The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-23
Gradual Strengthening Of Bank Re
sources Is a Movement in
the Right Direction.
PUBLIC IS NOT VENTUREsoME.
If Stock Market Can Be Held Upon
Purely Nominal Basis, Chances
for the Restoration of Equi-
librium Are Favorable.

REPUBLIC SPECIAL
New York. March 22-The moderate i'm
provement noted in the general monetary
situation during the preceding interval made
further slow progress last week. 1t is not
much to boast about. and there are perplex-
ing problems yet to be met and solved. but
the gradual Strengthening of bank resources
is movement in the right direction.
If the stock market can be held-as in
the last two weeks-upon a purely nominal
basis for some time yet to come. the
chances are highly favorable to further
restoration Of equilibrium
Fortunately. the public shows no dispost-
ton n, for speculative ventures; and this is
reduces the demands made upon banking re-
sources, and enables the financial fnstitu-
ons to for The Sssy
for discount and accommodation;
Although the monetary situation has un-
PARENT that It AMENDS but slowly VI and that
forces are at all times at work that MAKE
Tor extreme conservatism upon the part OF
merchants and financiers alike, If they
To illustrate the change which has taken
place in the New York money-Inarket posi-
e e y to Compare few important items Of
the bank statement at this period:
B:ss:,; 81 IL sss
Sas ;,,n h0ia!nss 'sa 9 .ssS go
II Is a rather remarkable situation to find
the loan account so nearly uniform in the
three years and contrast this with the
in the case of loans and deposits in the DIFF
ferent years and the continual diminution
OF cash holdings.
Surely with such a condition Of affairs
any divergency from conservatism upon the
part Of the financial interests would be m
excusable. even II the public temper were
servatism to be urged the more and en-
forced II needs must be. at further ex-
pense Of speculative stock prices in view
business activity is to continue the re-
sources must be ready in hand. The treas
ury drain, though diminished. has apparent
situations have loaned money in Wall street.
they are sending little currency here to DO
placed at the disposal Of local banks:
Strike Commission viii have upon labor is
highly problematical Even the persons
most interested appear undecided as to
Of the Presidents tribunal. From out Of
the mass of conflicting opinions stands
forth clearly the point that the United
been formally recognized and this was the
main contention at the outset Of the strike.
Still the organization showed itself suf-
from the Federal authorities and other con
tentions were sufficiently grounded to obtain
from the commission an advance In wage.
q shortening Of hours Of labor and other
advantages of Importance.
Not until the argument upon the tempo
rary Injunction granted to the Southern Pa.
ciic minority IL heard and decided on April
and the annual meeting Of the Southern
Pacific Company on April is past and
gone is It likely that Wall street will be
able to dismiss the Southern Pacific nui-
sance from it's consideration. Possibly even
the annual election will not terminate the
affair. for appeals may be taken from the
Judges decision at Nashville and the case
draw its weary lengths along to a final de-
termination. Up to the present time It has
been a rather one-sided contest, with the
minority interest doing all the looking and
creating all the noise and turmoil. and tho
Union Pacific interest continuing even
tempered in the face Of charges OF mall
administration Of alleged intended con1sca-
ton of property and the like The answer
will come In due time, and very few per
sons doubt that the final outcome Will be
favorable to the present management.
But It is quite on the cards that between
now and the end Of the controversy Wall
street will see further demonstrations in the
security market.