The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-14
WALL STREETS SENTIMENT
BECOMES MORE CHEERFUL.
UPWARD TENDENCY OF
PRICES is IN FORCE.
Reaction Toward the Close Not
Considered Serious - Liquida-
ton Is Less Urgent.

New York. March Resentment in Wall
street took on a more cheerful tone again
Today and an upward tendency Of prices
was IN force. The movement did not display
much vitality and was mostly centered in a
Few stocks. especially the Wabash. 1t had
Tor Its principal basis the fact that pro-
Iesslonal traders found that they could bid
up prices above the existing level without
oeing overwhelmed with the offerings
Drought out In consequence. This evidence
OF the cessation of the pressure to liquidate
which has been a burden on the market for
several days. led to the indulgence of a
nope that the bank statement Tomorrow
would be more favorable than had been ex-
pected In view of the continued heavy drain
this week upon cash resources. The quiet
ness OF the money market fostered this
nope; 1t is not unusual for the special
over OF stocks from Friday until Monday to
cause furry in the cail-loar market on
Friday. To-day 1t was feared that the
preparation for the payment of the $40, OOO.-
w or Standard Oil dividends on Monday
would aggravate this tendency.
MONEY is CALM
On the contrary. the money market was
five minutes. Traders were disposed to
reason that the position of the banks must
De better than supposed. 1t was consid-
STANDARD Oil dividend might be coming il.,o
the market by anticipation. Rumors were
renewed OF intended measures of money
not ASici ny tHc 1EedSuTy department,
and It was alleged that the presence in
Washington of ]. p. Morgan was for the
purpose of urging such measures. The pro-
posed measure took form in the runiors
OF the redemption prior to maturity of the
Of which there e Sc sss go SUI outstanding.
met with denials in Washington
Much discussion was given also to a re-
port that both houses of Congress would
be called in extra session early in the fall
TO ratify the Cuban reciprocity treaty, and
also to act on the Aldrich financial bill
or some similar measure. The upward
rumor. The effect OF these rumors. which
were without verification, was evidence of
the primary Importance still attached to
the money situation in the speculative out
look.
PRoFTT-TAKING IN COPPER.
sharp reaction In the London market
after the recent violent advance was the
occasion OF some profit-taking in Amalga-
not cause more than IL point decline in
the stock at any time. The bringing of
suit by the Southern Pacific pool Interest
voting Its holding in the Southern Pacific
and the granting of the injunction had
little effect on the prices of those stocks.
The reaction In the last hour seemed due
to profit-taking on the days advance by
room traders. although the rise in the call
an added influence. The bidding up of the
rate to ~ per cent by belated borrowers
just before the close was not given much
significance. The loss in cash to the Sub
treasury for the week Of 81. 10000 was off,
set by the receipt of only a few hundred
thousand dollars on balance from the in
terror. II to-morrow's bank statement ac-'
curately reflects these movements in the
cash item there must have been a loan con-
traction of upward of S12O0O,0oO to have
prevented inroads upon the legal reserve
required for banks.
The bond market was dull and irregular.
Total sales. par value, S2305 900. United
States bonds were all unchanged on the
last call.