The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-07
WALL STREET BRIGHTER
GLOOM Is DISPERSED BY AN EF-
FECTTVE RALLY
Animated Buying Mosesfent Is in
Progress at the Close of the Market
Opening Is Weak, but Declines Not
General.

NEW YORK, Aug. 6.-Wal street
emerged today from it's gloom, which
still clouded the situation during the
early hours of the trading in stocks,
and an effective rally in prices was
produced. The day closed with an an
mated buying movement in progress
and with prices in the active list from
to over points above last night.
During the early weakness there
were numerous declines of from to
points, breaking through previous low
levels for the year The early weak
ness was not universal, many stocks
showing good resistance and reflect
ing determined support by means of
confident buying on the part of market
managers for the stocks. There was
acute weakness after the opening
which centered upon Missouri Pacific,
Atchison and Baltimore & Ohio. This
seemed to be a continuation of yester-
days liquidation and the closing out
of collateral in loans. The weak spots
in the market, of which the above
stocks were the most notable, kept the
tone unsettled and nervous. The eager
ness shown for the announcement,
manner, that all sheets had safely
passed the stock exchange clearing
house, and the evident relief after the
announcement was made showed clear
ly that fears had been felt that fur
Their failures would result from the
strained condition of affairs.
Selling Pressure Reiaxes.
After the clearing house sheets had
gone through there was a relaxation in
the selling pressure and indications
that liquidation of an Immediately uf-
gent character had spent it's force.
The stability of parts Of the market
which were supported by large bank
ing interests arrested the rapid shrink
age in collateral, which aroused such
acute uneasiness yesterday The mar
ket gradually strengthened during the
latter part of the day and became
quiet buoyant al the last. 1t may be
accepted as matter of course that
covering of short contracts by profess
sional traders played an important
part in the recovery, as this class bf
operators would not desist from. put
ting out short sales as long as the de
cline in prices continued. 80
The mere fact of the turn in the tide
of the market also gave rise to a flood
Of rumorS intended to explain the
change in sentiment. The favorite GH-
NOR WAS that q coalition had been
formed among the most powerful capt.
talists in the country to buy all stocks
that We're offered and to lend freely to
distressed interests in the market: This
runaor presented so pleasing a pros
pect that everybody who gave credence
to it was disposed to buy stocks to the
extent of his ability. The professional
traders short of the market We're, of
course, foremost in this eagefness. As
a matter Of fact there is reason to be-
heve that an exchange of views ON the
situation among important capitalists
had disclosed an agreement of opinion
as to the advisability of avoiding the
further selling out of collateral as far
as possible. But the lenders in the
stock market show considerable varf-
alton in the policy pursued in this
matter, as was disclosed by further
buying of collateral this morning.
News Gave No Excuse.
There was as little in the news of the
day to account for the rally as there
had been for the recent heavy decline.
Liquidation in grain and cotton was
supposed to be induced to some ex-
tent by the threatening situation In
Wall street, and the rise in the call
loan rate to 4 per cent this afternoon
was said to be due in part to the CAN
collation. of some loans in cotton. The
movement in call money did not affect
the late strength in stocks. The trade
reports on iron and steel gave prom1-
new undertakings on account of the
money and securities market situation
and cited cases of peStponement Of de-
Iiveries and even cancellation of Or
ders.
Passenger rate disturbance in the
West and Northwest are said to be
threatening. There were continued
large offerings of loan bills in the ex-
change market. but these were viewed
as rejecting some pressure for funds.
which. could not be satisfied in the do
nestle market. The further obliga-
lions thus incurred are also consid-
cred not to strengthen the situation.
The great relief felt that no further
casualties occurred in the stock ex-.
change circle carried all other consid-
erations before it and resulted In the
violent rebound in prices. 80
Speculative bonds made violent re-
coveries in sympathy with stocks. The
general bond market was Irregular
Total sales par value, $500, 600. Unit
ed States bonds were all unchanged on
the last call.
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