The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-14
STOCKS HAVE REBOUND
PRICES ARE BUoYANT AND BUYING
is MORE ANIMATED
One of the Important Factors Is the Nat
urai Reaction From the Recent Period of
Depresson-Fears of Forced Liquida-
tion and Bankruptcy Are Dissipated.

NEW YORK, Aug. 13.-The recupera-
tive forces in the stock market gathered
resources today with the result Of buoy
ant uprush in prices on very animated
during the forenoon session of the mar
ket promised the largest days business
for the current year. The market after
wards showed some signs of WEAKNESS at
the rate of the movement.
The recovery was the result of a series
of incidents rather than any one devel-
opment. Natural reaction from the re-
Gently prevailing extreme depression was
an important factor. The mere senti-
mental effect of the recovery after the
gloom and apprehension that have pre-
vailed so long in Wall street was cOnSid-
cradle. Immense relief from the con-
slant threat of forced liquidation or Of
bankruptcy which it is not unfair to as
sumo has been hanging over some houses.
naturally predisposed the whole financial
community to take more cheerful view
of prospects. Where efforts for long
time past to market securities have met
with almost no demand, there was sub
stituted a lively and urgent demand for
stocks and bonds of all grades today.
Buying Is Urgent.
The urgency of some of the buying and
the violent advances in prices showed
clearly enough that efforts by distressed
shorts to cover their contracts before the
rebound carried prices beyond their reach
We're an important element in the market.
Bidding up of prices by opposing profess
SIGNALS to force higher prices out of the
bears was another palpable influence.
But it was evident beyond this that there
was large and substantial buying ele-
ment in the market which was taking
over stocks of all classes with freedom
and confidence. It is not to be pre-
sumed that the buyers nave so suodeniy
changed their opinion of the financial and
business outlook. But the conviction mas
been growing that the long decline In
prices has been more than suffic1ent TO
n,l.I<x Fs.x.f f.
uation, and that the necessities of the
money situation have been forcing the
selling of securities to below their true
values.
those who have maintained that there
was large waiting demand for stocks
which would come into the market freely
when the liquidation seemed to pc con
wards. The taking over of the Seaboaro
Air line in the Rock Island interest had
stimulating effect upon the speculative
imagination 1t furnished proof that not
all the large interests were hard pressed
to hold their undigested securities, ana
that the financial necessities IN some
quarters might prove the opportunity IN
others for extending influences and con-
soidating control. it6E
Rock Island Shares In Strength,
Rock Island itself. as we'll as Southern
Railway Illinois Central and Louisville
d NASHVILLE, all Snar6Q III Tic Ody
strength, rejecting the impression that
the new arrangement tends to community
of interest in the Southern railroad field.
A number Of stocks of minor railroads,
supposedly available for absorption by
more powerful neighbors, were strong.
The feature Of the day was Reading
Its sensational rise of SIS gave rise to
many rumors regarding new projects for
division of control and guarantee of div
idends. A very favorable showing Of
July net earnings is expected for the
road. as we'll as for other coalers Bal
timere & Ohios increase in July net OF
$311,625, thus conserving nearly half the
gross increase helped the soft coal group
But the rise in prices was SO conprehen-
sve as to require no specifications. The
United States Steel stocks did not share
fully in the days strength, although they
were bought on a large scale. The con-
ference of members of the senate finance
committee with the president gave rise
to assumptions regarding the scope OF
plans for financial legislation which were
used with effect to further the advancing
tendency in prices The buying move
ment showed some signs of exhaustion at
the last and the market closed Irregular
and below the best.
Bonds were strong. Total sales, par
value 81 245, 900. United States bonds
We're unchanged on call.
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