The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-11-16
RENEWED STRENGTH WAS
SHOWN IN STOCK MARKET
PROFESSIONAL BEARS FAIL
IN THEIR ATTACK.
Improvement in the Money Market
Has a Revivifying Effect
Lull in Gold Exports.

New York, Nov. b.-There was some fur
Their effort by professional bears during the
early hours of tS-day's stock market to
renew the decline In prices which was in
force yesterday, but the evidence was pretty
conclusive that the urgent selling to realize
profits was completed. and the bears re-
newed the covering of shorts. which was a
feature of the last hour of yesterdays mar
ket. The demand to cover short contracts
was a considerable factor all day in the
strength Of the market, but there were evil
dences here and there of a renewal of the
speculation for n rise. or OF buying of a
substantial character for reasons not dis
closed. The buying of Reading stocks was
on a large scale, and caused sympathetic
strength in some of the other coalers. The
copper stocks made strong recoveries. Anal
gainated Copper was lifted over 2 points
and Anaconda las. There was also an ad-
vance of 81 In American Smelling and OF
"a in the preferred. The Pacific Coast stocks
made notable recoveries from recent heavy
declines, and there were points of decided
strength among the Southwesterns.
More Cheerful Money Market.
The more cheerful prospect in the money
market was the dominant influence In the
recovery of stocks. The fact that no gold
was engaged for export to London to-mor-
row relieved an apprehension on that score,
a further lowering In the buying price of
gold from London this morning and the
easier tone of the London money market
wiping out the margin of profit on the
transaction. 1t is evident that London is not
uneasy over the sufficiency of its present
money resources. so long as Paris refrains
from Withdrawing credits. The belief still
prevails that further gold will go from New
York TO Paris next week, although there
is a relaxation of the pressure at that point
for gold. reflected in the advance in sterling
exchange to-day Of a full centime in the
pound sterling. The higher rate for money
In New York is also a deterrent influence.
but foreign exchange in New York continues
very strong. both for sterling and PARIS
cheques.
Exports OFFSET by Receipts.
Judged by to-day's preliminary estimates.
the heavy gold exports by Thursdays
steamer have been more than Offset by re-
ceipts from other sources, so that the banks
are likely TO show a cash gain in to-mor-
rows statement. Up to Thursday night the
banks had lost to the Subtreasury, including
the payments for the gold exported. Ssi9, 900,
and this did not include the credit to the
banks on account of yesterdays Govern
ment bond redemptions, which involved the
ymen to the Subtreasury of about 81, co.,
600. By the regular express movement TO
the interior. the banks have gained on hal
ance about Sl,5oO,cp. the receipts for the week
having increased to about double those OF
last week, while the shipments were con-
siderably less. The loan item of the banks
remains to be reckoned with. The market
closed firm at considerable net gains scat
tered through the list. The railroad bond
market was irregular In it's changes. Total
sales. par value. $.275.c0 United States
bonds were all unchanged on the last call.
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