The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-10
WALL STREET BEARS UP
UNDER STRONG LIQUIDATION.
BANKS CALL IN LOANS TO
LARGE EXTENT.
Money Obtained From Foreign
Sources to Tide Over the Ex-
listing Difficulties.

New York. March 9-The action Of the
stock market to-day verified a Wall street
aphorism that the expected does not happen.
A disorganized market and violent declines
were looked for to-day. The events proved
that the opening prices where there were
declines were the lowest. The factors that
made for recovery were at work from the
outset. There was vigorous contest of
the elements of reaction and recovery dur
ing an hour of furious activity. By that
time the reactionary tendency had been ar
rested and the recovery gathered force for
the rest Of the day. The closing was rather
unsteady. but not far from the top level.
II was clear enough from the weakened po-
sit!on OF the banks as shown by Saturday S
bank statement that liquidation of stocks
proved correct to-day and the banks did. in
TACT, call loans TO a very large extent and
replenish the fund for this lending so that
bear party had evidently been anticipating
the coming of this force in the liQuidat ton
by their large selling of last week, so that
they were ready TO buy stocks in order TO
cover their short contracts and take their
profits to-day.
SHORT BUYING.
Buying of this character forced q frac-
tiona I advance in Union Pacific and South
sfn Pacihc, in the very face Of the OPEN
ing tide Of liquidation, which was agra
waited by the accumulation over Sunday of
selling orders by mail telegraph and cable
from all quarters 1t also developed Guc-
Ing the day that. while the local banking
houses houses were calling loans. the foreign
dant funds. They were making loans on
call at the opening at per cent. The en-
change market was freely resorted to to
replenish the fun for this lending, so that
the caIl-loan rate was forced dowa to c
per cent, even while the active borrowing
of the day was still in progress. and money
demand had been satisfied. The Sterling
rate broke6O to 10 points under the flood OF
loan bills offered. Posted rates we-e twice
reduced u half cent at time. At the same
time sterling declined at London and Paris.
indicating the extension Of the New York
pressure over wider field. Naw York
exchange at Chicago also recovered to par,
compared with zoe discount on Saturday.
PRESSURE ACUTE.
With the immediate apprehensionsregard-
ing the money supply thus relieved, the
pressure from the shorts became more
acute. and later in the day they rushed up
The rise in Union Pacific reached over 3
points, and in st. Paul. Manhattan and
Amalgamated Copper a point. Manhattan
was strong feature all day, said to be on
pool buying. the opening rise in the stock
being IA. The violent advance in the price
of copper, both here and in London, helped
the rise in Amalgamated. In the active lists
the earlier losses, which ran from l to .
points in many cases. were gradually wiped
out and the net gains reached as much as
a point in quite a number OF leading rail-
failure in the dry goods trade announced
on Saturday afternoon. which had been
much dreaded, proved to be very slight,
owing TO the time afforded to secure ex-
plicit knowledge of the failure and the evil
dence that the trouble had been strictly
localized.
weak during the morning, recovered in
sympathy with stocks; Total sales. par
all unchanged on the last call.