The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-04-10
MOVEMENTS OF STOCKS ARE
DESULT0RY AND SLUGGISH.
FORCE LACKING, BIT RALLY
COMES AT CLOSE.
Further Increase of Loans
Viewed With Equanimity on
Account of Moneys Ease.

New York. April e.-The movement Of
stocks was d.sultory and sluggish TO-DAY
and the trading was dull. Prices went of
in the early marke, owing to the impress
sion created 10y yesterdays trading that
reaction was due and traders inclined TO
lake profits. There was no sustaining
force. With this advantage lacking. hold
ers did not seem disposed to press the SELL
ing. and the decline was very moderate.
Before the closing the market recovered
rather more than its decline and closed
strong at small net gains The rise in the
local fractions was attributed to the new
rapid transit legislation at Albany. The
decline in cash holdings of the banks
aroused no misgivings. owing to the belief
did not figure in the statement. The eS-
pansion in the loan account was not I'M
expected. Although that item was car
ried 10 a new hIsn record by the amount
in the surplus item. the extreme ease ~
the money market makes the growth OF
the loar. item look he,.thy- the present
plethoric and arouses some discomfort
amongst bankers. who are quite satisfied
TO see further exports of gold The week,
hank c~learances throughout the United
States show an increase over the cores
bonding week of last year for the first
time in a long while. The growth Is found
in the four largest cities outside OF New
York and Boston. especially the great cut
ton centers. Fol- all other cities the aver.
age is less than last year. Total sales OF
hords. par value. ssic'vp.
WEEK OF VARIETY.
The stock market has maintained a con-
siderable degree OF activity and variety
this week. Occasional reactions and con-
slant ~irresularity have rot dctracted from
the appearance OF strength. The profit
takinS has been achieved at small expense
in values and has not tnterfered with the
progress of the market by the succession
10 new points OF strength. Much of the
dealings were supposed to be in behalf OF
professional operators OF u large class ana
the occasional large selling by the 'n:er-
ests argues a considerable distribution nf
support. The future of the market would
not only depend upon the extent TO which
this distribution represents a real dlSes-
ton OF securities. The advance is soon
followed by reaction and letting go OF
holdings in some cases. h belief that
there. has been important absorption OF
various properties and of an investment
character has been a strong influence IN
maintaining the rirm undertone OF the
market.
BAD NEWS FUTILE.
The improvement il the speculative tone
was due~in the first place to the small
effect produced by various Incidents that
seemed 70 be u~nfavorable to values. The
speculative advances following these de-
veiUpmeIts caused 4 belief that the bad
news had been already discounted, ieaV.
ing no prospect OF further declines and
pointing To the long side of the market IS
the ons Of advantage for. protsssionai, OPP
erations. TIL. strength which "''oN ed ire
decision Of the Supreme court in me
Northern Securities case Vas ne nvst
the market. This was followed by weah-
ness. accorded % the announcement or the
appeals TO the courts by the Union Paciiic
to enforce the return 60 them of the
Northern Pacific holdings. which they had
placed i'll the Northern Securities merger.
The first impression suggested by this ac-
ton was a reopeHins OF ,he whSi c4nhic,
threat of a hostility OF movements. Bat
prices proceeded on their upward course-
This. with the anicable conferences re-
iu!led the approximations Of the public and
even aroused the suspicion that undis-
closed plans and policies might lie behind
the apparen, h0stiIities. The decision OF
the Supreme Court that the anthracite
carriers must produce the contracts with
the mining companies was regarded az
offering d formidable weapon for any pro-
cedureT against the coal combine; But the
market Tor the coalers was undisturbed.
FRACTIONS ADVANCE.
Published reports that the traction en-
ployers of New York and Brooklyn were
forming an association to enforce de-
maUhs ,pon employees resulted In a nota-
BILE advance in prices in the local traction.
ppople'S Gas was only mOnlentarlly nuft
by a iudicial decision against Its contSn-
tion for the illegailty of the 15c gas or
dinanca. These seeming anomalies in
creased speculative sentiment with the
strength of the market and proved an
incentive to but. The action OF United
States Steel following the publication of
the quarterly earnings was another strik-
ing example. Of the same kind. and proved
4 strong sustaining influence for the whole
market. While the net earnings for the
quarter proved to be the smallest In the
history of the corporation. II IS true that
the showing was far from being as I'M
satisfactory as was expected. The pro-
Sress!ve increase In the earnings Of the
stock for the quarter was clear enough
as an increase. and the large expansion In
the volume OF orders on hand March 81.
compared with December 81, was evidence
in the same direction. Tn action of di-
rectors In encroaching on the surplus to
Fay the pending dividend was also ac-
cepted as an explanation of confidence in
future business. Probably there is no one
thing to-day that will conduce more to
confidence in future values than q clear
prospect of revival in the iron and steel
trade. These indications of 1t had a de-
cisive influence upon prices throughout the
market.
HELPFUL INFLUENCES.
The strong tone in the copper market
i. an auxiliary influence of the same
kind. The decision of pools il. steel prod
ucts to maintain prices strengthened this
influence. The settlement Of the New
York building-trades' labor troubles
helped the market So do the favorable
crop weather in the winter-wheat belt.
The weeks large exports of gold was
without effect. as they were more than
IL 80 -E-N-