The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-02-14
EXCHANGE LISTLESS
THROUGH BRIEF SESSION.
PRICES START HIGHER. BUT
REVERT TO FORMER LEVEL.
Week Has Been Full of Adverse
Influences Without Producing
Immediate Disaster.

New York, Feb. lS.-The two hours ses-
sion Of the Stock Exchange to-day inter-
vening between the sessions of Thursday
and Monday did not attract more than
a small attendance of brokers and men,
bers. and the trading was ~listless and UNI
important. The opening level was higher
to conform to the parity Of London prices.
which had been lifted slightly yesterday
during the holiday here. The small room
traders attempted to take the days prof
it's after the bank statement. with the
result Of carrying prices back 10 about
the level of Thursday. Although the pre-
liminary estimates Of the currency move
ment- through regular channels indicated
crease of 81. 66s.sO shown by the bank
statement did not cause great surprise.
as there was knowledge of considerable
shipments to Baltimore. which did not
f,e,re in the estimates. The nominal in
crease in the loans was less than was ex-
pccted. and would be considered a mega
lively favorable factor.
The weeks announcements OF the plaC-
ing OF sJ0. 100000 of eighteen months Penn
sylvania. Company notes. N,UT.tN' Mis-
souri, Pacific notes and the news from
bankers to the $s5. 0O00OO Cuban "a were
proof of tho large actual demands upon
credits, which are In course OF sauslac,
ton. There seemed to be some special
pressure UlIeClcu ttSdiilst Z I'm >Su
trail, after a sharp opening advance Or
fetal denialS that an issue OF notes was
in contemplation by the company. did not
avail altogether to quiet apprehensions
on that subject.
WEEK OF CALAMITY.
The stock market had to face with
the opening of this week the unexpected
calamity of the great ~confasration at
Baltimore, and the outbreak of war be-
- - z-. -l;nI, lafSor
event was not expected by the best In
formed opinion. That it was not wholly
discounted. however. was obvious from
the motion caused in foreign security mar
notably at Paris. This concurrence OF
harmful events was 4 strong blow to SEN
timent and grave fears were felt of the
consequence. These fears have mus lar
failed in a striking degree of realization.
The sharp declines Of Monday We're al.
most made up on Tuesday. showing that
considerable part of the selling even on
which was hastily followed on Tuesday
under the evidence that there was no
urgent pressure of liquidation. which
at a lower level. 1t is highly probable
that some measure of powerful support
by large capitalists and bankers played
a part in Tnesday,s rally; 1t wa The
the object Of this support was to afford
a more profitable basis for necessary II
~Quidation that induced the renewed de-
cline of the latter market. But acute
apprehension was quieted and confidence
was felt that the market would not be
subjected to the kind of forced liquida-
ton which was at first feared as a con.
sequence of the enormous losses suffered
in the Baltimore fire. The scaling down
OF the srst estimates of those losses had
an important part In restoring the mar
ket to . gutter tone. The composure with
which these conditions were met was .
striking demonstration of the great
growth Of the country's since
the Generalization, and precipitated the
stock market into panic.
CRISIS TO BE AVOIDED.
The gravity of the requirements to be
met BY the heavy destruction of property
values has not lost its force, as is shown
by the renewed but more orderly fall in
prices which has followed the recovery
from the first spasmodic drop. II forced
and urgent LIQUIDATION can be escaped as
a sesult of the heavy requirements on the
that widespread exercise of credits Will be
necessary to accomplish this result. II
insurance companies are to he saved from
the necessity Of selling their investment