The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-19
STOCKS SHOW HARDNESS
AND HOLDERS ARE HOPEFUL.
BUYING MAINLY CONFINED
TO THE SHORTS.
Money Is Somewhat Easier-News
From Washington Helps
Coalers and Sugar.

New York. March ls.-Stocks showed some
hardness to-day and hopes were INDUCED
for rise on the part OF considerabie spec
uiatve party, which Is watching the market
closely for "A recovery when the interior be-
gins to send back funds to New York and
money becomes easier. The few scattering
indications of relaxation of the money
market did not appear sufficient to induce
buying much beyond the ranks of the pro-
fessonal shorts, who have become uneasy
over the cessation of the liquidation in
stocks and show anxiety to cover. The ces-
sation OF the recent persistent selling Of
New York Central and Pennsylvania was a
particularly favorable influence in mega
tive way. The advocates of higher prices
stand in dread OF obstacles to be encoun-
part of persons who are tied up in unmar
ketabe ventures and who may desire to
realize on securities with an active marke:
to protect themselves in n possible money
squeeze late in the year. 1t has been feared
that the recent selling of Pennsylvania was
for the purpose of making good losses sus-
talned IN a project that has come TO grief.
The recovery in those two standard rail-
road stocks is therefore great sentimental
influence on the market.
MONEY LESS STRINGENT.
Money. conditions are undeniably less
stringent. The doub bit Is how far this is due
10 the liquidation of stocks and the Iessened
demand for money in the stock market and
also 20 the transfer of obligations TO foreign
creditors. whose demands for reimbursement
must be met in the future. The advancing
course of foreign exchange Is a significant
eNiueilce VI tiie present end or the borrow
ing from foreigners. The Subtreasury yes
,terday made another small contribution 10
the local money supply. Interior banks for
some time past have arranged as far as pos
stble for all obligations to the Government
to be paid to the New York Subtreasury by
draft on their New York correspondent
banks. The lessened requirements of the
Government institution may be accepted In
part as more compliant attitude on tha
part OF the interior money centers toward
New York.
COALERS ACTIVE
OF to-day's special movements. that In the
coalers was due to gossip that the report of
the Anthracite Strike Commission presented
TO the President to-day, would prove to be
favorable to the companies. The influence
of sugars advance also came largely from
Washington and dealt with the Cuban reci-
procity treaty. Buyers Of Tennessee Coal
professed to have information of very large
current earnings. Corn Products was bought
on the declaration of its first dividend
southern Pacific furnished the only sensa-
tional feature OF the day. There was heavy
buying of the stock in the last half hour
which carried the price up five points. the
net gain being only fraction under the top
figure. The stock loaned at a premium of
Is. and there were rumors of important de-
velopments in connection with the coRtro-
interests. Shares of the latter company
were moderately active at q 1-Doint gain.
Other strong stocks included St Paul, Read
ing, Northwestern and Tennessee Coal
ing of prices. and the closing was irregular.
In the special classes there was an 7-point
decline in American Express.
The bond market showed steadiness
throughout the day, but shared only to a
slight extent in the strength of the stock
market Total sales, par value, sl.i75, O)0
United States bonds were all unchanged on
the last call