The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-15
ANOTHER UPRUSR OF PRICES
PlEASES STOCK TRADERS.
WALL STREET SHOWS ENI-
DENCE OF LEADERSHIP.
No News to Account for Advance.
but Feeling Is General That
Improvement Has Come.

New York. Aug 14.-There was another
uprush Of prices to-day in further recov-
cry from the extreme depression of last
week. So violent did the movement become
that It was regarded with some suspicion.
and professional traders became very
watchful for symptoms of reaction in order
TO seize a ripening opportunity for shift
TO the short side for turn. The market
showed abundant evidence of leadership and
skillful management and was held by trans
ferring bull operations from one stock or
group of stocks to another. taking profits
in the one. the buying was shifted to
another. News seemed to have nothing to
do with the advance. beyond the fact that
the market had turned. That is TO say, the
conviction was general that necessary liCui-
dalton had been completed for the present
and prices consequently left free to seek
the level of true values. Little was heard
II yesterdays numerous stories regarding
neeading, which ranged over wide field
of credulity and that stock was steadily un-
Her pressure TO take profits all day, with
Nhe sustaining strength Mt other points in
Me list. 1t was not ut any time more than
a fraction over last night. and for the
greater part Of thes day was below.
EARLY STRENGTH.
Tho early strength in the market was
most conspicuous in the Western grain-car-
ryfng railroads. and the principal buying
shifted afterwards to the eastern part of
followed by the other trunk line stocks.
London was reoprted an eager buyer OF
New York Central. but no other news was
forthcoming to explain the strength in the
stock
London was seller on the balance Of the
list in the days market. the advance there
here and SO offering an arbitrage profit in
selling in this market all cay. The foreign
exchange market was somewhat affected
and hardened on a demand for remittance
nv to-morrow's steamer. There was great
,Enterest in the question whether foreigners
would resell Americans largely on the ad-
Steel stocks Jagged IN the upward movement
of the day and were sornevhat affected by
mills In Western Pennsylvania and Eastern
Ohio. Amalgamate6 Copper was helped by
a rise in the price of the metal here. In
London there was a rise in copper futures
with a slight recession in the price of spot.
DOLLAR WHEAT.
feature Of the days news was the re-
port of sales Of cash wheat at Minneapolis
for a dollar a bushel. Preliminary esti-
mates of the weeks currency movement
pointed to cash gain by the banks this
week Of nearly s.. 100000. Curiosity regard
ing the bank statement centers on the loan
item. The active buying Of stocks during
the week has undoubtedly involved some
heavy borrowing. But the entire lack Of
response in the loan item OF the banks to
the long liquidation makes the question of
the effect Of the renewed buying of stocks
on loans doubtful one. The violent up
ward movement of Oh points to so in Anal
gamated Copper on dealings in nearly 10000
lBhares sustained the later market, which
1ba6 shown signs of hesitation. As It was.
AFAet prices were often a little below the
best. but the closing was strong and active.
The days gains range from l to points
and the leading Pacifics. grangers. trunk
lines and specialtes were all strong.
There were few heavy spots in the bond
market, but the tone was generally strong.
Total sales, par value. $4,000. United
States bonds were unchanged on call.