The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-04

ments was regarded as a striking evidence
en- that the Pennsylvania $1,000
90 loan will be repaid at ma.
july instead Of being sStended secordins
TO privilege promised further relief to the
money situation. The action of the money
market over the turn OF the fiscal year
failed to develop any signs of a squeeze.
So far as the fears of squeeze in money
had deferred buyers of stocks from coming
moved. But the demand for stocks has far
to develop and the professionals who
bought stocks early in the week in expecta-
ton OF it have again Withdrawn from the
market
DULLNEss REMAINS.
Whatever may be the cause OF the apa-
thetc market for stocks 1t is evident that It
Is not removed by the passing of the semi
annual settlements and the completion of
the Pennsylvania stock subscription as was
hoped. 1t is probable that the present easy
condition Of the money market has not en-
urely relieved apprehension that the autumn
requirements will demand all the resources
available. TIE continued high level OF bank
loans after the extensive liquidation which
has occurred makes deep impression The
ComptrollerS report shows leans and dis
counts OF all the national banks on June g.
year.
In the same period specie holdings by the
banks have fallen of $50. and legal
tenders N.26l, 463. The percentage OF legal
reserves on June was 22.S per cent as
against 2:.S3 per cent on July l6 last year
The Treasury Department statement of
money in circulation in the country. ex-
elusive OF holdings in the Treasury on July
l shows an increase of Ss9, 37s, $50 since July
l OF last year. The decrease for the same
period in the cash reserves of the banks
argues an extraordinary growth In the de-
mands of the circulation. and is a conyir-
cling evidence OF the high activity OF busi-
ness: But it does not indicate an improve
ment in the banking situation. The con-
clusion is drawn that the banks have had to
take over enormous loans from foreign lend
ers 70 whom they have been paid during the
prolonged period Of liquidation in the Sc
curities market. The appointment OF re-
ceiver for the United States Ship-Building
Company. and the developments in the
courts regarding that organization. and the
plans Tor reorganization of some Of the mi
nor industrial combinations, have caused a
oeep impression Throughout the financial
world. and have awakened a spirit of dis
trust against the whole of that class of Sc
curities.
WATCHING IRON MARKET.
The iron market is closely scanned for
indications OF the basis for the coming
years business and for light on its volume
A good impression Is caused by reports of
large orders placed for steel rails. and the
sudden marking up of United States Steel
preferred on Tuesday was regarded hope
fully as a possible heralding Of demand
for securities OF this class.
The price to which this stock was lifted
is that at which subscriptions were offered
to employees OF the corporation, and its halt
at that point caused a surElise that IL was
sought to establish this level to relieve dis
satisfaction among holders IN the ranks of
employees The very large earnings shown
by the anthracite carriers for May gave
them firm tone in the market and made
them favorites in the abortive upward
movement. Net earnings for May in other
territory reflected such large entertainments
by operating expenses as to deprive them OF
stimulating influence upon prices The stock
market is keenly attentive to the crop news
as matter. of course. The highly specula-
tive conditions in the cereal and cotton mar
kets make the deductions to be drawn from
price movements unusually confusing. The
existence of a cotton corner is a cause of
uneasiness over a possible speculative coll
lapse. The doubt over the outcome of the
corn crops and the unsettled labor condl-
tons are the ground for an appreciable
spirit of skepticisrn over the future which
helps 10 keep the demand for securities al
G low level.
The investment demand for bonds usual
at the periods Of disbursements of dividends
and interest has been present in only mod
crate degree. The point is made that labor
troubles have resulted in large withdraw
ais of savings bank deposits. and diminished
tbs demand from those institutions for in
vestments. United States % coupon, the IS
registered and the IS advanced Il per cent
and the old As Y per cent as compared with
the closing call of last week.