The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-10-12
mand from The interior. which is SIN nj

mand from the interior. which is still likely
ATTITUDE OF THE BANKS.
The unchanged form In which last Satur-
days bank statement was given out. coint-
Ing Government deposits with others as
demanding the maintenance Of resolves
against them. in spite % the permission
hy the Secretary OF the Treasury t. rcldase
the reserves against Government depotiis,
was accepted as notice from the banks qnaf
TO loans would be extended 20 s~tock-maiket
borrowers The important liquidation % tnc
early part OF IN. week followed. Thcr4 Is
good ground Tor the belief that this iuClCitel
large holdings by some OF the poNetfui
pools and Individual operators. VINO hive
strivcn TO contest the reaction and revive
the bull speculation
In addition TO the relief OF the motley
market thus afforded no less than s~5.ctt30
OF belatei gold arrival7 have been mtde
available 70 the New York market OF tfis.
about $4,000 was OF Australian sid.
transferred hy telegraph through the Stb-
treasury from san Francisco. tmemdiatfly
on its arrival there. and the remainder Was
the lot OF South African gold secured ION
passage by the National City Bank.
There have been large payments on tf--
and the deposit n the proceeds in me
banks has added 10 their re-ourcts- Thtre
haze been some large syndicate tratS-
nrticng also. including the payment OF a %
per cent iustanfnent Of nearly Nh-y'N7 lon
account of the Louisvtue and NashvHe
transfer. and "a - per cent call on suhsctfp-
lions TO the ship combine syndicate. calltnE
for about ~Si5.co.po
Rrgnu~Hflnm- fnr NuFHRH was an uI~ANLIl-
influence on the money market, but s
payments were presumably re1epositedl IN
the hanks. The banks. however. stiil re-
frained from rclcndlnE In the stock mbr-
ket and the money s~tIlnsency
When buying Of stocks was renewed on ne
presumption hat the Increased banking Re
sources were 10 be- made available for Inc
stock market. the call-loau rate would be
run up TO Is rer cent. which is cnUstdetcd
prohibltive for st0ck-s3erulation purposef-
CAUTIOUS POLICY.
II is evident that the liquidation has b4en
held well in hand and directed with a
Iose 10 avoid I'll possible damage Tnc Pr
tereSts Involved IN the large specuia1N'
control Of tho banks and trust companfs.
in the ownership Of the large railroad So
tens and In the great projects Of cumhtta-
ton ard their resulting crop Of new secQu-
ties are 80 Intimately related and so nebr-
Is identical that this cautious and confd-
crate policy Is easily understood On this
ground the relaxation 81 the pressure uIion
MARGINAL holders might be interpreted laS
designed to steady prices In preparation for
further liquidation and TO take a~dvantagclof
the short sellers driver TO cover by a rally
In prices.
Speculative money II thus kept in unctr-.
talnty. whether the necessary EqUidat!pn
can be accomplished or whether h has sirn-
DIV paused. Locking 70 the future. thdre
York money market In sight until the sN-
terror movement % currency shall turn
again IN favor Of New York. Practically
all OF the gold reported engaged hoth ~
Australia and across the Atlantic. has niw
arrived and Is In the reserves OF the Ndw
York banks, L
eign money ~centers- but the downward
course Of sterling exchange which resuIfd
has been checked y che demand Tor
nit;ance in symsn o. obhsations- LA
and n l. estimated that the Bank OF Eh-
GLAND Is about TO take measures to make