The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-14
REcUPERATlvE FORCES
IN STOCKS ARE ACTIVE.
BUOYANT UPRUsH MARKS
DAY IN WALL STREET.
Mere Sentimental Effect of Better
q Conditions Helps Prices
Reading Much Higher.

New York. Aug. 1.-THE recuperatiye
forces in the stock market; gathered re-
sources to-day, with the result of a buoy
ant uprush in prices on a very animated
buying movement. The rate of activity dur
Ing the forenoon session of the market
promised the largest days business Of the
current year. The market afterwards
showed some signs OF WEAKNESS at the rate
of the movement. The recovery was the
result Of series Of incidents rather than
any one development Natural reaction
from the recently prevailing extreme de-
preston was an important factor. The
mere sentimental effect of the recovery.
after the gloom and apprehension that have
prevailed so long In Wall street was con-
siderable Immediate relief from the con-
slant threat Of forced liquidation or bank
> xuptcy, which It is not unfair TO assume
has been hanging over some houses. natu-
ffaily predisposed the whole fna5ci AZ COM NJ
prospects. Where efforts for a long time
past to market securities have met with al
most no demand. there was substituted q
lively and urgent demand for stocks ana
bonds OF all grades to-day.
BUYING Is URGENT.
The urgency OF some of the buying and
the violent advance 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 ma rosess,oDa1s ie
force higher prices out of bears was announcer
palpahie influence. Butt was evioent pc
You'd this that there was large anu suT,
stantial buying element In the market which
was taking over stocks of all. classes Win
freedom and confidence It Is not 70 pc
presumed that the buyers have SO n saaIe amy
business outlook. But the convlctlon mas
been growing that the long decline IN prices
has been more than sufficient to offset the
sjties Of the money situation have been for
cling the selling Of securities to beiow .he nr
true value The event proves the conten.
there was a large waiting demand Tor
stocks which comes into the market freeiy
when the liquidation seemed to be conciuo-
ed and prices lie Air Line
q, the Rock Island interest had a stimuiat-
ing erect upon the speculative imaglnauon.
terests we're hard pressed to hold their un.
. Tiresfed securities and that the financial
Necessities in some quarters might prove
the opportunity IN 1taefs control s1p .es "
: RAILROADS ADVANCE.
poct island. rs well as Southern Rail-
nav. Illinois Central and Louisville and
Nashville, all shared in the days strength
rejecting the imp ession'that the new ar
ranrements tend to community of interest
IN the Southern railroad field. A number OF
stocks Of minor railroads supposedly avail
able for absorption by more powerful nelgn-
bors were strong. The feature OF the DAY
was Reading. Its sensational rise OF 81
gave rise to many rumors regarding new
projects for division of control and guaran-
tee OF dividends. A very favorable showing
OF July net earnings Is expected for the
/ road, as we'll as for other coalers. Balti.
more and Ohio's increase in July net Of
SSll. 625, thus conserving nearly half the
gross increase, helped the soft-coal groups
But the rise in prices was so comprehen-
eive as to require no specifications. The
United States Steel stocks did not share
fully in the days strength; although they
ence of members Of the Senate Finance
Committee with the President gave rise &c
assumptions regarding the scope of plans
for. financial legislation which were used
with effect to further the advancing ten.
dency of prices. The buying movement
showed some signs of exhaustion at the
: last and the market closed irregular ant
Bonds were strong. Total sales. par value
A2l5. 600 United States bonds were un
changed on call.