The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-18
STOCK MARKET IS ENTIRELY
IN PROFESSIONALS HANDS.
WALL STREET DOMINATED
BY SOUTHERN PACIFIC.
Prices Make General Small AS,
vance, but Close Below the
Days High Point. T

New York. March 17.-To-dsys stock mar
ket was entirely in the hands OF the profess
sional operators. and these for the most
part Of the smaller class. The whole market
was dominated by Southern Pacific. The
manifest support for that sto,k and the ces-
sation OF yesterdays Lres su:e agi INST Tn
ion Pacific caused a check In the early SELL
ing here and a gradual recovery ensqed.
cifc, ct. Paul and one or two o.her leading
speculative stocks were a pant aSove last
night. The realz Eg at the last took the
During the unsettled period of the morning
there was continued pr. ssCre to sell New
most a point The persistent, slow hq1ida-
ton in this stock has Il very depressing SEN
timental effect on the whole m irket- II Is
variously explained as being due TO sales
against expected privileges 10 subscribe 10
new stock or TO the general conviction that
with money at per cent hgh-grade raj
road stocks are on too high price basis
New York Central recovered with the rest
Of the list. and there were some sharp rallies
from recent depression in Nor hwestern, the
local gas stocks and number of specialties.
READING IS STRONG.
Reading was a center of some positive
strength, which was attributed to the ex-
pectation OF a favorable showing on Febru-
airy net earnings. The renewed advance in
the London copper market led to a revival
of the demand for Amalgamated Copper
The recovery in the Pacifics was followed
by the announcement that the speculative
pool in Southern Pacific had been extended
from April !, the original date of Its ma
turity.. to April 10, Speculative sentiment
seemed to be much confused by this an
nouncement, as by the previous moves on
the part Of the POOL. 1t has been feared that
the coming dissolution Of the pool would
lead to the throwing over Of some heavy
offerings OF stock. .
On the other hand, its continuance will! in
volve the further tying up of large credits
The extension also has the tendency to in
crease the weight from stock market
standpoint of the litigation instituted on be-
half of pool against the Union Pacific con-
troll of the Southern Pacific. Some favora-
Bile effect was produced by the conference
ployes of the New Haven system for an ad-
justment Of the labor dispute.
MONEY IS EASIER.
Money was sor1ewh.t easier. with per
cent the maximum rate for call loans and
decided softening OF the market after the
treasury established a gain OF something
over SO, 900 from the banks on the opera
tons since Friday, thus wiplng out its con-
tribution Of yesterday to the local money
Government Is much less than It was last
week. On the other hand. there was
very substantial rise In the foreign exchange
a w the end IF the
rates in Berlin and Paris. there is said to
be less inducement for the placing of for
eign funds here- For whatever reason, the
hare Of loan bills. 80 that the demand for
remittances has been sufficient to cause q
material advance in the exchange rate.
The bond market was dull and irregular.
registered IS declined Y on the last call
New York Bond Sales.
REPUBLIC SPECIAL.
New York. March II:-sales Of bonds were made