The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-04-01
STOCKS SHOW TENDENCY
TOWARD MAKING GAINS.
MONEY GOES AS HIGH AS
FIFTEEN PER CENT.
FURRY Interrupts Advance in Quo
tations, but Fails TO Pro
duce Weakness.

New York. March Sl-The stock market
showed a rather hesitatins and irregular
tendency 10 recover to-day: The movement
fer money conditions will follow the arrange
ment OF the April settlement. TIL immedi-
ate money market was still under the indu-
ence Of The preparation for these settle
ments and call-loan rates were very stin
all day. The Su~btreasury statement showed
that the banks have lost to that institution
since the last bank statement E.A5.0oo. and
there was a small credit balance In Its IA
vor at the clearinghouse this morning. but
the G~overnment,s draft for 90 was
presented at the Subtreasury during the day
by its fiscal agent and was paid out In cash
for disbursement in relief OF distress in the
Philippines. The fiscal agent. through an
Oriental branch, is able TO dispense with q
recourse 90 the exchange market. The ef-
feet is to benefit the New York money mar
ket and Offset the previous absorption by
the Subtreasury. The payment over the
counter of the S~ubtreasury serves also 10
allow the amount to figure in the average
day than would an ordinary Subtreasury
operation.
GOVERNMENT INTEREST.
h disbursement OF the Government in
lieve the drain into the Subtreasury. For
elgn money markets showed the same spirit
Of expectancy OF easier conditions and dis
counts were quotably lower in Berlin and
London. The published opinions of a leader
in the financial world expressing confidence
in the duration of prosperous conditions
and faith in the ~soundness of securities
which remain to be digested in the market
were much discussed There IL no current
factor which Is so potent in causing dis
quiet and hesitation over the financial out
look "a the existence OF this mass of appar-
entity unstable matter In the market, and
the measures necessary TO protect these
holdings are undoubtedly the cause of the
constant liquidation of securities OF the
highest grade. The proclamation OF faith
In the new securities by a well-recognized
authority on values, therefore. had n
marked erect on sentiment There were
occasional Interruptions to the advance. the
most, notable occurring after the strong
on the list
Sugar yielded easily by reason OF the re-
duction in price Of graduated grades and
Amalgamated was depressed on account OF
the violent break in the London copper
market. Later the Wabash securities were
sold on account Of the proposed SO .cO.m
bond issue. but the weakness OF this grade
OF securities was not as influential in shap-
ing sentiment as the evidence that support
was offered New York Central. Pennsyi-
wanna. ST. Paul and the high-grade railroad
stocks. Doubtless a demand to cover shorts
OF LIQUIDATION In the high-gTade investment
stocks afforded great relief 20 the sentiment
Of depression lately prevalent In the mar
ket The iurr1es in the call money market
interrupted the advance. but did not cause
kne Call money rose to Is per cent
IN the last hour. but the temporary check to
the advance was followed by renewed
strength, ard the closing was active and
strong and at about the top level. The
days gain reached 2 TO ~ points for st.
Paul. New York Central and Union Pacific.
which were the most conspicuous stocks in
the trading. Gains of a point or more were
numerous
Bonds were steady and not very active.
Total sales. par value. S2.590.O0. United
State old Is declined Y and the rs registered
and the new Is coupon u per cent on The last
call.