The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-05-08
new YORK STOCK MARKET
SUFFERS FROM NEGLECT.
PRICES SINK FROM PURE IN
ANTON.
Abundance and Cheapness OF
Money Is the Feature of
the Week.

New York, May s.-To-day's dealings re-
vealed a condition OF neglect in the stock
market fully equal to that which prevailed
before the Northern Securities decision
was handed down. and that had been IN
equaled for many years previously. Many
OF the most prominent stocks in the lis;
were not quoted at all until near the close
OF the market. and then were only dealt
In IN single lots of 100 shares. Prices sank
from pure ~inanition and no regard was
paid TO any news.
nominal effect, as the large changes shown
In the various items were pretty accurate
" foreseen- The depletion OF SO. teo.6G
IN the surplus reserve still leaves that
Item at E1e4-eO compared with slo,0s.-
70 on this date last year. and S,4sI.o
" years ago There is no threat Of q
CONSERVATION OF money supply in this show
Ing. but the statement shows a rather
process OF depletion of the
plethoric condition OF money. both by cash
reduction through the gold exports and
The lodgment OF capital thus effected.
as in the New York City bond issue this
week. and the japanese loan TO come.
sives some relief from the idleness OF
large amounts Of capital which has shown
signs of some pressure for outlet in the
railroad market
REVIEW OF THE WEEK.
The feature OF the financial market this
week has been the abundance and cheap
ness of money and the neglect. verging on
~stsgnation. of the market for securities.
intermittent advances and declines from
gay to day have not been sufficient TO
carry the level of prices as much as a
point away from last weeks level at any
time, except for a few stocks The effect
mas been SO discouraging to operators that
even the professional traders have almost
abandoned their efforts
The opening Of the week found the Lon
dn~N G~a@H 49, Ill
leaving a feeling Of uncertainty as 10
how that market would affect the news
of the serious Russian result on the Yalu.
which came TO hand after last weeks
closing Of the Attention. later.
was concentrated On the large operations
going on in the money market. the con-
wa awaited before entering on any COM
mitments.
The most important of these in their
immediate bearing en- New York were the
purchase and The sale of a 17.no.oO block
Of New York City bonds. The obscure
ties in the Panama Canal transaction have
been largely cleared up BY statements
from the Government officials and by j.
p Morgan. whose firm has been intrusted
by the Government with carrying out the
details OF the operation
GOVERNMENT CALLS.
The notification from the Secretary of
the Treasury OF a call upon Government
bdlAh OcpOSaLdE4cS LUZ " per cent Gugl-
tional of Government deposits on May 10
and An animation of a later call in June
for a further 10 per cent had a bearing on
this transaction. being designed TO replen-
tsh the Government working balance from
its depletion on account OF the Panama
Canal payment
The effects OF these Developments is TO
dissipate some of the expectations of
alterations for the money market from
the results of this operation The plan
to make the payment in Paris does away
with the hope that a large part of the
disbursement might be left on deposit for
a time with New York banks and avail
able to the money market here. The
Treasury's cali upon the banks for ad-
ditional deposits will have the practical
effect of withdrawing the whole amount
of the purchase price for the canal from
the banks. This Is contrary TO the eN-
pectation that a large proportion of the
aymen would be made from the idle
surplus in the Treasury. thus replenish-
ing by 50 much the open market supply
of funds.
/. The extreme ease which has developed
IN the worlds money markets since the
Panama payment first came up for cou-
sideration has prevented any disturbance
by these changes in the method The
placing of the New York City bond issue.
the largest single block ever offered BY
the city, was equally without disturbing
2FA@ ~