The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-13
STOCK MARKET LEFT INA
STATE OF SEMISTAGNATI0N.
PRICE MOVEMENTS WITHIN
NARROW LIMITS.
Special Causes Affecting Individ
ual Issues Cause the Widest
Changes.

New York. March 1.-THE stock market
to-day started out with its recent tendency
| to reverse its position of the day before
| This vacillating course Is usual towards tye
| termination of a wide price movement. but
| the arc measuring the oscillation FELL TO
| such small proportions to-day that the
| room traders became discouraged, in their
| efforts to scalp profit and in the end aban-
doned the market to semistagnation.
| Speculative attention reverted to special
| causes affecting individual stocks and to-
| days largest dealings and widest move
ments were in this class. There was no
! evidence on further urgent pressure of
liquidation and call loans were made on. the
stock Exchange at Oh per cent, and In e1-
Ceptional cases at per cent This was
| partly due to the release of funds BY the
| liquidation of stocks and partly to the de-
creased demand, In view of the speculative
dizziness. 1t Is clear that such funds az
| have come to New York have been at
tracted by higher interest rates and the
sources from which they have been drawn
show the effect in a tightening of their own
money rates. as In the case Of Chicago.
CREDITS DIFFUSED.
The volume of credits has been more Diff
fused than reduced Wall street was obliged
to accept the intimation received to-day
that the Secretary of the Treasury had de-
cided that the present money situation In
New York did not require action for re-
lief by his department. The fact is begin
ming to lie better understood that any re-
crease the necessity of drawing upon Cow
eminent deposits with the banks to make
the Panama Canal payment.1n 50 far as the
payment shall be made by drawing on funds
actually In the Treasury it will so to in
crease the available cash. As to whether
this cash goes abroad in the shape of gold
exports or remains here must depend upon
the International exchange situation at the
time. 1t is clear that these payments will
theless increase the supply of loanable
funds and may be an actual relief to the
New York money market by borrowing.
products for February gave good indica-
ton Of the growth OF the trade
balance in our favor. showing, as it
ruary Of last year of over S20.00000o Corn
exports play considerable part in this
ton exports compared with February of last
year amounts to the substantial figure OF
S12e54.565.
COTTON REACTION.
The elimination of the speculative rise in
cotton and the heavy selling at the reac-
ton give promise of continued replenish-
ment of our foreign credits by the outgo |
of cotton As for the immediate money sit
other half million dollars from the market !
There was a deposit of $4,000 to-day for |
transfer to New Orleans, and a small Sub
house foreshadowed another heavy require |
ment by to-morrow's statement. There is |
some . anxiety an let lest the payment on Monday |
VI *~o'Voo.V-V ol otduudrO VII dividend may |
disarrange the money market, as it has |
been shown that the funds collected for |
this purpose have been out in loans. and |
will have to be recalled. The stock market |
closed dull and weak: OF the days special !
movements the rise in Amalgamated Con- |
per was due to the excited jump in the COP
per market. st, Paul was lifted apparently
on the declaration of the regular dividend |
sugar weakened on the fear that the Cuban
treaty treaty viii be defeated. Union Pacific de-
clined on the call for proxies by the South
ern Pacific minority
BONDS were about steady. Total sales
were all unchanged on the last call.