The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-12-07
WALL STREET CONTINUES IN
STATE OF UNCERTAINTY.
YEARS END MAY BRING
MONEY SQUEEZE.
Large Interests Inclined TO Re
press Speculation Until After
the Holidays.

| Ncw York. Dec. 1.-THE dealings in stocks
today reflected no chang" frcn recently
UiatiVe community. Professional traders
Were early iDdlSpOSei IT. leave contracts
open, even over sunday SeEiirg during
the first hour WAS followed by rvJUylnS
after th. bank statement, appeared. the
weakness of the showing having been 80
We'll discounted that its publication induced
no Outsite selling. IL is reported that some
large sums OF cash are -oing TO nearby
cities. for Use as change in holiday bust
neSS. II is expected that the heavy customs
collections by the Government VIII CON
tinur Tor another week on account Ot the
large impOrtatiOns Tor the holiday Grade
HI" small loan iHCErtS" 10y the banks was
not unexpected. and it was even feared that
Il considerably greater expansion had oc-
CURED III that item. as several large trans
actions are known 10 hav" been mad. III
the loans. TIM foreign houses are now the
important factor in the loan market. and II
is believed that the resources for tnGSr
loans have been secured by drawing foreign
exchange. which i III effect a short sale oi
exchange. The high rate for time loans
serves a. an attraction 10 foreign lenders
LARGE TREATMENTS.
There have be.a very large repaymentS
of foreign borrowings for som" tm'.' which
are believed 20 have been secured on very
advantageous terms. for employment in the
stock market. Their expiration was an i'm
por.ant influence IN tn recent heavy liqui-
daticn in the stock market. Some of these
FUNDS seem 10 have been reiraT-d in the
last week at tn" better terms now prevail
ing. Operations in tn. Stock market hay"
been confined To the testing; efforts of tn"
professional TRADERS SOM attempt Nd-
made to lift prices early in the week On the
assumption that the December GishGrs"-
ments to the money market would relieve
the tension there and afford Resources inr
Speculative operations The special reason
for payment OF a - per cent InStaiiu;"nt ~
81. - G 900 of new Illinois central stock WAS
assigned as i cauSa Of the special stiffness
of money on Monday. hut As the Week
progressed il was realized that whatever rs-
taxation there might b" III t!. money mar
ket was only temporary Til tightening
process was manifest in the time money
for leans for the shnrter periods. which
raised the rates to the equivalent of : per
cent.
gold to Europe. but $l.t"0.pp went to South
America 10 pay English obligations there
for wheat. which is ANALOGOUS I" 4 remit
lance from here to London direct. The
Bank of England has given M lar@. sums
OF gold also. for shipment to South America.
and it is thought probable that further
calls MAJ he made upon New York. The
export Of gold from New York directly 70
Paris or London is believed to have been
evaded only bv a large use ot bankers
credit. by selling Of bills of exchange 10
b.. covered bv purchases later. \ short in
terest IN sterling excraHGa Of many mil
lions of dollars is said TO have been created
MONEY EASIER.
The London money market has grown
easier under the infUenrc Of large Gov
eminent disbursements and the 14yTcnt
on Monday tn shareholders Of tho cOnsti:U-
ent comraEicS in the shipping combine. so
that large repayments have been made 70
the Bank of f.r-l,nG. which has left its
minimum discount rate unchanged.
Large forces Of depletion are at work,
however, upon the banks reserve. and an
advance in the bank rate is looked for be
fore the end Of the year. and such an adj
vance may draw gold from New York. In
New York the barking reserves are suffer
ing heavy depletion from domestic sources
Gust collections continue to run very
high and demand payments /" the sub
treasury average $.lG."-l daily. The return !
movement Of currency from the interior Is /
" r-t.-,A ,.-E ar,.- - G,.-, I
made to NeE Orleans. II i rrInoE.d ala
in banking circles that loans made directly !
in the New York market in interior banks
before the crop moving demand. and while |
cali money ruled high here. have been with
drawn on 2 very large scale. The result |
banks for loans at the same time thar in !
roaGa are made upon their cash reserves |
Importance i attached TO the operations q. |
the New York trust companies. which are |
mt so obvious to the public. owing 70 their |
exemption from The requirement ot weekly |
The ordinary banking and loan operation of
these institutions have grown on an |
enormous scale during tho year. and the
approach OF the years end brings incon-
tives to strcnG'hen the" r]ositiGn-
This process is likely to throw an add
ti0nal strain on the banks. The extent to
which ~lotation rf various organizations and
combinations NAV figure In the operations !
of the trust companies, Is a subject OF much
conjecture. The .nresent slow !,
market for new securities add to the I'M
portanc. of this subject. Interior money
rates continue high and the continuance
of trade at n mig level Of prices maintains
the demand for credits throughout the
country. The possibility of a year-end !