The St. Louis Republic., 1903-03-07
STOCKS ARE UNSETTLED, BUT
BEARS GIVE UP STRUGGLE.
BELIEVE FOR PRESENT THEY
CAN DO NO MORE.
Late Rally Brought About by Eff
forts of Shorts to Cover
Steel Bonds Lower.

New York.. March s.-The stock market
continued very much unsettled to-day and
traversed its range of prices several times.
but the final result showed that the urgent
pressure of liquidation had spent itself and
that the bear party felt themselves at the
limit of safety on the short side. Probably
the demand from this elem Mt to cover snort
contracts was the principal factor in the
however. some indca ton of investment de.
mard on the declines. Support was evi-
dent at the opening and had an important
yesterdays many rumors OF financial EN-
barrassment were considerably cleared this
morning. with reassuring erect upon the
showed no sensible relaxation the call loan
rate running up to y per cent early
in the day. This was the occasion Of the
Gullness at about the level Of last nights
prices a drive was made az the market.
point or more below last night. The leaders
had been as much above on the opening
rise.
SOLD TO sTANDSTILL
The market seemed to have been sold to a
standstill on this drive and made an irregu-
lar recovery until. near the close. the lead
ers rose again from to points over last
night. There were slight recessions before
the close, which was irregular. Much at
to D the GOSSIP s p1 Concerning m s posssie Legal
contest against Union Pacific's right to vote
its holdings of Southern Pacific stock at
existence of a long-standing pool in South
ern Pacific Is commonly accepted in Wall
street. its operations and commitments be-
ing based upon the assumption of early
refuncing operation for Southern Pacific, ac-
companied by the inauguration Of dividends
on the stock The pGcy Of the Gnsn
ern Pacific and making heavy outlays out
OF earnings had come in for bitter criticism
emily Identified with the movement to con-
test Union Pacific's control. 1t is the gem
eral supposition also that the manager of
the pool has assumed the leadership of an
market during the week:
The vigorous rally at the close to-day
had been patched up between the contending
interests in this dispute. The Quieter cot
ton market had @ an influence in the recoy-
statement based on the known movements
necessary currency also seemed to have a
took more than a million dollars from the
market. again bringing its absorption for
the week up to, $S.12,0o0. This probably
accounts. as the interior movement was
about evenly balanced.
LOAN CONTRACTION.
The large liquidation in the stock market
points to extensive loan contraction, and 1t
Is known that laI ge credits have been Sc
cured abroad during the week, but the local
loan operations have been to some extent
a mere shifting from one borrower to an
other. The late recovery in stocks. how
ever. pointed to some recognized confidence
in the money situation.
German banking-houses in the city were
large lenders to-day and sterling exchange
was weak. under good offerings Of loan
bills Wheat exports for the week increased
S34 900 bushels. and corn exports increased
LAS zoo bushels Dry-goods- imports fell
81 2G, GLIB, below those of last week. United
issued, or within a fraction Of parity with
the preferred stock. Northern Securities
also was largely sold. Inactive stocks con-
tinued to show wide declines before q mar
ket was found.
Bonds moved in sympathy with stocks.
Total sales. par value, $2.10.000.
United States Is advanced X per cent on
the last call