The St. Louis Republic., 1902-03-02
STOCK MARKET LISTlESS
AND INTEREST DECLINES.
MANY NEW YORK SPECELA-
TORS TAKE A VACATION.
DiminutiOn of Cash Reserves
Serves as a Warning for Cau-
tiOn to Borrowers.

New York. March 1.-The stock market
was vedy Iistless ard idle to-day and re-
fected declining interest. even on the part
of the professional traders. Many of these
have taken advantage of the dull business
on the exchange to go away for spring
vacation trips and the absence from the
street Of many of the bankers and railroad
proprietors VINO are usually concerned In
large do.ngs shows the general acquies-
cence in the present state OF things. The
small traders. whose dealings make up the
market devoted their attention TO the less
important stocks, which have occupied
them tor some time past. With the excep-
ton Of a rise of q. in American Cotton on.
said to be due TO favorable trade condi-
tions, there was movement of sucient
Importance 70 chronicle. The bank state
ment showed smaller decline in cash re-
serves than expected, but this was at
tributed to the working CT the average sys,
TEN OF computation. by which the gold
shipments on Thursday figure for only
item was also a relief IN the modest pro-
portions OF its expansion, as large m
crease had been feared. The room snorts;
therefore. covered on the publication ana
impaired some slight strength to the mar
ket.
With both the loan and deposits item Of
the banks at figures never before recorded
in the history of the clearinghouse ann
with the surplus down to the small sum OF
ssyi5.g3s. the Gesirability OF caution in in
curing obligations in the call loan market
Is clearly recognized. and there Is no ap-
parent prospect of awakened speculation IN
the stock market.
Minor stocks Prominent.
The distinctive feature OF the dealings N
the stock market this week has been the
prornine nee of the less prominent stocks
which are not Immediately allied with the
great railroad systems and the inlustrials
f.t, e
fected only by individual causes and are
not barometer of general conditions. In
terest has shifted from one TO another nt
these during the week Usually. SONG os-
tensible reason was advanced for the buy
ing of the particular stocks affected. but
they were for the most part vague rumors
prices when rumors failed OF confirmation,
and the speculative pools responsible for the
movements had taken their profits.
The sum OF these movements helped out
the appearance Of activity In the market
for much of the time. but they were in
reality but SYMPTOMS OF the underlying
market. The general market. as a whole.
las maintained fairly firm undertone. not
w:;hstanding the tendency toward s,asna-
ing TO market stocks while the demand is
So sight that sales could be effected only
at concessions in prices.
Consultations Not Yet Secure.
This agrees with the widely held theory
that a very large volume of securities, rep
r.senting the proceeds OF consultations is IN
strong HANDS. and that the complete sue
cess of the consultations cannot be said 20
be assured until the securities find owner
ship with the investing pubic. Much weight
pected development OF plans for further con-
soiidations as they may be affected by the
Northern Securities C0mpany's fate. The
proposed suit against this company by the
Government brings into question not onsy
:ts own future. but that Of many other
projects designed on the same lines.
Th< aofsl nf rn clrif
is recognized TO be a matter Of months
and perhaps years. and no one supposes
tat ths , stoGS hsrs market M ne a
mediate application. which promise uncer-
tainty In the speculative sentiment. The
the resumption Of gold exports on a large
scale is a complicating factor. 1t is clear
that the gold has gone out N payment OF
ing demands on foreign credits indicate
ti.at further calls Wilt be made by this
countrys foreign creditors. The specula-
eliminated for the time. and the taking up
of contracts in these has required resort for
to The ha Of on an os fs
Bank OF France reflects the same tendency
there.
Exchange Bills Are Scanty.
ket is very scanty. owing to the small out
ward movement of grain and cotton. ana
the alternative for American debtors is 10
A considerable outward movement is ex-
pected during the coming month. The in
tertor Is already showing evidence Of spring
requirements :or currency. With New York
surplus reeerves Of modest dimensions. such
a simultaneous demand from both direc-
tions II likely to result In straitened circum-
stances for those dependent upon call loans.
as the majority of spectators are. The pc
riod Of crop uncertainties In also at hand.
On Wednesday Of this week reports Of dam
age to the winter wheat crop made an ef-
fective instrument in the hands Of the bears
on the stock market. There Is some appre-
hension. likewise, that labor troubles may
develop during the spring. especially in the
coal field. Wall street awaits some further
ukht on these questions.
fherA haa -ha00 \ 1ru,d deuna nd tsnods