The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-02-20
PREPARATIONS FOR HOLIDAY
WEAKEN THE STOCK MARKET.
TREND SHOWS COMMITMENTS
ON LONG SIDE.
Decline in Metropolitan Issues
Augmented by Sensational Ru-
mors in Wall Street.

New York, Feb. 19.-The normal tendency
to close up contracts preceding a holiday
proved a depressing influence in the mar
ket to-day. indicating that such outstand.
Ing commitments as existed among the
traders were on the long side of the mar
ket. There was evidence of rather heavy
realizing in one or two stocks, which have
been the subjects OF recent buying on spec
u~lations, and this added to the general tone
of depression. The character of the liqui-
dalton and the decline in Metropolitan Rail-
way and in Metropolitan Securities were
causes of uneasiness and were accompanied
by sensational rumors. The extreme break
in Metropolitan Street Railway, which re-
suited, was 3b and in the securities 4 points.
There were sharp rallies in both stocks late
in the day. But the depressing effect of
the incident on the general market was
~undeniable.
PROFIT-TAKING IN COPPER.
The actual proft-taking in copper also
left the market without a sustaining force.
The sharp reaction in metals was very
noticeable and was a new development.
Missouri Pacific was weak and inactive
and suggested a Tightening Of the load car
ried by the pool in the stock London was
a seller here. but not to an important ex-
tent. The maintenance of the Bank of
England rate and the stringency Of money
in London have a depressing effect there,
and some account seems to be taken in for
e1gn financial centers Of the threatening
aspect Of affairs in the Balkan The late
stifening in the domestic corn market was
attributed to the state of affairs in South
eastern Europe, which serves to suggest
that its influence as a bear factor on stocks
Is not obvious.
Sterling exchange continued to advance to-
day and was not offset by a correspondents
rise at Paris. thus narrowing the margin
from the gold export point. It is not ex-
pected. however, that gold will go out be-
fore Thursday of next week at the earliest,
owing to transport considerations.
CANAL PROGRESS.
The progress being made by the Senate in
interest to the question of providing for
remittances to pay the purchase price for
the canal. A light export demand for grain
made a scanty supply of exchange. The
executive bull campaign in cotton is
watched with interest in the financial dis
trtct owing not only to the additional re-
q~uirements involved for currency, but to
the effect of the high price of the article
upon the expor demands. Yesterdays
currency transfers toward New Orleans
and large customs payments brought the
money market up to 81. 4s2, 900. making the
loss OF the banks since Friday 81. 436, 600.
New York exchange at Chicago also fell
from lbc to Zoe discount to-day. The rally
on short covering OF stocks early in the
last hour was not held. and the closing
was dull and heavy. New York Central,
the Efies and the Steel stocks showed quite
notable resistance to the general depression.
Bonds became weak in sympathy with
stocks. Total sales, par value. 100000
United States bonds were all unchanged ON
the last call,