The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-31
EFFORTS TO RAISE PRICES
on STOCK MARKET FUTILE.
SELLING ORDERS ACCUMU-
LATE OVER SUNDAY.
Scramble for Money to Meet Call
fof Additional Margins Sends
Rate to Eight Per Cent.

New York. March 3o-Hopes Of rise in
prices Of stocks to-day as result Of the IA
vorable bank statement of Saturday were
disappointed. The opening dealings proved
that the Sunday interval had resulted in an
accumulation Of selling orders from various
points. Apparently the banks were not call.
ing loans. but many brokers sent out calls
10 their customers for additional margins
and the increased demand for call money.
which resulted. ran the rate up to 8 per
cent: The hope that the corner in the money
ma! market had been turned. and the compare
1--WE ease normal to the April period thus
brought Into imme date prospect was seen
70 pc without warrant and disappointed
holders threw over stock again all through
the list. The decline in the first hour was
not acute. except in few stocks and there
was a very general recovery by midday.
s1 the no fsi Into ALMOST complete
enlargement for the bidding up Of stocks
some observers professed to detect some
, buying for Investment account at the lower
was alleged also to be some cemand of
this character for foreign account but the
erect on prices was not perceptible.
LIST DEPRESSED.
est point IN the present movement aroused
uneasness as to the position of the pool in
that stock and this had a depressing effect
the leader Of this poo has enbarked n on
a very extensive campaign for the short
account IN the general market, to recuper-
ATE losses believed to have been sustained
on the bull side in Southern Pacific, while
at the same time attempting to maintain the
pool holdings Of Southern Pacific. offers a
speculative anomaly. the possible effects of
winch Wall streets most ingenious critics
admit they are unable to forecast.
The LABOR controversy with the structural
IRON workers was responsible for the sharp
break In United States Steel preferred The
advance in Manhattan, on the other hand.
was due to reported postponement of the
adjustment of the labor dispute on that
system. The late break in New York Cen
trail was accompanied by unfOunded rumors
that the New Haven men had gone on
strike. The price touched $780, which is tho
lowest on the present movement.
FURRY IN MONEY.
The furry to 8 per cent In the call money
rate followed and combined to produce she
late break TO the. lowest point of the day.
The covering by room shorts lifted prices
and active The loss by the banks to the
Subtreasury on Saturday of nearly million
dollars and the credit balance at the Clear
ing-house of that institution this morning
OF $eS SlS revived the apprehension over the
condition Of banking reserves. The news
that the treasury warrant for 5000 900 for
payment Of the appropriation to relieve dis
in New York tomorrow failed to offset the
effect Of the Subtreasury's figures. The div
idend and interest disbursements for April
are unusually large this year, and the prep
arations foT them helped to disturb the
money market today.
very active. Total sales, par value, e $780,
900. United States ss coupon advanced x.
the new 4s n and the old IS z per cent on
the last call.