The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-02-25
MONEY MARKET PROSPECTS
MAKE WALL STREET UNEASY.
WEST SUDDENLY DEMANDS
LARGE SUPPLIES OF CASH.
Speculation in Lands Has Been AZ
High Point and Payments Are
Coming Due Soon.

New York, Feb. 24.-The minds Of opera
tors in stocks to-day were manlfesty
turned upon the money market outlook. lhe
significant upward movement in st. LOUIS
and San Francisco and in Wabash preferred
had very little sympathetic effect upon the
general tone. The effect Of the weekly oanh
statement on Saturday and OF the oeVeiop-
ments to-day in money proved more IMAM
sufficient to overcome any sympathetic Ell
feet in these manifestat ons OF strenstn'
But in the afternoon, when II was an
nounced that the Senate lad taken up the
consideration OF the Alirich financial bill. a
substantial recovery set In and a large pro
portion of the earlier losses was recovered.
The whole movement was largely PROBES
sional. but was only a fair demonstration
OF the Importance attached In the hhaiiciai
community 10 everything that promises re-
lief from the threatening financial str.n-
gency of the coming fall. In this conTec.
ton. any assurance, such as provided oy
the Aldrich bill, against Withdrawals from
the money market by the Government N
the collection of surplus revenue ~ cohsio-
cred OF prime Importance.
BANK STATEMENT.
The Saturday bank statement. since which
there was no session OF the stock eHchanse
until to-day. was regarded as rather for-
midable evidence Of tire rapid inroads psing
made upon banking u, by large o9r-
poration requirements. The very large ae.
crease in cash gives rise to the supposition
that the local trust companies are also be-
ginning to anticipate their reeis In the en-.
largement of cash reserve TO conform VIZ
clearinghouse requirements. Much slgnlH-
canoe was attached to the development
to-day of quite an acute pressure Tor funus
from Chicago. The. transfer OF s5N.Wo 10
that center through the SubtreaSlry Is
known to have be largely supplemented
with direct shipments by express.
1t is believed that large payments coming
due on March l on real estate operations In
western towns are responsible Tor this I'M
expected demand. The extent OF commit
ments in Western land speculation has been
the subject OF pu maeabs eon}e orre v ,s / Mr@
were known 20 have been made in prelim-
fnary payments with the idea that future
sale Of property. but the market lost its &C.
tiyity, as it has in so many other lines.
QUESTION is VITAL.
The extent of the requirements for these
supplementary payments for real estate be
comes of greater interest by reason of this
demand for funds. The local money mar
ket hardened on account OF these develop
ments and caused a reaction IN sterling ex-
change away from the gold-export point.
The exchange market was not affected by
heavy sales here OF stocks for London ac-
count. the light seaboard grain, clearances
or by the decline In the export demand for
cotton. 1t was evident that exchange was
affected rather by a cessation OF the de-
mand for remittance to repay to foreigners
in ST. Louis and San Francisco
and in Wabash preferred were shrouded in
mystery. but spectators supposed the two
were connected. The stock-mar.
ket hypothesis was that a newly secured
control of st. Louis and San Francisco car
ries a threat of completion to the Gould
Southwestern system, and that the Penn
sylyania Railroad was availing itself of this
to press for substantial property holdings
in the wabash system on account Of the
~latter's~ trunk-line aspirations. The strength
of Amalgamated was attributed to the fur
Their rise in the metal. and sugar rises
seemed to be connected with an advance in
the price of coffee. The market closed quite
active and firm.
There was some breadth to the bond mar
ket, but the largest activity was in st.
Louis n San Francisco funding IS and
Wabash debenture bonds. Tn general tone
was irregular. Total sales. par value, 81.
6l2. 900. United States oupon 3s advanced
u per cent on the last call.
Wall Street Gossip.
ps,or+ad thrnieh Francis Rro a "a M S14