The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-20
WILD FLUCTUATIONS IN
SOUTHERN PACIFIC STOCK.
TERMINATE WITH BROKERS'
FEARS OF A CORNER.
Wall Street Generally More Cheer
full, Since the Financial Sit
uation Seems Better.

New York, March 1s.-Uncommon interest
attached to to-day's stock market move
ments, by reason Of the previous days ad-
fears of corner or some other awkward
development and trading in the first hour
was irregular and very cautious. Southern
set selling up to 6Si4, the highest point re-
corded in some months. and almost as sud
SSsny sold down to g. Later when
casion for alarm, the list steaded all around
and showed general Improvement up to tho
last hour. when realizing forced prices in
the more active issues down to a low level.
Covering by the short interest was on an
extensive scale, specially in Southern Pa
Nashville showed considerable strength in
the early dealings on buying that was at
tributed to the Western contingent. There
the early session With the exception Of
st. Paul and Union Pacific. which reflected
pressure. the international stocks opened
generally above the late London quota
tions.
SUGAR is HIGHER.
Higher prices were reflected in sugar. Ten
nessee Coal, Corn Products and Rock Island.
per met with little success. On the whole
much better feeling was shown in specu-
'e''- -.ioles. due TO the Improvement in
the market was fairly firm, though trading
was in moderate volume No material
change was shown in the early afternoon
condition, although the market was lower
In spots as a result of proflt-taking. The
strength of Missouri Pacific seemed to
come from buying by Gould brokers. The
rise in Pacific Mail appeared to be based
on the belief that that property must ben
eft by the activity in Southern Pacific.
There was a slightly wider distribution Of
business in the late session and the West
erners were again active in some OF their
speculative favorites. Throughout the day
cific. which was traded in to the extent Of
over $500 shares. closing at almost the
lowest price of the day. with net loss Of
21s points: Union Pacific was next to South
ern Pacific In point OF activity, but made a
net gain of / point. One of the late af-
ternoon rumors had it that Union Pacific
had turned its holdings of Southern Pacific
stock over to the Oregon Short Line. A
number of stocks made material gains on
North aay Pae Ms
Colorado Fuel and New York, New Haven
and Hartford; Following the reaction the
market closed comparatively dull and easy.
FINANCES BETTER.
The local financial situation shows i'm
provement. the banks losing thus far this
week only about $500 900, as against s. 600, =
900 In the same period of last week. There
was another advance in sterling exchange
because OF the easier money conditions and
increased demand for remttances from i'm
porters. The rise amounted to 10 points as
compared with yesterdays closing rate
most of the business being at 4S725 for de-
mand. The supply of bills was small and
the general outlook for the exchange mar
nc "ao stiOHSeE. iHlS COHult1On OelnS MOD
flied, however, by the possibility Of occa-
sional weakness caused by the sudden rise
In the money rate. Time money was Of
fered In abundance at 5je per cent for all
dates but the demand was light The pre-
vaiiing rate for call loans was 6k per cent
though In the late afternoon there was a
furry which carried the price to per cent,
closing at per cent.
The bond market responded sharply in
spots TO the improved speculative temper
Total sale3. par value. Ss5OOO0 United
States bonds We're all unchanged on the la st
call s