Show T UNLOADING AS BT BEST THEY MAY Holders of Steel Stock Were 1 Ready to Sell When Divi Dividend Dividend Was Declared YESTERDAYS MARKET OFF SPECULATORS SEEM TO LACK CONFIDENCE New York Aug 3 stock mar mal market ket became even more spotty than that of yesterday and the Isolated instances of Df strength were fewer This showing told tod on n speculative sentiment in the course of the day and the tone of ot the specula speculation speculation tion lion became less confident and led to toa toa a It sharp reaction This change was de derived derived derived rived more from the action of the market Itself than from any development in the condition of ot business bm or industry unless the ha slightly firmer tone of the call can of ot he Jie money market may have been partly responsible Larger Importance was at attached attached attached however to the tho fact that St Paul Pauland and anu an Union Upion Pacific showed clear evidence A of at t being ted Led out when attempts were made 4 to bid them up while Southern Pacific was vaa given over to positive depression The opening course of prices was quite Generally downwards but this was at attributed attributed to the Influence of the earlier dealings e in markets in which the troubled affairs of ot Russia were w re once more a factor The lower loer opening here her herDS was DS almost Immediately repaired in sym Bm sympathy sympathy pathy with ml the he sharp of St StPaul StPaul Paul Panl and Union Pacific Their relapse was the tho cause of some misgivings over the vague information on which much of the accumulation in these stocks has been based Successive disappointments over the expected ex confirmation of the deal deat rumors which have h hung about these thesEl stocks for many man weeks proves wearing upon the patience of the hold holders frs ers rs except when they the have the example le leof of large buying and advancing prices be before before before fore eyes The rho new features of strength proved poor substitutes for these favorite lead leaders leaders ers era of market sentiment The rise in New NewYork NewYork NewYork York Central was connected with some re revival r revival vival of reports that a comprehensive merger of the Vanderbilt railroad proper properties properties properties ties was in contemplation There was a joint advance in a number of the tho north and south trunk line railroads which was associated with the governments cotton report which was expected to be favor favorable favorable able but which even oven exceeded speculative anticipation The cotton carriers sold off on realization however after the publication publication tion lion of the tue government report Amalga Amalgamated Amalgamated Amalgamated mated Copper was helped by a sharp up upward upward upward ward movement in the price of the metal met l lin in the London market But these evi evidences evIdences dences deuces of strength did not prove wholly convincing In face of manifest realizing that was going on in other quarters of Ut the market It was pointed out also that the first transactions which occurred in United States Steel after the dividend was declared which were In the opening dea deal ings of Wednesday were at prices on the movement The 41 touched then for an instant was not equalled aft afterward afterward afterward erward The deduction is unavoidable that thata a l very ery large supply of tock stock was ready rC for the market to take talce advantage of tile effect of the dividend The firmer tone In the days call loan Joan market was wa due to the indicated decline for the week weak in the cash holdings of at the banks which amounts to on sub treasury account alone and which seems seem to be only ony slightly offset by y the receipts b by express from the Interior It is sup supposed supposed supposed posed that the tIle excess of re receipts receipts receipts which Is lerg ly on account of Pan Pau Panama Panama ama in national bond payments has been partly offset by of govern government government ment funds with the banks But these the do not go entirely into New NevI NewYork York banks binks while bond payments have come almost wholly from that source Tha weeks stock market mak t operations and the theA August A gust settlements also point to some further loan expansion The Impression of the tendency of ot the days market was las emphasized by bv the response to the late lafe 2 point rise in St Paul which was met by an outpouring of stocks which carried a long list of ot active leaders from fromI 1 I to 2 points below last night There was very little recovery and the closing was easy Bonds were irregular Total sales par value alue United States bonds were unchanged on call |