The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-09-05
FURRY IN CALL MONEY
MAKES MARKET IRREGULAR.
LOANS ARE MADE At RATES
As HIGH As 5 PER CENT.
Some of the Hitherto Leading
Speculative Issues Show
Marked Declines.

New York. Sept. 4-Partly as a result OF
the furry in call money, which loaned as
high as S per cent and for other potent
reasons. the stock market to-day developed
4 distinctly irregular tone. Before the close
OF the morning session more or less weak
ness was shown in several speculative is
sues. namely Reading. Pennsylvania. New
York Central. Union Pacific and Southern
Railway. These and other less prominent
stocks fell to a level generally lower than
yesterdays closing prices. Much OF the
selling was ~ = character technically
known as "soOI' and In conservative quar-
tiers the opinion prevailed that the pace OF
the early week mad been too fast. Trad
in. I'm the forenoon was again very heavy.
but the day as = whole was less active and
more circuInScriUed IN distribution VI bust
ness.
SOME NEW HIGH RECORDS MADE.
In the face Of these adverse conditions.
new high records We're made in Baltimore
AMI pennsylvania WABASH common and
preferred. Wheeling and Lake Erie. Pacific
Coast. National Railroad OF Mexico. PITS
burg. e. e.. and 81. Louis. Cast Iron Pipe
and Foundry issues anu SlOss-Shefield Steel
common anu preferred. The feature of the
opening was the strength and activity OF
United States Steel common. Purchases OF
the stock We're on a large scale and result
ed in Il substantial advance. but the IGll
Improvement was not maintained. The
move In Steel common was presumably
based on its strength in London. from which
center good buying WAS reported for Amer
ican interests. Locally London traded in
about 5000 shares. chiefly Steel common.
but sold N balance. The early decline in
Pennsylvania was followed By a reaction
AIRY movement in the stocks " most OF the
roads
There was no news concerning Reading
and the common StOcK. on dealings much be-
low those OF the previous two days. closed
with a decline Of =. points. Opinions differ
ss TO the ultimate fate OF that property.
~ 81. N.AA Hna ono -aAaNnE2 NhaW ~ IN
turr rests with Pennsylvania interests. who.
II l. expected. Will tuTn IL over 10 the Balti-
more and Ohio line. Shares OF the latter
road. particularly the common. were active
and strong al the outset. but closed with a
net loss. \ smart advance In Wabash was
attributed 10 mguip IlatIon by a leading
operator. The early afternoon saw sharp
gains in Peoples Gas. Manhattan. Virginia
Carolina Chemical. CcJtCn oil and some OF
the more obscure issues.
DRIVE AGAINST a. SHORTS.
The advance in Gas was accepted az a
drive" against the short interest I'm that
stock. Selling orders IL the last hour
caused r=ceSsiOns Throughout the general
list. and the closing. while active. was
weak. In the standard railway group
marked weakness is shown by Norfolk and
Western. Louisville and Nashville. Illinois
Central and L. p. n addition To those al
ready named. OF the miscellaneous stocks.
the weakest was American Bicycle pre-
ferred. which declined o points. On the
curb Northern Securities more than main
tanned it, strength OF the early week. open
ing at il1ts. but T%eacting toward the close
Gail money opened At Sizc. and only 4 com
paTativelv small amount was placed at the
top figure. the bulk of the loans being made
at from s TO . per cent There was little
to lend money ON time In view
the rates for demand loans. Foreign eN-
change continued easy with no sign of an
early reversal. The sum OF $1,000 was
transferred TO New Orleans for local banks.
and this. with other operations. shows a
gain - IT,. Sgt-TsdSusy Of over &,vJ.eO
s'rce last Friday.
Railroad bonds continued very active and
irregular. Total sales. par value. HS3.eo.
United States Old ami new Is reg. advanced
J. Der cent on the last call