The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-24
WEAKNESS AND UNEASINESS
MARK THE STOCK MARKET.
BANKING INTERESTS OPPOSE
HIGHER PRICES.
Securities Lower Abroad, Consols
Leading Downward Move
ment in London.

New York, March 23-Several causes con-
tributed to the general weakness and dull
ness shown by the stock market to-day.
Chief among these was the belief that
banking interests view with disfavor any
movement in the direction of higher prices
This attitude appears to be based on the
belief that monetary conditions as whole
are not such as to warrant even a moder-
ate extent Of speculative commitments.
London prices also were lower. the all
around weakness in that market being leu
by consols. which touched the lowest point
in thirty years. However, there was one
note of encouragement from abroad. the
annual report of the DreSdener Bank said
that fears of a collapse of the industrial
developments Of this country were rapidly
diminishing Advices from the Srangers re-
ported normal March conditions, with a re-
striction Of the primary grain movement
owing to bad country roads. The trunk
lines are still unable to meet the demands
of shippers and the situation in this regard
is little changed from that Of a week ago.
Relief is hardly looked for until the re-
sumption Of lake navigation
OPENING LOWER.
Opening prices in the stock market were
lower for the most part and reflected an
irregular undertone. but there was little
pressure to sell save in the case Of Union
Rock leland. Canadian Pacific Amalgamated
Copper and several specialties. while Ten
nessee Coal, Metropolitan and BROOKLYN
Rapid Transit were firm Before the end OF
the first hour the market became hstless
and prices drifted within narrow range.
The tone became narrow ana prOIeSSlouhAs
and traders used the London lower quo
tations as an excuse to sell.
There was steadiness In the steel stocks
and IL few other industrials in the middle OF
the day. but the weakness of Sugar seemed
to come from unsettled trade conditions.
The decline In Amalgamated Copper fol-
lowed a cessation Of the recent active ma
nipulation. Southern Pacific was cratic
throughout. selling at an advance Of "a
points in the early dealings. but declining
later to the lower level. Aside from the
naming OF a date-April 3-for the closing OF
the books for the annual meeting, and addi-
tional allegations Of bad faith by the MI
nority stockholders. no new phase was In.
jected into the controversy, which Is still
viewed with some degree Of apprehension.
RENEWED SELLING.
Following a slight hardening Of the prices
in the early period Of the afternoon. when
abortive efforts were made to advance 81.
Paul. another liquidatind movement set In
and a. number of issues registered sharp de-
clines, some stocks closing at the lowest
directed chiefly against the Pacifics. Some
of the grangers and Readings. and had the
effect of unsettling the general list. London
sold upward OF 10000 shares and bought
very little. Sterling exchange was 10 points
lower, but the demand was light. Further
ease was shown In the rate Of time loans.
and the days business in call money, which
siderable thought Is being given to the April
money movement. A retrospect Of last
years movement shows gains from the lnte-
rior for the first two weeks Of that month:
The bond market was irregular. Total
sales aggregated 100000. The Govern
ment's bonds were unchanged on the Hast
call.