The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-03
STOCKS ARE NEGLECTED.
AND PRICES ARE LOWER.
MONEY SITUATION Is STILL \
DISTU RRER.
Unexplained Advance in Manlat
tan-Close Is Unsteady and
Extremely Dull.

New York. March THE closing rally in
stocks on Saturday had some slight iniiu-
ence upon the opening dealings to-day but
the advance was Insignificant and the mar
ket soon relapsed into dullness and neglect
ard slow downward movement The de-
crease in net earnings for January reported
by st. Paul was an unfavorable influence
although 1t was sought to explain it by
the high price for fuel which had to be
paid Amalsamated Copper showed some
strength, owing TO the further advance ii
the metal! both here and in London. and
pennsylvania made some resistance TO the
depression Late in the day again the
explained advance in Manhattan induced
some recovery Ii prices, bu. the c.csias
was unsteady and very dull. me mones
situation continues TO weigh upon the mar
ket and the professional traders made Inc
varying lunurs regarding tine chances OF
the AidrIcn nEanciai plil the E,i.i.I.a. mo-
live of their operations. The weight Of the
days rumors Inclined asainsI tae ouI.s
chances. and this was assigned as the
cause OF the decline.
MONEY HIGHER
There was no money to loan time in
Wall street at less than . per cent to-day,
and many lenders We're not willing 10 &C
toners. The ruling rate for call money vas
Ss. per cent. some relief was afforded by
large sales of bankers bills in the OK
change market in the process OF borrow
ing foreign funds. Discounts were easier in
London. and there was reported an eXpecta-
ton that the bank rate would be reduced
there this week. But there was a SUg-
gestive break of centIna in the sterling
rate Of Paris. which may mean that cheap
er money in London will lead TO Withdraw
ais OF French capital. The New York banks
have already lost S2l3S.oa5 to the subtreas-
ury since Friday. and that institution had
credit balance at the clearing house this
morning of 3H-30o, showing the continued
drain OF funds there. There was rather less
pressure. however, upon New York from
the interior. exchange at Chicago recover
ing 10 % cents discount. compared with 20
cents discount last week. y contraction OF
bank reserves is normal to this season and
IS expected TO go further
RESERVE IS LOW
But the surplus reserve of S s5. 800 OF the
associated banks disclosed by Saturdays
bank statement is the lowest for this sea-
son since 1880. Last weeks insignificant
contraction In loans leaves that item of the
clearinghouse banks still practically at the
highest record In their history. 1t is eSti-
mated also that securities lately authorized,
but rather more remotely In prospect. run
up to over 500. 010 90. Meantime underwrit-
ing syndicates carrying over from last
year are being dissolved and the securities
distributed. forcing members of the syndi-
Gates TO resort TO the banks for credit to
carry them as individuals or to sacrifice
their holdings by forced sale in the market.
Sales of bonds for February this year In
the stock market decreased nearly 500 0oo-
the sales of February OF last year These
are the conditions that keep speculation
from the stock market ard discourage in
vestment demand
Bonds were dull and inclined To be easy
Total sales, par value. 81. SS5 COO United
States bonds were all unchanged on the
last call
Bond Sales at New York
REPUBLIC SPECIAL.
New York March 2.-Sales OF bonds were made