The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-01-13
HEAVY SELLING OF STOCKS
TAKES ViGOR FROM MARKET.
MAY CLOSES WITH PRICES AT
. LOWEST POINT.
Banks and Trust Companies Less
Liberal in Placing Short
Time Loans.

New York. Jan. 12,-The large selling
which developed on Saturday and which
was renewed after the opening To-Day
served to take the vigor out of speculation
and the stock market sank into a condition
of semi-stagnation during the afternoon.
with an occasional downward dip in prices.
The market closed with one of those selling
movements in force. making the last prices
ahort the lowest of the day. There was
nothing in the news to offer a rational eS-
plantation of the decline unless 1t might be
a rather less liberal disposition on the part
of the banks and trust companies in the
matter of placing short-time loans. The
movement of cash. SO far as known to the
public, continued to increase the reserves
of the banks. The Subtreasury operations
have yielded rather more than a milton doi-
lars to the banks since Friday. anu the
bank statement of Saturday is believed 10
! nave understated the reserve item at that
| time by Several million dollars, owing to the
fact that the heaviest movement last Week
! came late, and SO figured FOR less than II
should have in the weekly averages sun
Importance is attached. however, TO the sus-
tanned upward movement OF steri!hs "a,
| change in connection with the orresponuih
| greater advancSto-day.
DEMAND FROM LONDON.
II ,s believed that unless money rates
| here are allowed to advance again ne un,
| mand from London VII Ge 81 With the mans
NJ Ibe managers of the present speculative
I campaign in stocks, who nave counted upon
| a period of easy money. 90
| The cal for a 10 per cent INSTRUMENT OF
| tho $50 .WO,O coo subscription to the interna-
| tional Marine Syndicate, which Will requiie
| s, .C00. 900 on Saturday, Is another fac'or ~
\ The situation. Recent increases IN pank
| and trust company stock will call Tor sone
| s.. coo, 600 TO take up new stock. ano, III ~
more remote future. are the proposed rem.
svlvania stock issue and the presuiip,iou
\ that the purchase for control OF Reauins
I will be followed by the issue OF some ne"
ssrnritv against the holdings. Rumors con-
| tinue busy also, with alleged plans Tor re.
l firing the Atchison debentureS with n new
bond issue.
EFFECT IS CHILLING.
The quick multiplication of these possible
new offerings in the stock market nae q
| rather chilling effect. Berlin also reported
| a new German loan as an early proSpect;
| The numerous rumors of further raliroad
l combinations. which were. circulated, taiieo
to have a reviv!ng effect upon speculation.
either because of this new solicitude over
the effect upon money supplies or because
! the rumors showed some Jack OF inventive
power. A combination of Atchison and Rock
Island outlet to t!dewater by way OF Ere,
a purchase of Chicago Great Western by
| Rock Island. a purchase OF Atchison py
| PENNSYLVANIA. and an absorption of South
ern Railway by Pennsylvania. were some OF
the rumors which were formulated during
the day without producing much effect.
There was some early strength in Atchlson
and Sugar and later advances in some spe-
~cialties, including the Chicago Union Trac-
ton stocks. the Iowa Central stocks, the
Rubber Goods stocks. Kansas City Southern
and one or two others, which were unex-
planned by any special news.
Speculative bonds were weak in sympathy
with stocks. but the investment issues were
firm. Total sales. par value. s2,7l0 ,0go.
United States bonds were unchanged on the
last call.