The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-10-27
Monetary Situation Is Slowly I'm.
proving Through Measures
of Expediency.
BANKING INTERESTS HOPEFUL.
Breaking of Coal Strike and the
Relaxing of Money Rates AL
Ieviate the Condition
Considerably.
RFprRLIc sPEcIAL

REPUBLIC SPECIAL
New York, Oct. 26-Each succeeding day
that records dull and apathetie stock mar
ket Is one OF hope TO the banking interests.
which are seeking to guide the financial
bark into deep water and away from the
shoals and rocks which so recently threat
ened disaster. Slowly the monetary situa-
ton Is improving. but in conservative quar-
tiers 1t is fully recognized that the hettered
condition Is the result more OF measures OF
expediency than Of the workings OF natural
causes or any radical change in the under
lying and influencing factors.
II the Developments OF the week disclosed
anything at all. Il was that confidence has
not yet been fully restored, either as the
result Of the capltulation OF the anthracite
coal operators 10 the United Mine Workers
or the outpouring OF some $2Oo0Oo,OoO public
funds into the New York money market.
The breaking OF the threatened fuel famine
and the slight relaxation of money rates
are matters OF Importance to the business
interests OF the country. They certainly al
leviated a condition. but they nave not
cured disease, and their oenent. Urtor-
tunately, is apt 10 be temporary and not
permanent Labor is sttl aggressive even
in the coal fields. and its attitude elsewhere
leaves much TO be desired. particularly as
in connection with the growing clscontent
and entrance Of the labor question into po-
litical controversies. 49,,
street, doubtless, that although Secretary
Shaw has made some $l00,Oo0u0o OF money
available for use by the various devices OF
anticipating interest payments, purcnas ng
bonds increasing public deposits an banks
and permitting the substitution OF municildi
for Government bonds, In an eiIort TO IN
crease circulation. and that he Is willing 10
wink at the evasion OF the law. II certain
banks favored with Government deposits
fall below their reserves, merchandise
importations continue heavy and that the
money paid for customs Is going INTO the
Subtreakury At lively rate Inls IS a
feature not connected by the measures OF
expediency to which recourse mas been
taken and since the community was never
more extrayagant than at present the neaNy
importations and the heavy customs pay
rnents are likely TO continue. With all OF
the outpouring Of public money syndicate
operations continue apace ana pank tSalss,
despite liquidation, have Teaehed point
where contraction seems dinicult. and IN
] fact loans increased during the last week
With the further loan expansion " S0,b-b,-
| sos shown in the bank statement SATURDAY
| SSH OO605o. or within 100000 or where
| they we're on October
To stimulate the stock market now re-
cuires two essentials-the complete restora-
/ ness upon the part OF financial institutions
I and foreign lenders to furnish the re-
/ sources for speculative enterprises. which
they can only advance al the expense of
| the business community
/ Probably the question which viii most i'm
mediately concern the stock market viii
/ be that bearing upon the international
money situation. So many and complex are
I the currents in the present exchange market
| that few foreign bankers care 70 hazard
| an opinion as 10 when the gold shipments
/ which all admit are inevitable, VIII occur.
The question q gold shipments hinge, 1
/ York. Il Is scarcely likely that the rate
( win case materially this week.