The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-06
MYSTERY AND WEAKNESS
PERVADE STOCK MARKET.
RUMORS OF TROUBLE IN DRY
GOODS WORLD DISTU RBING.
Urgent Needs for Money and Con-
tinued Calling of Loans
Force Liquidation.

New York March 5.-There was an air OF
mystery about the weakness of the stock
market to-day. Rumors OF financial en-
barrassment in the dry goods world were
circulated. but nothing definite was an
nounced. The direction Of the rumors shifted
several times during the day. however.
which had the effect of diffusing the feel
ing OF distrust and Apprehension. and this
vague feeling was the most effectual factor
In the days weakness of stocks. But the
money needs developed by the situation had
their positive influence by the Withdrawals
OF credits from the stock market in the
tightness Of money leaves little resource for
replacing of loans that are called: The
consequence was a dribble OF forced liquida-
interrupted throughout the day. The down.
ward course of prices was constant. but did
not not make wide jumps In the active est, stoek "a
successive small fractions.
NET RESULT BAD.
But the net result upon prices for the day
was serious. reaching from to points sor
most OF the active issues. and over that
example of the latter was Wells-Fargo.
which sold &la points lower than last
months sale. Tine professional bears COW
cred their short contracts at different IN
tervals during the day with the effect Of
checking the downward course. but the raj
lies were slight and the market proved to
ing movement Of the day was no more eff
fective than the previous ones, apd tho
closing was active and weak. with some
Of the leading stocks at the lowest Of the
day. Even the announcement Of the eX-
ira dividend on Manhattan and the advance
in the yearly rate from s to per cent was
only momentarily effective. either on that
stock or on the market at large. the selling
from ali quarters, including London, which
sold 1900 or 5000 shares in this market
during the day.
The special weakness of the transconti--
mental group led to superstition that fears
were aroused by the announcement OF the
under Gould auspices for the construction
OF new line to the Pacific Coast. The
January net earnings of Union Pacific was
also assigned an influence. The Wa
bash labor dispute and strike troubles on
fears Of coming labor troubles, which were
a real influence on the market Reports Of
the organization of the structural steel
a rise in wages. Increased the apprehension
on this score.
BREAK IN COTTON.
The further break in cotton had a dis
turbing sentimental effect on stocks, and
the calls for additional margins in that
market had the effect of increasing the
pressure for money. The rate for call
loans on the exchange ran up to per
unchanged, but there was In
creasing disirclination to put out funds at
present rates. Inc SuotreaSIry again took
over half million from the market, bring.
ing the loss to that institution since Fri.
cay over 100000. but the treasury report
from Washington showed a revenue deficit
on the days total operations of $2,225, So
due to very heavy disbursements. There
was continued resort to foreign lenders Of
money, as indicated by continued offerings
Of loan. bills in the fol eign market.
D.. A feature of the day was the further
break in United States Steel per cent
bonds. when issued. on the curb to below
So
Bonds were weak, in sympathy with
stocks. Total sale. par value, s., COS 000
United States bonds we're all unchanged
on the last call.