The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-05-17
HkRRlMAWS ILLNESS
is FELT IN WALL STREET.
SOUTHERN PACIFIC TOUCHES
LOW LEVEL OF THE YEAR.
New York Stock Market Is in a
"Waiting Attitude"-Re-
view of the Week.

~ &Ss @SS
Hartman made its influence. felt in TO-
days stock market. and this was supple
mented by the showing made by the bankA
which was interpreted as poor by the trad
ing element. The weakness of Southern Pa
cifo was directly traceabls to the condition
of the health of the president Of the COM
pany. The stock declined an extreme ~.
touching a new low level for the year.
This weakness had some sympathetic ef-
feet elsewhere in the market. st. Paul and
New York Central also made low-record
prices for the year. A light demand from
the bears to cover shorts made an Inn
preston just at the close, which was. In
The nominal Increase in the cash item Of
the banks was as much as was expected.
The fact that to-day's gold export Of 81,
only yesterday, and so figured for only one
day in the weekly averages upon whicn tne
bank statements are s}nrP of t,s .et ;,a nse
action would be thrown over into next
weeks showing. The increase In loans was
generally regarded. as rejecting the further
transfer Of obligations from foreign to DO
mestic lenders.
During the money stringency Of last fall
the recall of overextended foreign circuits
was an important factor In upsettfng the
money market. The tendency to cut down
these foreign candidates now Is viewed
with satisfaction in financial circles; But
the professional sentiment on the Stock ES-
change confined itself to the bare W
of the statement with its consequent In
road upon the reserve.
To-day's London discount market showed
a hardening tendency resulting from the
paying off of the markets heavy, obliga-
ton to the Bank of England and the bank
lost more than q million dollars In goIo
withdrawn for export to South America:
This increases the likelihood of further gold
exports from New York next week. 49,
80 -f1 - rf~NG h00 n RH
constantly within a narrow range during
the whole of the week. but the market has
gravitated towards a lower level. There
Is an occasional splitting out of long stock
by tired holders, grown disguised with the
long lethargy of the market: but the pro
fessional traders, who do the bulk Of the
tending their commitments one one side as
on the other.
WAITING ATTITUDE.
The whole attitude Of the speculation Is a
waiting one. and it is not generally clear
what is awaited. One after another OF the
causes assigned for the hesitation are
cleared up without relieving the market Of
the restraint upon it, Money continues
bar to the use of credits in speculation. but
speculation still halts. 1t is evident. how
ever. that the nominal ease of money must
be considered in connection with the tone
of interviews between would-be borrower
and lender in bank parlors.
The directors of banks and the large finan-
ctal powers, WHICH are lie COulfOllluS Ia
tors in the banks as well as in the great
railroad systems of the country. seek to
discourage all undue expansion Of credits
for taking on holdings of stocks for specu-
lative purposes. and these are themselves
conspicuously out Of the market. Great or
ganized movements in the stock market.
capital and based on intimate knowledge OF
the working out of the deals and combina-
lions, are entirely lacking at present.
The great bull markets of the last Few
wears were largely the result of much or
.ganized movements. Those who conducted
them are convinced of the wisdom at pres
In securities describes the situation by say
Ing that when he seeks to market a block
of securities he finds it necessary to make
buyer; but in many cases he finds himself
unable to execute a puying. order without
bidding up the price considerably beyond
stocks awaits a clearly lower level Of prices.
while strong holders OF securities are I'M
willing to part with them at going prices.
BANK LOANS.
Besides the Discrimination OF the banks to
encourage speculative activity, 1t Is q
noticeable feature OF the money. market
that abundant funds are offered Tor short
t time fixed ed prices de c while :. all H. OF ,d tine ee egsrYins
over the end Of the year. for which very
small amounts are offering. Claims are
the present large loans Of western banks
are In part placed in Eastern money mar
kets. and are to mature in the fall periods
when the largest demand for funds to move
the crops are expected.
1t is argued that this win leave them in
good position to supply needs for moving
crops without calling on their Eastern cor
respondents banks for funds. But the ex-
perience of last tall proved that the with
drawing Of, Eastern loans placed directly
by Western banks and demands for re-
newals upon the Eastern banks which were
fully equivalent to the usual Withdrawals
Of deposits from Wall street banks.
The course of foreign money markets fol-
the fotation Of the s150.OC0, 600
Transvaal loan Is not yet clearly defined.
It is evident from the weeks enormous loan
expansion Of the Bank OF England that its
credits were largely relied upon by the sub
Of the loan and the return to subscribers
Of oversubscriptions the money. market in
London Is relaxing as e4pected but very
main to be paid and continental exchanges