The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-02-15
IN STOCKS IS
CLOSE TO STAGNATl0N.
FEW SALES MADE IN WALL
STREET UNTIL CLOSING.
Week Has Been One of Lethargy,
After a Brisk Show OF
Strength Last Monday.

New York, Feb. 14~.-Trading approached
near the level Of stagnation In the STOCK
market to-day. 1t was not until the last
half hour of the session that the nrst SAFE
in either Sugar or Manhattan was record
ed. Up to that time there had been only
one or two transaction in United states
Steel. The movement of prices in such a
market can have little significance, unless
of a negative character. The seiins
pressure, which was notable yesterday. was
relaxed to-day. and there was even some
evidence of support here and there, espe-
cially in the Gould group, and Wabash pre-.
ferred was lifted nearly a point. General
Electric rose further On alleged expecta-
lions of benefits to stockholders to accrue
from tine purchase of the Stanley ElectI.c
Company, perhaps by new stock s9psclip,
ton rights. American Smelling advanced
an additional Ia with intImations that the
Improvement in the silver market was TO
the advantage of the company. Inc ilsne
ing of the protocols for the SUBMISSION OF
the Venezuelan dispute to The hague AT
bitration Court was cited as a reason Tor
sons of the buying.
The liquidation of the Fries seemed to
be checked and there were dealings In the
new convertible bonds on the curb at 80.
as compared with the proposed Is
Prices receded a fracnon ON the appear
ancs of the bank statement, but the market
steadied again. The loan increase OF I'LL
274.S 800 Is not excessive, compared with the
corresponding week in other years. 1t Is
believed that some of the borrowing has
been for the purpose of repaying foreign o5-
legations, which can now be done TO ad-
vantage. The surplus of ST.. 52s. SIS COM
pares with SO. 5SO.s $50 at this time last year,
and S12. $50. $50 two years ago.
WEEK OF APATHY.
After a squirt of activity and strength on
Monday. the stock market fell back again
into a condition of apathy and lethargy.
This was accepted as a new demonstration
of the futility of the efforts of speculative
combinations and unOlS To awaken interest
in stocks on the present outside public.
These elements had In their favor the con-
cially the introduction into the Senate Of
the Aldrich bill for liberalizing the pro-
visions for Government deposits with ma
tional banks. in preventing. strinsency. in
the money markets during the coming fall.
The somnolent state of speculation Is a
puzzle to the professional element. in
view of the apparent promise for future
prosperous conditions.
The Importance attached to the Aldrich
bill in current financial discussion probably
prevailing hesitation in the stock market.
1t is now generally. recognized that the
money market passed through a crisis last
in it. The step taken by the Secretary of
the Treasury in accepting State and mu-
nicipal bonds as security for Government
catastrophe. The problem of avoiding a
lookup Of surplus Government revenues
in the Treasury grows in difficulty every
year va HI W 1 dhu aug
mented price OF Government bonds, upon
which all measures Of relief depend under
the law.
SCARCITY OF BONDS.
The device of purchasing Government
bonds at a premium in the open market
has come to cause a displacement of bonds
deposited to secure circulation, thus OPP
Grating to contract the circulation at one
point IN the proportion it is expanded at
another.
1t is with great relief. therefore. that the
fnoprfo1 rr-orlI q tho nrnSnaCf of the do
post of Government SURPLUS funds with
banks at IL per cent. interest on the Sc
curity of State. municipal and approved
railroad bonds. The removal of the inhfbi-
ton against deposit Of customs receipts
with the banks Is also calculated to be of
special benefit to New York banks. as the
bulk CT the customs are payable at this
be issued for construction OF the Panama
Canal for purposes of security for blank
notes and Government deposits Is an addi-
ticnal factor for expansion of circulation.
But this promise OF alienation of possible
money strinqency again this fall may not
more than offset other factors on the OppO-
site side. For one thing. the payment of
shareholders and of $4,000 COO to Colombia
must be provided for in the case of the
passage OF the Panama Canal bill.
CASu BALANCES.
1t is not considered probable that a bond
issue will be made for the purpose. although
the large current revenue surplus enjoyed
by the Government. The accumulation Of
an additional cash balance in the United
States Treasury In preparation for these
dsposits with the banks is. therefore, indi-