The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-30
STOCK DEALINGS SMALL
AND OF LITTLE EFFECT.
CLOSE is FIRM, BUT PRACT1-
:. CALLY LIFELESS.
Business on Wall Street in the
Last Week Lower Than at
Any Time Since 1900.

New York, Aug. 29.-No significance can
be attached to to-day's small dealings in
stocks by q handful Of professional room
traders. Very few prominent stocks COW
cred an extreme range Of as much as n
point. and the market iuctuated uncertain
ly in the interval. There were a few adj
vances at the opening, which may have
been due to the contradiction Of the first
reports that the United States Vice Consul
at Beirut had been murdered. No outside
response came to this movement and the
traders sold the market off on an early de-
preston that the bank statement would
not be so good as the forecasts indicated.
AS consequence, the poor bank statement
was followed by, hardening in the market,
the market closed firm, but practically lie
less and at Level slightly higher than last
night: The banks show an increase in cash
OF only sos. 100. where gain Of upwards Of
100000 was expected. and the loan account
was again expanded to the extent OF up
wards of 100000
LOAN INCREASE.
This loan increase is in reality measure
Of the inactivity Of the money market, as
1t is supposed to be due to the putting out
at unremunerative call-loan rates by the
banks Of funds deposited by the trust COM
panies to take advantage OF the rate paid
by the banks on deposits. Besides this, SEN
IlHcuL VI tue NlOIty-uuEheI OullOOk utS
taken on q tone OF assurance since the an
nouncement Of the Secretary of the Treas
urys plan to increase Government deposits
with the banks to the extent OF $ao.0O0.000 II
necessary. This plan comes in for q good
dea! OF discussion in Wall street by reason
OF the new contention involved that internal
revenue receipts. IL distinguished in the
bookkeeping. may be>rtransferred to the
banks. even though they have been received
by the Treasury. Hitherto internal revenue
receipts have been considered available for
Ia Ery,ly
are made. But the knowledge of resources
In reserve for the money market overrides
other considerations.
The stock market has come practically
to standstill this week. and toward the
latter part Of the week the daily aggregate
dealings have fallen to a lower figure than
on any full days trading since the summer
OF lso0: This 10 in some part due to the
interest among members of the exchange
being divided to the yacht races and to
.he large number Of belated vacations
outings have been prevented hitherto by
the troubled state Of the stock market. and
more than once there has been hasty re-
call to the street to face a crisis With
the completion Of the long process of nQui-
dalton and the closing up Of the resulting
speculative accounts on the short side the
lihrium, and is left to the devices Of set
Of small traders on the floor. Daily fiuctua-
lions. which reach as much as q point IN
this element to move prices. and the profits
they reap or the losses they suffer are at
each others expense.
OFFERING DOWN.
The Offering down Of prices fails TO I'm
duca any fresh liquidation and is met by
sufficient supporting orders to arrest the
decline and intimidate the bears. Buying
Of a few lots of stocks results in a rise Of
prices. but there is no outside demand to
take them of the hands Of the spectators
and prices slip back when they attempt to
realize prof1ts. The news of the market
consists ct gossip and surmise as to what
In the market and the small amount of
traders are dependent on their agility to
operate at the expense Of their fellow-play-
ers The small volume Of business war
banking and financial interests are doing
nothing In the market. Pending the outcome
OF the iall demands upon the money mar
ket quiet condition Of the stock market
world in general.
In the last week Of August last year the
drain upon New York bank reserves had
already set in. and by the middle Of Sep
requirement. 20 that the banks had to re-
port deficit Of upward Of a million dollars
in spite Of a sudden and drastic loan con-
traction. The precedent of last years se-
mind this year. and has been the motive
for cautious and conservative course.
which is beginning to form the basis for
hopefulness that the coming demands will
be comfortably met.
MONEY REQUIREMENTS.
The usual talk is heard in some quarters
that the Western banking institutions are
30 well fortified that the needs for currency
to move the crops may be met out Of their
own reserves without calling upon Eastern
banks. 1t is pointed out that some West
ern banks. even in the heart Of the wheat
Hall LAW tvnrr Il