The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-12
SPECTATORS IN DOUBT
ABOUT MARKETS COURSE.
WALL STREET PRICES FLUC-
TUATE MADLY.
Money Conditions Are Somewhat
Improved, Though Time Loans.
Are Unchanged.

New York. March 1.-THE constant fiuctu-
atoms in to-day's stock market reflected q
very unsettled and uncertain state of mind
on the part of the professional trading ele-
ment, and it required the utmost agility by
that part of the professionals known as
scalpers to follow price changes. The aver
and the market closed with one of the up
ward tlurries in progress and at about the
top level OF the day. There was n sensible
relaxation of the pressure of forced iioui6a-
ton, which the recent calling of loans by
the banks has caused, and some recovery
due TO the covering of short contracts by
bears. was therefore normal Loans on call
were made during the most active period of
the day in the money market at 5is per cent
and per cent was the maximum. For
time money lenders were disposed to hold
firmly for a 6-per-cent rate but the borrow
ers showed less urgency to secure funds
especially for the longer periods, and con-
tented themselves with loans for three to
four months where no concession was al
lowed for the six months period.
SOURCE OF RELIEF.
There was nothing to show the source of
this relief to the money situation unless il
might be the result OF the LIQUIDATION in
the stock market. The higher interest rate
has resulted in some lending for the
count of interior institutions. which are
also reported to be calling some loans at
home for the purpose of making these loans
in Wall street. Sterling exchange was con-
siderably firmer to-day and there was quite
a notable falling of In the offerings of loan
don and the sterling at Paris of one cen
time showed the obstacle arising to the eX-
tenstye borrowing abroad for account of
New York which has been in progress The
Subtreasury also continues its inroads up
on the New York money supply the loss TO
that institution yesterday amounting to
S5i3,oO. This brings the absorption since
Friday up TO the close of business yesterday
to S3.It1O0. Since the Ist of February this
Government institution has withdrawn from
the New York money market something
like S2o.00c.0c9.
SHAw'S VISIT.
This state of affairs in period of strin-
sency gave special Significance 10 the visit
IN Wall street to-day of the Secretary OF the
Treasury. The conviction was general, not
withstanding the official disclaimers. that
some measures of relief for the local money
situation were in contemplation. This was
really the strong underlying influence on
the improved speculative sentiment though
active play was still made on the constantly
changing rumors regarding the Hartman
and keene interests in Southern Pacific. \
turn against the shorts in Metropolitan
Street Railway was also a factor. Official
denials of published charges against the
financial accounting of the company were
the basis of the strong upward movement
In that stock. when the advance in the price
of copper gave an additional impetus TO
ury measures would relieve the money mar
kec seemed to be especially strong in
foreign money centers and induced buying
on the New York exchange of stocks TO the
extent of upward of $4,000 shares. This was
an important influence in early firmness~
Nothing was learned up to the time of the
close or the market of the details of any
measures to be adopted by the Treasury
Department
Bonds were irregular in sympathy with
stocks. Total sales par value. 81. 0s0. coo.
United States IS coupon advanced !. per
cent on the last call.