The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-23

| market. The Financial Chronicle points
out that the. municipal bond market mas
suffered in common with that for other Sc
Inmates that no less than 155' offerings OF
municipal. bonds throughout: the country
have failed OF takers In theiIa,ss shre ef
stocks on the publication of the bank
statement. as the large loan increase was q
disappointment. but the room :shorts IN
the narrow market covered again before
the closing. which was steady and almost
stagnant. Bankers are inclined to attrio-
ute the loan expansion to some: corporate
borrowing, but to q large extent to regular
commercial demands. &c :
UPWARD REACTION. =
The upward reaction in stocks which de-
veloped in the early part Of the month
reached it's limit this week and there has
been sharp downward reaction. The sue;
cessive fluctuations seem to be the normal
response to any new factors In the stu
alton. With the cessation OF the FORCED
selling of collateral out of loans. a violent
standing bear account beg am to cover With
the satisfaction Of the demand from uncov.
cred shorts 1t was natural that there should
seeking to take profits who had been buy.
ers at the low level. The market Of. the
early part of the week showed plainly MY
dow level were capitalists of large resource
and with skilled market managers on the
floor of the Stock Exchange to guard their
interests. The upward rebound in prices
was thussprvIonged to some extent: Before
the middle- of the week the manipulatton
had become soa violent and the uprush OF
prices SO feverlsh as to arouse distrust.
Subsequent events. proved that there had
been very heavy profit taking under cover.
Of the saecs up S dna at
violent and sudden. But gave rise to
none Of the uneasiness ana rdmors Of bus
mess disasters that had become 30 preva-
Tent at the lower levels Of the market
EXIGENCIES REAL
The reaction was an admonition mot to
be mistaken that the exigencies which
were being prepared for by the long liqui-
dations were real exigencies and that the
resources provided tovmeetTthem were not
to be safely. dissipated at once In wild spec
1' The course to. be expected of the market
3 Se 81
followed by period of dullness and slug
sishness. The rightness Of the money mar
Get and the expectation Of the lea. early devel;
likely to tend to this result The course Of
To o
H4Qney is. beginning to- move from New
Y6fk and that the Balance will shortly turn
In favor Of the interior. A timely event. in
vievssof this development, was the arrival
tralisn gold, which MAS made immediately
ko saak 4ss by
OF the Treasury Department. It SO hap.
pened that in the final upward squirt of
prices OF IS stocks S hitch was made BY the bull
Senate had finally rejected the Panama Ca
Eal treaty and that an agreement had been
HeSched for the rassage through the COM
Ing session OF Congress of comprehensive
currency-reform measure
y - AGGRAVATE MOVEMENT.
The subsequent news that the Panama
Canal treaty was still available for adop-
ton by the Colombian Legislature and the
report that Disbursements would limit the
Cress on a 1Ss Dy the next session Of Con
the SPECTATORS Y no had bought stocks on
these accounts. and aggravated the reac-
w waa nat Inc d eneet o. the Panama Canal news
ger political and commercial bearings of
me project; but to its probable Immediate
II wa On a are n3hey and exchange market.
s.ea.y would relieve a drain on the foreign
naynen market .l to groyide remittances in
ANA canal 81 c the ooo9 due to the Pam
70 the Colombian Government under the
Terms OF the treaty. and would leave the
uua Urea NY DsIartment with resources 10 re-
financing of these payments has heen a
rather rat obscure problem In wall street, but
they wod f mas been heretofore held that
releasing surplus holdings: from the Treas
;ury. which il a recurring dIfAculty, IN the
Pores Sss ssate q the law there
though the payments were to t he en- made Sst to
foreign creditors. The foreign exchange
gold point durns tb away from the
on account OF protective measures adopted
ny foreign money markets and partly owing
10 large selling Of stocks here for foreign
| account. London having Joined freely in
| the movement to take profits on large ac-
counts accumulated in the later stages Of
our decline.
| GRAIN EXPORTS.
The export movement Of grain and cotton
Ehas nottbeen sufficient to Offset these In
fuences. There has been selling of grains
| and cotton, and the news Of the crops had
been n, regarded as satisfactory, with the res
lateness Of the corn crop and some con-
tinuance Of unseasonably low temperatures
In the corn belt There has been some
standing another cut In the price Of South
ern pig iron. as reports are heard Of some In
crease IN demand at last appearing on ac-
count Of the lower range Of prices. An adj
vance in the price Of copper has also been
an eve OF Influence on the stock market.
Railroad. earnings have made,a satisfactory
i;were used In the advancing periddtof prices
early In the week. but disappeared later.
lsRailroad officials continue to expSess conf
to report preparations making to accommo-
date an unprecedented volume. The busi-
| ness OF the country at large seems to be
street. with the exception OF the. scattered
| failures OF: some small banks through the
country. which produced an unpleasant Inn
preston.
Prices OF bonds rose but slightly in COM
'pany with the recovery in stocks and have
been corespondingly little affected by the
United States bonds have been unchanged
I ?
Bond sales Mt New York. -
| REPUBLIC SPECIAL
New York. Aug. 22-Saies Of bonds wers made
l here to-day ~ follows: "
|, 2eSS Atsh-. ToE 8 Santa .Fs gem q. $3.50 ssh
.k.Q0u bai e Ouo prior lien 8Hs.r.... %
1 IIo00 6aiflm9re z oho Is. :s.... ssX0 996
2.C0 e. n - r e r COLL trs -4s.. ~. "a
5000 Bait Ohio 8. w. Div. n3hs.,, % O SIN
| 1900 Colo. Fuel Iron cow. 5s..... soI
200 c., r. L p F. R. coll tr. T. 7I
5000 X c., Ft 8. & NJ 4s,....... SO "
1000 Louis. & Nash unified ls......... sSH
1 mo Mexican. Il Central consul q