The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-10-09
STOCKS RECOVERED, BUT
CLOSE WAS APATHETIc.
EARLY SHOW OF ENTHUsI.
Assn SOON DIED AWAY.
Bears Recovered Their Confidence
Before the Session Closed and
Ceased Efforts to Cover.

New York. Oct. S.-There vas decided re-
lief to-day from the pressure OF the credit
contraction by the banks and the result was
4 sharp recovery in the prices o. stocks
The demand 10 cover short contracts ly the
bears was a considerable factor. as the Te-
cent heavy declines have made operators on
that SIDE Of the market bold and quite &C
tive. There was some show Of enthusiasm
IN the early buying and considerable gains
were established The enthusiasm, however.
did not last the day out and the bears re-
gained some confidence and ceased their e.
forts TO cover.
Some points OF strength persisted to the
last. notably Union Pacific. but the market
generally became somewhat apathetic and
closing prices were generally below the best.
a sttfening ii the money rate late in the
day TO - per cent and a heavy selling move
ment in Amalsmated Copper helped to IN
settle the late dealings.
The weakness OF Amalgamated Is due to
the decline In price OF copper both in New
York and London The considerable
strengthening OF the position Of the banks
as a result OF the weeks liquidation and sew
cral Developments to-day tending 10 replen-
query whether the corner had been turned
10 money stringency so that some confidence
might be felt that forced liquidation OF
stocks had come to an end
hoped for with some confidence. but the
wavering course OF prices later in The day
mere fact that to-day,s volume OF dealings
ran to but little over half a million shares,
compared with an average OF about a million
durfng the recent days OK eakness shows
that the recovery was lacking IN strong i'm
petus-
The banks also showed no disposition TO
deviate from their recent determination not
10 extend credits TO stock market customers
Tor the present. There was a paymen Que
to-day or nearly $iS.0o10QQ on account Ct the
subscription 10 the syndicate for waxing
over the Louisville and Nashville. This
represents a % per cent paynen and the
from to-day.
a 80 per cent payment has been called by
me snip combine syndicate calling for about
l5A9.eo and payable this week. Fifty per
cent OF subscriptions FOR new Baltimore and
ONO stock calling for A259,09 are payable
on october Il. These large syndicate re-
9uirements may be the cause OF the con
unued unsettlcment in the money market
IN spite OF the relieving factors at work.
me 3H0-OOo OF Australian gold at San
FRANCISCO was made payable at the Sub
treasury here to-day. Large requirements
Tor the payment Of Ner York taxes have
been made and are returning TO the chan
nels OF the market.
Reassuring reports OF the health OF Rus
sell sage were a quieting influence in the
money market Foreign exchange continued
Its downward course and some loan hills
were sold In that market. It IS believed also
that the morning strength shown by Amei-
by American sellers In this market TO get
the benefit OF the cheaper money Iate for
carrying stocks. But there was some buv-
ing here to-day for London account, which
helped to weaken exchange.
The continuing diversion OF Government
receipts except customs into bank DEPOSITS
ahor3s relief from the Subtreasury Drain.
There were some hopeful expressions cur
which helped sustain the market Union
Pacific was supported with determination
and closed ut the highest price.
The bond market WIS more irregular taaa