The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-22
RANK Statement HELPS
STOCKS IN new YORK.
PROFESSIONAL ELEMENT
TAKES IT'S PROFITS.
List Is Generally Higher Then the
Previous Week-Money
Somewhat Easier.

New York. March 2i.-Prior to the publ
cation of the weekly bank statement nsures
the stock market was very dull, but later
showed some degree of animation Opening
prices reflected steadiness OF tone and Met-
ropolitan Rock Island and Mexican Central
were among the stocks that moved upward
The activity in Metropolitan suggested
continuance OF the attack upon the short
interest RumorS OF a Rock 1Sland-Mexicap
Central combination were not very general
ly credited, and the last-named stock was
checked in its advance by offerings aggre-
eating 10000 shares The professional ele-
ment INDUCED in some profit-taking in GER
tain Of the standard issues. these including
st. Paul. Union Pacific and Atchison. Yes
terday's special selling Of Sugar was re-
newed The demand for Pennsylvania was
reported to have disclosed a considerable
short interest in that stock. Southern Pa
cine, which was lower in London, showed
little change in this market and was COM
paratively neglected. Figures published to-
day show decrease in Southern Pacific net
earnings for January Of over sa07, 900 Louis
vile and Nashville was firm and Canadian
Pacific responded only in a slight measure
don. "
STRIKE REPORT.
The report of the Coal Strike Commission
seemed to have been discounted the hard
eoaiers exhibiting marked firmness from
consequence in the soft-coal stocks in spite
OF the announcement of an advance OF 10
cents cent per ton In tidewater prices on April /.
Gains We're registered by Tennessee Coal and
Colorado Fuel. The close was dull and
steady The bank statement was well re-
ceived. although the loss of cash was some
what In excess of most estimates. Compare
son with last week finds the stock list gem
dation due to the calling Of loans has ex-
hausted itself. The demand has not ex-
tended far beyond the ranks of professional
no immediate prospect Of much further de-
cline In prices. TIE beginning Of the week
e., the pressure On the money market still
special exigency Of the Standard OIL 3d.
10000 dividend payment. With the dis
bursement Of this sum tho money market
funds by the subtreasury was on a much
really the result of lessened pressure from
interior points upon New York.4for money
The. Governments fiscal operations as a
day to day for the whole Of the current
month.
DRAIN ON BANKS.
The fact that practically all customs dues
are payable in New York always has the
effect Of congesting the Governments re-
quirements upon the New York money
been in addition the practice Of interior
banks to arrange international revenue
payments due at interior points by drafts
on their New York correspondents pay
able to the New York Subtreasury The re-
suit has been to replenish the interior cir
culation at the expense Of New York in
precisely the same way as though ship
ments Of currency were being made from
day to day. to New. York. The money
pinch here has checked this form OF en-
others. It Is noticeable, however. that
with an easing Of the money rate there is a
prompt check to the movement of funds
to New York. This Is especially nercentjhi.
in the foreign exchange market, in which
the offerings OF banker loan bills have en-
tireiy ceased Last week the market was
pared with the low point for demand ster-
ling on Monday of last week there has
been recovery this week Of more than