The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-03-09
WALL STREET INTERESTED
IN MONEY CONDITIONS.
BANK STATEMENT STARTS
SELLING.
Prices Hold Except With Those
Stocks Which Advanced
Earlier in the Day.

..r.r., to-day IN the bank statement anu
,,euding its publication. operations IN 'he
stock market were without much s'sH
&C sxcspt in q few stocks. The cary
market showed Sonic i.rssuiG:ity. cut ~
/ prominent railroad stocks We're hFhl! -
and the limited selling vas chieny u
sn.,iaIties. particularly Colorado / uei. ~
.r,ra buving Of Missouri Pacific and RON
island advanced those stocks ! 10 I. pSi.''9
and there was some disposition 10 SosS-
] later In the speciaiIteS bringing lne s
! market above last night Co!oraio ruei vs.
I lifted "a. above yesterdays close. DIT uetf
| ,nrs we're unimportant in other metal sIochs
aycaut Amalgamated Copper, which sHo"te
rnn.ntary strength. There was some :.
newaI OF the recent demand lur IatrSt
/ st..Ss. out material advances Se!S corI."ri
10 pacinc Coast cOmmOa ana the seconI
preferred, Westinghouse Electro, Hiinh.tP
lis and ST. Louis and facinc Aaii' - re-
ter icing bought on eXpectat4ChS u,
newed agreement with the Panama fSaHroaN
Company. s.,,r
/ publicaIiou Of the bank statement shT",
| inc a cash loss "f nearly $500: WIZ
more than doubled the pteinnlnar; ust.
| priceS however. did not yield mucn e.cSE.
in some OF the stocks which had notaJii
advanced earlier and there vas az
was felt at the loan. reduCtioh oL Srnon,hs
this being the first in nearly Two -
The Immediate cash loss was lnlte s,na
eralIy attributed to the Nagaries OF tne
banks average system. WITH s1IPiuS ~.
serves down TO less than $500 IN apin-
ion generally prevails That nisnef arE.r
rates are imminent. IRE stVSA
closed active and easy.
There has been some movement OF p.!ce5
of stocks during the week. but II WSs ~
no means consistent ana vas Ho' h.Iu, nc
market showing q tendency 10 return ~
its former level. whether from advances OF
declines. The money market SITUATION ~
the cause of uneasiness, which became
rather acute in midweek. This was que 10
the calling of ~ per cent OF the syhdlcdIe
subscriptions to the San Francisco traction
merger, and the announcement tnat llr
remittances would be made to san Frau
cisco through the Subtreasury D! teIe-
graphic transfer. This Would mean Ins
withdrawal of money from the New Horh
money market for deposit in the Subtress-
ury and its payment into the San IRAN
cisco market from the SuotTeas1ry, an %
Grafton which the Governments large hold
Ing of gold in San Francisco would make
convenient for the trade. Wall street ntSS-
tilted. at the time: by the inquiry at WASH
ties for transferring in this way ~sept"o
to s9, 0o.0o. This threatened an inroad up
culated upon and promised a serious sltua-
ton, ir\View of the low level OF the sur
plus reserves OF the banks and the other
requirements for gold exports. which had 20
be met. The equanimity Of the speculative
mind was somewhat upset In CONSEQUENCE
and prices were inclined To give way. They
San Francisco renittances had been ar
ranged for through the regular exchange
market, and would be Ssttled without any
actual movement of cash. which those IN
terested In exchange banking seemed DC,
sirous of avoiding. This episode seemed
mainly responsible for the principal prIce
movement OF the week.
Sen.itiveness Is Reasonable.
The sensIt!veress of the market 10 tns
condition of money reserves aMd dr., Is ne'i Ems
of the banks at higher figures than ever De-
fore. the small surplus represents an cNen
smaller proportion OF actual reserves tnan
is Indicated by the actual reserve. IN fact.
under the system of computation nv aver
ages used by the clearinghouse banks WIN
aggregate figures such as those now III
volved In deposits and reserves the present
surplus reserves OF the banks must be re-
iect to changes either side of the line of the
legal reserve limit from day 10 day In the
cas. OF the syndicate loan operations on tae
scale now become familiar 10 the New York
market. 1t may easily be that an intimate
knowledge Of the condition of these large |
syndicate loans IS the reason for the I'M
ri,f1ed placiaity of the money market in
face of the nominal showing by the banks
The LIQUIDATION of even one Individual s;ndi-
cate might put a different face upon the |
whole money situation over New York. The |
powerful combinations which have kept
market since the first of the year have every
interest I'm conserving the quietude and
steadines OF the money market. and are
possessed of enough resources for doing so. |
The New York money market. however, Is
by no means exempt from the Influences o. !
foreign money markets by reason Of large |
enormous repu-chases of American securizj
ties from foreign. holders In last years
struggle for control OF ranscontinenta
railroad systems
Burden shifted to New York.
As a consequence the requirements by one
OF gold can be shifted upon New York.
That is what Is being done now by London
to meet the demands Of Paris upon that
@~-N- "- @~Ian C~n.tN Nh,s /
London IL indebted to Continental money
markets in no less a sum than s31a:GoO0
in short time loans: Of which fully half IS
of the Bank OF England to keep control of
the London money market and keep up the
market against Withdrawals OF cssl,ar' IS.
therefore. easily applicable. the more so as
the end Of the British fiscal year Is ap-
another large loan to meet the require
ments Of the coming year. The Bank of
France also has accumulated the largest
withsta ndins the dizziness OF French trade
and industry. indicating preparation for
some future special demand upon fits re-
factors admonishing toward caution and
conservatism In the speculative employ
Company casa IS an everpresent factor in
Wall street consideration. The season OF
uncertainty over the ,country.s crops is al
ways one of normal dizziness in speculation.
There remain many labor problems for the
coming year TO be worked out. The coun-
try's very large bank clearings, the pros
perity of the iron trade ard the absence of
serious impairment Of railroad earnings
keep the undertone OF the stock market
nrm and confident. and have given oppor-
tunity for some striking. upward move
ments In special stocks of secondary I'M
portance in the market.
Bonds have shown some decrease from re-
cent ACTIVITY. but the level OF prices was
well maintained. United States q Advanced
=. the IS 7. new As coupon 4 and the old,
A. per cent over the closing call OF last