The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-11
PAIL OF GLOOM SETTLES
ALL OVER WALL STREET.
BEAR SIDE SENTIMENT Is
STRONG.
Market Lacks support From the
Shorts. Who Sought to Take
Profits-Bonds Weak.

New York. March 10-Wan < rect mad
another sudden reversal OF sentiment to-
day and relasped into gloom. After yes er-
days strong recovery, there was a feeling
Of great relief, ana disposition to take
Toscate views Of the facilities at hand for
the money market. but it began 10 appear
again to-day that the sweeping up of the
new resources brought within reach Of the
loca! money market by the rise IN II tersst
rates was going o. 1t too rapid a rate. and
could not Indefinitely be extended. The very
large reduction in the outstanding short In
terest Effected by yesterdays enormous
buying to cover short contracts also de-
ygived the market Of a very important sus-
tanning force. Sentiment accordingly. SHIFT
Cd TO the be4r siie again The conditions
wer" not materially altered from those Of
Yesterday, but extreme constituencies was
apparent TO all suggestions u possible diff
cC!tl5s.
SHIFTING RUMORs.
The shifting rumors regarding the alleged
contest between the speculative pool in
southern Pacific and the Union Pacific
holdings Of that stock were made the in
Struueut of extensive operations. Last
nights rumOrs that an agreement rad BEEN
made between. the two parties We're con-
thrown out Of coming hostilities which;
would threaten demoraliza; TO the stock
market. The affair Offers very little in the
way OF substantial Information and Will
not reach beyond the realms Of Speculation.
OF more substantial character was the re-
sumption ~ JEe banks Of the calling u
loans The violent break here and Jnerc
among some obscure stocks uESsstvd also
a process Of wedding out Of undesirable COT
stocks was explained by the differences Dc.
NeiOped at tn. annual meeting. The break
in the common reached ~ and the pre-
ferred II. with rallies II - and 81, "
spccttvely This incident and the raidir-
DOWN of Metropolitan Street Railway
points caused an unfavorable impression
...s g, -, u a. g
market had fallen into tu,l and heavy
condition. The weakness then became quite
uniform through The list, except that South
"rn Tacitic and Union Pacific continues very
conspicuous GA the speculation.
The free selling al day by the bears led
= q substantial rally. reaching between
tive speculative leaders. when they COW
cred their shorts. The exhaustion Of the
aemand at the, higher level. however.
abruptly 10 161as. the market quickly
cfunlbled to about the lowest Of the day
ana the closing was very active and weak.
New York Central was also notably vuI-
nerahle 10 the attack made upon II. The
call loan rates at the opening was per
cent. and some loans were made above that
rate. but the ruling rate was pei cent.
The drop to below that rate after the rrir-
,iYal demand had been satisfied was with
OUT special .icniicence.
EXCHANGE RECEIVERS.
TIL rr.evcTy in foreign exchange. and
the rise in discounts AZ London were highly
siauican: and conveyed an intimation Of
tho effects to follow an undue resort 10
foreign crcdi: facilities. Another evidence
Of tho dominance Of the money situation
was the s@ns'tiyeneSs Of SreculatiC1 t. ru-
mors regarding the manner in which pay-
mcIts arr to Be LGadN 10 the Panama
canal Stockholders. \ formulated report n
the intention Of thu Secretary Of the Treas
Try To draw on Government deposits with
banks 10 the extent Of - n01.o 600 to IS coo
u'1 Cor this payment aggravated tn. mar
ke-'s weakness. The Suhjreasury took from
the money market nearly $l.5J'.c5D Yesterday
ami iirAT0 vas deposited at the Subtreas-
ury for transfer 10 New Orleans. Anal
CaInatcd and American Smelling showed
some strength on the advance in corper
and lead. and ReadinC made a temporary
advance on q denial OF rumors thar tie
miners were To be nut on short tine
Bonds weakened. in sym0athv with stock
Total sales. par value. g 50 90 Tho al
vauc" in Government bonds gave -iea 10 In-
confirmed ruuors Of an intention by the Sa,-
rrtarT q the Treasury 10 buy bonds for
the sinking fund and thus release funds 10
the none market. United States new Is
advanced - and the clds. As IS aud 50 regis
tered. advanced per cent Ola the last call.