The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-28
MARKET REGAINS STRENGTH
AFTER EARLY WEAKNESS.
WALL STREET RELIEVED BY
ACTUAL FAILURES.
With Fear of Impending Disaster
Partly Removed Trading Be
comes More Active.

New York. July 27.-The failure Of anoth-
er Stock Exchange firm, announced shortly
after the opening this morning, renewed the
feeling of nervousness and prices were
again forced to a lower level. There were
violent declines in some Of the stocks, in
which the failed firm was Immediately in
terested. A number OF the standard rail-
road stocks at the same time sold down
from ! to 2 points under Saturdays level.
During this period OF initial weakness there
was manifest a good absorption of stocks
and points of strength persisted against the
depression
BECOMES STRONG.
Later in the day, when it was said no
further failures would be announced, the
tone OF the market became very strong and
the early losses we're wiped out. even in the
weak stocks, while the general level of the
market rose TO a substantial level over last
night. The demand was especially conspic-
uous for New York Central, St Paul
Southern Pacific. Reading, Illinois Central
and stocks of like substantial grade. Some
large orders were executed in all of these
stocks and at other points throughout the
market. SO that prices ended the day from
for prominent stocks and at much wider
advances for some of the less active issues
Some of this buying was to cover short con-
tracts and considerable portion of It was
by professional operators for a turn in the
market on the long side But there was an
Inission-houses showed an increased conf
dence in advising their customers to buy.
Only A few of the active stocks showed
such violent falls as have characterized
the recent market. which pointed to con-
clusion that there was less pressure 10 close
cut unmarketable securities figuring as
collateral in loans and an Improvement in
facilities for securing accommodation.
SENSE OF RELIEF.
The letting out of this imitation has really
brought sense of relief from the oppres-
sion of artificial conditions hanging over
the market and sustained with difficulty.
These held-over projects are quite apart
from the earlier ones. in which the synd-
Gates were successful In holding up prices
until their holdings were taken off their
hands and which have left behind them
their train of financial distress and disap-
pointments But with the passing Of the
syndicates' interests in these and the aban
have been allowed to sink TO the level
natural to the changes In their status. The
recent failures represent the>abandonment
of effort to sustain by main strength the
price of securities. the market for which has
passed and the closing UP of affairs which
resulted is the cause Of sensible be relief in
failures would occur to-day and the strong
recovery in the market was helped by the
STEADY and only slightly below the top
The bond market continued rather irTegu-
lar although there was good demand for
some issues. Total sales par value S3.Z25.vO-
United States bonds unchanged on call
Vail street Gossip.
Reported by the Commercial Advertiser through
r1sncis Bro & Co.. No. ia North Fourth street
Vow York July I.-Foreign-Anierican STOCKS
ser. Irregular in London. Sentiment there was
NOT besrfsh stocks and advfces received
sySuId he assured that the general situation here
mas not unsound IT would buy our securities in
bulk The arbitrege houses had q few buying Or
sCrs a. our opening. bat they turned sellers on
sSe rally and put out fully 5000 shares OF the
renerai list.
The Hoo5ay Faf1ure-The surprising part Of the
eJooey suspension wss that while II was net IN
srpected by the street at large II SURPRISED people
In poSdtion 70 know the facts. Mr.. Hooley could
have pulled through had he been willing to &C
,ept tie offers Of assistance offered by his friends
ia not feel justified in accepting their help.
rery prominent capitalist Is the authority FOR
this asatefnent he being one Of several who stood
ready 10 come 10 Ar. Hooley's aid.
Now York ceat.al!Tne leader OF tho rally was
sew YORK Central The buying certainly had ev.
ny appearance Of being good. and II was said
Nat the buying was for the account o. W.. h.
Vanderbilt There was also considerable snort
sovcring.
Brooklyn Rspin Transit-..The sharp rally n 3.
r. WIS due to the purchase OF Il, 900 oy tIarri-
/. nan & Co Tho room gossip had 1t that the Or
Ter came ffpTa Kahn Loeb & Co.. from which
I'm It wss traced TO Peunsylvan.a Halfway IN
Nse5.s. The malicious rumors Regarding frm
B r system were utterly unfcunded and had
ikt1s eject
A.adian 6ae:ne-yas room element has esss