The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-02-27
WALL STREET Indifferent
TO BIG RAILROAD DEALS.
HOLDERS OF STOCKS E
OF LONG WAITING.
Belief Grows Stronger That Moth
ing of Active Speculation Is to
Be Expected Now.

New York. Feb. 6.-Afte a day Of In
difference and neglect to-day's stock mar
ket closed with an active selling movement
in force. and with the majority of active
stocks from l to 2 points below last night.
The only manifest new developments TO
cause this sudden weakness was the ad-
journment OF the St. Paul directors without
As such action had not been certainly eN-
pected and as there had been no extensive
speculation based on the stock issue the
late weakness Is more plausibly explained
as due to a speculative WEAKNESS with the
persistent hanging back of prices: This
sense of disappointment was in evidence at
the opening, when it was seen that the au-
thorized reports of the practical consolda-
ton of Rock Island and st. Louis and San
on speculation. st. Louis and San Francisco.
in fact. relapsed sharply to q. below last
night on comparatively light offerings and
Rock Island, after a mere fractional ad.
night for the rest of the day.
CHILLY RECEPTION.
This reception accorded to the most far
reaching project Of railroad consolidation
since the Louisville deal seemed II lie ac-
cepted as a conclusive demonstration that
nothing was to be hoped for in the way OF
active speculation for the present. The re-
politan Street Railway alleviated for a
time the depressing effect of this convic-
ton. There was a demonstration also in
NdDdSu pTeIeTIeu, WHICH Cdlitu thal
stock up a point in face of rumors of the
issue of an order for a strike. and OF the
unfavorable showing of January net earn
ings. Some of the iron and copper stocks
made some show of resistance tc the pre-
vailing depression owing to favorable trade
reports. but the whole market gave way at
weak closing. The uneasiness over the
rapid depletion of New York banking re-
serves was slightly relieved by to-day's
news of the receipt of ss.Oo0.o0o in gold
from San Francisco. But the market had
to face as an Offset the news of the ship
ment of 5000 in gold to Buenos Ayres. In
was a relaxation of pressure all around. the
private discount rate both at London and
Paris going quickly lower and giving
ground for the supposi'ion that the reduc-
ton in the Bank of England's rate is de-
ferred for only a week
DEMAND FOR MONEY.
But it is feared that further shipments
will be made to Argentine from here. and
that Chicago will make further demand for
currency. Operators in the market also were
inclined to be discouraged about the pros
seet Of action at this session on the AldrLch
finance bill. Time money. which is the true
index of the present money situation: hard
ened further to-day, and practically 10
business was done at less than 5 per cent
for periods longer than three months. Opin-
ion was inclined to settle down into con-
viction that extremely conservative banking
and until some new factor developes to re.
lieve the situation. One OF the features of
the days market was the wide concessions
necessary to find market for small offerings
of some of the expensive high-grade
stocks. Chicago and Northwestern was a
notable example. the price declining s points
on quite feverish fluctuations. The subscrip-
ton rights to the new stock sold at 1875.
compared with 15A on the first day they
were dealt in last week.
Wabash debenture bonds made a sharp
recovery and gave an irregular tone to the
bond market. which was otherwise rather
easy. Total sales par value $1,s75 900. United
States bonds were unchanged on the last
call.