The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-03-09
CTOCKS, BONDS
~ s And MONEY.

%O~~~~~~~-~-@~~~~~~~~~~~~~
NEW YORK, March S.-Considerable
interest centered today in the bank
statement, and pending its publication
operations in the stock market were
without much significance except in a
few stocks. The early market showed
some irregularity, but the prominent
railroad stocks were firmly held, and
the limited selling was chiefly in the
specialties, particularly Colorado Fuel.
Moderate buying of Missouri Pacific
and Rock Island advanced those stocks
1 to 2 points, and there was some dispo-
sition to cover later in the specialties,
bringing the entire market above last
night Colorado Fuel was lifted "a
above yesterdays close, but dealings
were unimportant in the other metal
stocks, except Amalgamated Copper,
which showed momentary strength.
There was some renewal Of the recent
demand for inactive stocks, but material
advances were confined to Pacific Coast
common and the second preferred, West
inghouse Electric, Minneapolis e. st.
Louis and Pacific Mail the latter being
bought on expectations of a renewed
agreement with the Panama Railroad
company.
Publication Of the bank statement,
showing a cash loss of nearly $1,000, CO.,
which more than doubled the preliminary
estimates, started selling of the general
list. Prices, however did not yield much
except in some of the stocks which had
notably advanced earlier, and there was
no decided pressure at any point. Some
satisfaction was felt at the loan reduc-
ton of $780, coo, this being the first in
nearly two months.
The immense cash loss was quite gem
orally attributed to the vagaries Of the
banks average system. With surplus
~ To In1e, @
the gold export movement unchecked, the
opinion naturally prevailed that higher
money rates were imminent. The stock
market closed active and easy.
There have been some movements in
prices of stocks during the week, but it
was by no means consistent and was not
We'll held, the market showing tendency
to return to its former level, whether
from advance or declines. The money
market situation was the cause of un-
easiness, which became rather acute in
midWeek This was due to the calling of
~ per cent of the syndicate subscriptions
to the San Francisco merger and the an
n0uncement that reinittances would he
made to San Francisco through the SUBJ
treasury by telegraphic transfer This
would mean the withdrawal of money
from the New York money market for
deposit in the Subtreasury and its paw.
ment into the San Francisco market
ton which the governments large hold
from the subtreaSury there, an opera
lngs of gold in San Francisco would
make convenient for the treasury depart
ment
wall street was mystifed, at the same
tlme by the inquiry at Washington by
New York bankers as to facilities for
transferring in this way $50, COZ, 900 to $780,
CoV,VVO. This threatened an inroad upon
new YORK reserves beyond anything
calculated upon and promised a serious
situation, IN view of the low level of
the surplus reserves of the banks and
the other requirements for gold exports
which had to be met. The equanimftv of
the speculative mind was somewhat nm
SET IN consequence and prices were in
cllned to give way They recovered
Wnen 1t W2S announced that the San
francisco remittances had been arranged
LOT through the regular exchange mar
net ana would be settled without anv ar
luaI movement of cash, which those in
'efested IN exchange banking seemed de-
slfous Of avoiding. This episode seemed
mainly responsible for the principal price
movement of the week. The sensitive
LEE VI the market to the condition Of
money reserves is perfectly reasonable
with the loan and deposit items If The
scdnhS at higher figures than eve, he
lore, the small surplus re 1resents an
th boii 9iIialI5F proportion of actual reserves
IMAM is indicated by the actual resarve
n IN TACT under the system of comDutatinn
ny averages used by the clearing housa
t tibaliKs' with aggregate figures such as
Ihose now involved in denosits
and reserves the present surplus rae p19ieS
OF the banks must be regarded as a nure-
~ nominal one and subject to changes
e ser side OF the line of the legal reserve
LlnlI from day to day in the case Of
syndicate loan operations on the scale
now become familiar to the New York
market 1t may easily be that an init
mate knowledge of the condition If these
IdfSe syndicate loans is the reason for Tie
Gnrlfiled placidity of the money market
IN lace of the nominal showing Nv The
panks. The liquidation of even one in
dlVldual syndicate might put a Iii Tarent
face upon the whole situation over nisrIt
Inc powerful combinations which have
Kept close upon the available crS cts IF
the marker since the. first of the year
nave every interest in conserving the
quletude and SteadineSs of the money
market and are possessed of enormous
resources Tor doing so. The New York
money market, however, is by no means
exempt from the influences of foreign
money markets, by reason of large 1h7i-
cations still outstanding as a result of
enoIHIous Fe-purchases of American Sc
curltles from foreign holders in last years
struggle for control of transcontinentaI
railroad systems. AS a consequence the
requirements by one foreign center uron
another for transfer of gold can be
shifted upon New York That is what il
Delng done now by London to meet the
demands OF Paris upon that center
me London Statist estimates that Lon
don is indebted to continental money
markets in no less a sum than $500 Geo 3i0
IN short-time loans, of which fully half
is owing to French capitalists The uIlr-
pose of the Bank of England to keen
control of the London money market and
keep up the money rate there SO as to
protect that market against the With
plicable the more so as the end of the
British fiscal year is approaching and
provision must be made for another
large loan to meet the requirements of
the coming year.
The Bank of France also has accu-
| held in its vaults, Notwithstanding the
dullness of French trade and industry
indicating preparation for some future
special demand upon its resources. This
situation supplements other factors ad-
monishing towards caution and con-
servatism in the speculative employment
of capital.
The Northern Securities company case
is an ever present factor in Wall street
consideration. The season Of uncertainty
over the countryS crops is always one
of normal dullneSS in speculation There
remain many labor problems for the
coming year to be worked out The couln-
try very large bank clearings, the pros
perlty of the iron trade and the absence
| Of serious impairment of railroad earn
ings keep the undertone of the stock
market firm and confident and have given
opportunity for some striking upward
| movements in special stocks Of secondary
| Importance in the market
Bonds have shown some decrease from
| recent ACTIVITY, but the level of prices
| was well maintaineS.
United States Is advanced II, the IS Il,