF combination were the direct
ause of the breaking up of the carnival
speculation sharpens the influence at
ibuted. to the Northern Securities deci-
which is awaited with a feverish
nNlety from week to week. and almost
day to day. The supposition that
lie stock market will promptly find its
when the decision becomes
nown. however. takes small account of
.ASAS vi iluuSlIldI ana COM ]
,erclal reaction in all quarters.
declining tendency of railroad earn
and traffic and the accumulation of ,
lie reserves in banking centers. the OBJ
'ure outcome of the coming years crops.
lie doubt over the supply of cotton to be
1aliy disclosed by the present years
the sharp drop in the value of the
exports as a consequence of the
'eculative level at which prices of COM ,
ODDITIES are held. the problem of the earn
to be achieved on the heavy expenf-
lres now making by the railroads.. the s
surrounding the war in the =
r East and its possible complications.
i'd the natural settlement to a national !
'litical campaign in this country, are i
me of the substantial grounds for the /
and stagQation which enshroud =
e securities market. \
The note of Improvement IN the iron and {
eel trade which was made known this @
eek is of undoubted Importance, and its
ok of influence OF the stock market is
idence of the number and Importance of
e other complex features in the outlook. .
g heard of with satisfaction. and more l
nfdence is felt that the threatened soft Il
al strike will be averted. All influences I
mbined. however. have not proved sufi- =
mt to make any appreciable effect on )
Ices of stocks. A
rhe bond market has been dull and slug :.
h, in sympathy Will stocks. United L
ltes bonds are unchanged on call for the g
a
r. LOUIS DOCTOR H0N0RED. ii