The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-15
WALL STREET IMPASSlVE
UNDER new BANK STATEMENT.
EFFORT TO BOOST PRICES is
\ FLAT FALL RE.
Surplus Reserve Is Barely More
Than Million. and Outlook for
the Week Is None Too Bright.

for the appearance of the bank statement
to-day to shoN any clearly defined sent!-
nent. Traders on the floor bid up prices
Snartly Immediately upon the appearance
OF the statement on the tape, but no re-
Spouse was received from any outside quar-
ter. and the market closed dull and easy.
with the momentary demand exhausted. 1t
was only by reducing leans to the extent
of over Sl5.G)t00 and lessening the legal re-
serve requirement in proportion that the
banks were able to prevent n deep inrOad
upon the legal reserve. That item shows
surplus of barely 100000 still maintained
The statement conformei pretty closely to
expectations. as the cessation of calling OF
loans by banks by the latter part of the
week indicated that the losses Of reserves
had been made good by the loan contraction
already Effected. There was another de-
post of $4,000 at the Subtreasury this
morning for transfer to New Orleans The
York We're valued at Sl5.0J315i. an increase
over the previous week of s3,slS.S14 which
shows the continued heavy requirements
for customs payments To-day's large
Subtreasury debit at the clearinghouse
was due to the payment of an old Connec,
ticut war claim These are not hopeful
symptoms for next weeks Influences upon
the banking reserves. The disbursement on
Monday of the 10000. 0c0 Standard Oil div
tdend is of better augury, but there has
been an opportunity TO anticipate this BEN
eft. which Is not likely 10 have been neg
lected drop of 80. in Consolidated Gas
and of in Union Gas was due to the
lighting plant for New York.
Metropolitan Street Railway scored
sharp recovery on the official offer to sub
init its books for inspection in connection
with charges of ire guiar accounting. The
stock market has been feverish and I'M
settled in tone during the whole of this
week. The fluctuations were wide and va
rying. but the price level settled down to-
wards the end of the week to near last
weeks closing level. and became difficult TO
move. while the volume of dealings shrank
to small proportions. The covering opera
tions of large bear element played an
important part in this net result as there
was large and important liquidation eff
fected, and n number of unfavorabe fac
tors TO contend WITH as we'll The prac,
teal wiping out of the surplus reserves OF
the banks by last Saturdays bank state
ment brought heavy selling orders into the
mand from shorts was very large, and Mon
day saw an actual recovery in the market.
The strinsency of the market here ATTRACTED
large offerings from outside sources There
was a violent break in foreign exchange
rates and foreign banking houses were large
lenders in New York. while New YORK eN.
Western banks placed funds in Wall street.
The effect has been an equalizinS OF the
hsns ore h% t the IN Of
rates at interior points in this country and
the foreign money market under the infn-
e1ce of New York's require The drop
in British consols to the lowest point III
years was attributed to this money pres
sure in part. but the coming reduction In
additional factor. Besides the ad-
ditional offerings of money attracted by
the higher interest rate. there has been no
betterment of the money situation here.
WITHDRAWS FUNDS.
The Subtreasury has continued to with
draw bonds largely from the New York mar
ket. While the money scare was in force a
report got abroad that the Treasury Depart
ment would draw on Government denosits
with the banks to meet the Panama Canal
payment. The presence in Wall Street OF
the Secretary OF the Treasury had n reas.
surfing effect in evidence of his special
watchfulness of the situation. although
his decision was against the necessity OF
any measures by the department to relieve
the money market. II is recognized that
some withdrawal of Government deposits
with the banks may be necessary by the
Panama Canal payments. unless the Treas
ury itself is in abundant funds at the time.
and any release of funds at this time will
hamper the Treasury in carrying through
the operation without disturbance. So far
these payments are made by drafts on
funds in the Treasury itself. II is clear that
they will operate to release funds rather
than to withdraw them. As to effect of
this operation on foreign exchange there Is
the hope that Its proceeds will be available
for lending here. although this would be
in effect for the account of the foreign re-
cirients OF the payment. 1t is generally
supposed that some part of the heavy with
dra walls of cash from the New York banks
is being made by the New York trust COM