The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-04
ACTIVE LIQUIDATION SENDS
STOCK PRICES DOWNWARD.
EFFORTS TO STOP DECLINE
RESULT IN FAILURE.
Banks Call Loans and Help Bear
Movement, Which Money Sit
uatiOn Further Aids.

New York, March 3.-Active liquidation
set in in the stock market to-day, resulting
in price loss at from to points for the
principal active stocks. There were one or
two abortive rallies on occasional proat-tak
ing by bears. but they were not well held
and the lowest prices of the day were
touched during the final hour. There was a
heavy substantial rally then, reaching from
1 to points for many market leaders, due
TO the general covering of shorts to take
profits on the days decline, but the market
became unsettled again and closed easy
The practical abandonment of the Aldrch
financial bill affected sentiment even at the
opening, but vigorous supporting orders
were distributed in the market and the de-
cline was effectnally checked. The vigorous
this end. At this point the effect of the
money situation became concrete by the
SSaing Of loans fs to large extent b. the
and the bears made successive drives
against the market. The buying demand
was so Insignificant that the bear tactics
We're very effective and uncovered large stop
orders.
ABSORPTION OF CASH.
The days Subtreasury statement showed
Withdrawals from the market by that insti-
tuition yesterday of sl.s5l,Oe0 bringing its
absorption since Friday up to s. 993 900.
There seems to have been an awakening to
the fact that last Saturdays bank state
ment understated the decline in cash by
about half, so that the effect of last weeks
decrease on tnls Weeh DeHh Will
he correspondingly aggravated. The nom
inal decrease in loans shown by the bank
statement is also doubted true showing
of the weeks operations, and yesterdays
sale of Sl00 coo st. Louis and Iron Noun
tain bonds announced, with another $1,000,
600 supposedly taken by other interests, is
an indication of the continued heavy de-
mand for credits. 1t was believed that
strong interests Were liquidating in the
stock market to-day. and presumably taxi
ing losses, owing to the hopelessness of an
advance of prices at present and the frnme-
date requirement for funds TO protect more
important interests elsewhere.
BOSTON FAILURE
The report of 4 stock brokerage failure in
Boston was given somewhat exaggerated
significance by the connivance of tine bears
and was a material factor for a time in
the weakness The showing made by the
railroads in the January reports uf net
earnings Is proving a heavy disappointment.
as confident hopes have been indulged in
that the Increase in freight rates in Jan
growth III operating expenses. Manhattan
was well supported throughout and the |
declaration of she usual dividends caused a |
show of strength in sugar. Reports of a |
strike on its lines east of st. Louis made |
the Wabash stocks conspicuously weak but !
the news of the injunction against the la |
Dor men caused particularly effective rail- |
ly in those stocks. There were wide de- |
clines in a number of high-grade seldom |
active stocks. and the closing. bid prices |
showed some still more notable recessions |
in stocks which were not dealt in.
Bonds were weak. In sympathy with the |
stock market. Total sales. par value 81
5000. United States bonds We're all nm
changed on the last call. |