The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-17
WALL STREET DISCOURAGED
BY HIGHER LOAN RATES.
CONFIDENCE OVER MONEY
SITUATION VANISHES.
Late Rally Follows Return to New
York of Distinguished Finan-
cier From Vacation.

New York, March 16.-The feeling of en-
couragement professed on Saturday over the
money situation as indicated by the bank
! statement was disspated to-day. When call
| money rose to per cent, the discoura ged
! bulls began TO throw over stocks and there
was evidence of considerable liquidation by
! tired holders. Prices went down very easily
and there was no appearance Of effective
support until there came sudden upward
! squirt in Southern Pacific. during the last
| half hour. The marking up of this stock
| TO 6S was so characteristic of the drastic
| speculative method of the managers of the
pool in Southern Pacific that the shorts took
! fright and covered hastily in various parts
| of the market. Union Pacific shared IN the
late raj V. as Southern Pacific had done in
the early weaknesses There was a mani
Test embarrassment in the supposed efforts
which were making all day 10 depress Union
Pacific and support Southern Pacific.
ASSUMED PURPOSE.
Spectators assumed this purpose on the
part of the pool in connection with its suit
10 prevent the diversion of Southern Pacific
earnings away from dividends. The possible
incidental consequences of this suit are an
unsettling influence on the speculation, on
account of the important questions that
may arise regarding the control OF COM
peting lines by. ownership of stocks held in
progress of the voting on the strike ques-
ton on the part of the employees of the
labor question in the mind of the specula-
tive public. The progress of the spring
season gives constantly new occasion for
the consideration of this subject by reason
OF new demands for higher wages and dis
putes growing out of them. This is wide
reaching influence for depression in the
present temper of speculation. The propo-
sltion for New York to crovide its own
street-llghting plant caused further sharp
losses in the local gas stocks. The selling
pressure seemed particularly severe against
New York Central for what reason was not
disclosed. A decline Of IL, points in New
York Chicago and St Louis preferred from
the preceding sale marked the continued
securities.
MONEY IS HIGHER
It was hoped that the success of the
banks last week. in keeping within their
legal reserve requirement, would lead TO
quieter money conditions this week The
absence of violent disturbance in stocks
last week. in spite OF the sl5Ooo.0oo loan
as encouraging. There was momentary
effort. in fact, to put up prices. and some
progress was made in the case of Reading,
Wabash preferred, Louisville and few
other stocks The disbursement of the
Standard Oil dividend to-day seemed TO be
ket. London sold stocks here, and sterling
exchange advanced. both of which We're
factors in the weakness of the market. The
fact that the week starts with slight gain
for the banks Subtreasury operations
afforded but mild satisfaction. The rally in
the market was coincident with the arrival
at his office of a leading individual in the
financial world after a vacation absence. al
though the motive which prompted the pro-
fessionals to pursue this course was not
disclosed
The bond market was weak in sympathy
with stocks Total sales, par value. $3.50
o01 United States new As registered ad-
vanced Il per cent on the last call.