The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-30
STOCK MARKET ASSUMES
CONSERVATIVE TONE.
MODERATE RATE OF AID
VANCE NOT MAINTAINED.
1Iuch Paper Held as Collateral
Only Waits for Higher Prices
to Be Sold Out.

New York, July 2A-Operations In the
stock market took on a conservative tone
again to-day, and the leaps and bounds of
the first recovery from the long depression
gave place to a more creeping process
Even this moderate upward pace was not
maintained. and there were frequent hesi-
tation and reaction. The news Of rains in
the Southwest and the resulting weakness
In the grain market was a benefit to the
stock market as a close eye is kept upon
all news bearing upon the condition of the
corn crop. There was no evidence of re-
newed liquidation of the forced character,
that cost the market so dear, but the
stocks. nevertheless. showed signs of sat-
isfactiou and the selling, though light, was
sufficient TO force prices backward again.
There is an element among stock buyers
which refrains persistenuy from entering
the market until conclusive evidence that
the turn has definitely come. 1t is made up
IN part OF speculative shorts for long
turn and in part of investment buyers who
dread to hold stocks through a decline. in
distinction from that class called bargain
hunters. which takes stocks from we'll
formed convictions of their values and
holds them regardless of the market prices.
DEMAND EXHAUSTED.
The demand from this element seems to
have been exhausted quickly. The bargain
hunting element. of course, declines to fol-
low any advance IN prices. The recovery
has reached sufficient dimensions to induce
some profit-taking also by the speculative
buyers for a short turn, who We're SO fortu-
nate as to get in at last weeks low prices
1t is an inevitable consequence of such a
period Of liquidation with little sustaining
power in the market that strong class OF
soldiers should have been able to hold
through the weakest point by an agreement
between themselves and their creditors. in
order to save needless sacrifice to both by
forced liquidation of collateral. The result
is a considerable amount of credits ex-
tended with stipulation for liquidation
at the first good opportunity. rising mar
ket at this time meets q considerable pres
sure OF such contingent liquidation. 1t IS
q fact that many commission houses, which
have dreaded inability on the part OF clients
to respond to margin calls. have put out
short contracts on the decline, as q protec-
ton. and have been covering these short
contracts on recovery.
II This also is a demand of small liniita-
kttons. Aside from these technical consider
Netions of the market. there remains a con-
far the business and Industrial AFFAIRS of the the
country will respond to the possible index
afforded by the recent movement of secu-
bankers on the situation Impaired yesterday
to the Associated Press pade an impression
upon the financial district, especially the
tone OF warning adopted by one influential
banker that the commercial and industrial
interests Of the country may have to I'M
derg0 later an experience OF, llQuldatlon like
that which Wall street has Just been pass
ing.
TIME MONEY EASY.
There Was distinct relaxation in the time
money market to-day. Loans carrying over
the end OF the year were offered with free
dom at Sh per cent Cash is accommodating
at this center from various sources. and it
is expected that the next bank statement
will Mt least reflect the heavy liquidation
In a loan contraction. The wide movements
In to-days market were confined to special
ties under the influence of special caV/ss.
The days next changes are not important
the earlier gains having been rather more
than wiped out by the reaction. The At
chisops were conspicuously pressed for SALE
Inactive investment bonds were marketed
at some wide concessions. The market gen.
orally was irregular.
Total sales, par value. $2665.0o0 United
States bonds unchanged on call.
Wall Street Gossip.
Reported by the Commercial Advertiser through
Ffancis. Sro. & Co.. No. ia North Fourth street:
New York. July carbohydrates early
certainty. caused by the failure OF the two not
very prominent firms. American stocks In Lon
don showed an Improving tendency, and prices
eARe high Giih a few exceptions. ArbitrsEe