The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-29
GOOD DAY IN WALL STREET,
THOUGH CLOSE is SHAKY.
REPORTED FAILURES HAVE
CLEARED FINANCIAL AIR.
Buying of an Investment Kind Ap-
pears, but Does Not Follow
an Advance in Prices.

New York. July 2S.-The stock market
this morning showed the continuing effect
Of the clearing atmosphere, which resulted
from yesterdays and Fridays failures. and
the market became quite generally strong.
But the brighter sentiment over the outlook
did not hold its full force throughout the
day. There was rather pronounced reac-
ton at the last. which wiped out the most
important part of the days gains and took
q few OF the grain carriers a point or more
below last night. New York Central was
the conspicuous leader of the advance.
rising at one time rs over last night on
buying reputed to be OF the best character.
The sentimental effect on the market Of the
buying OF this stock and of Pennsylvania
and the affiliated stocks, as well as OF tn
coalers and other high-grade railroad stocks,
was considerable. Atchison suffered most
acutely amongst the market leaders. and its
drop upset the late market and led the
whole list downwards. The grain carriers
were not strong at any time, and were pre-
sumably affected by the reports Of hot
winds in the corn belt
Reports OF crop damage Were REINFORCED
by the upward movement Of prices in the
grain markets, and the development Of
profit-taking in those markets did not save
stocks from the late reaction. The improved
the understanding that the closing out of
hypothecated securities for loans both OF
the failed firms and of others. under
pressure for payment Of loans on collateral,
for which the market is not active. was TO
be suspended for the present to await a
more favorable market. Late in the day
selling out of collateral on some loans. The
buying through commission houses was re-
ported to be better than for many weeks
and was hopefully regarded. But this buy
ing did not follow the market upwards.
There was evidence of purpose to drive
IN the bears in the calling in Of stocks
in the character of some Of the rumors
which were set afioat. There was report
of private settlement between the Union
Pacific, interest and one Of last weeks failed
firms. looking to taking over of large hold
inss. of Southern Pacific and resumption
by the firm
RUMoR IS DENIED.
This was denied when the Union Pacific
directors assembled to declare the regular
dividends Toledo, ST. Louis and Western
was reported to have passed to Grand
Trunk control. An offer of 80 for Evansville
and Terre Haute control was alleged TO
have been made by an anonymous bidder;
Colorado Fuel was said to have acquired the
Utah Iron Company, and its price shot up
nearly dozen points on few Intervening
We're effective in varying degree in causing
sharp bidding for the stocks. The renewal
OF the steel billet pool seemed to be hope
fully rgarded amongst iron and steel COM
pany shareholders. and stocks of that group
were quite generally strong. The time
easier. and some long time loans on selected
collateral We're reported to have been no
gotiated below 6 per cent. Sangu!ne hopes
are expressed Of a strong bank statement
Saturday. But the obvious fact was that
the demand from the shorts was growing
satisfied. and that the investment demand
was not following the advance in prices
When traders attempted to take profits on
the days rise, the market therefore gave
way and closed unsettled and irregular
Active bond issues were generally decided
~ strong, but there were some wide concey-
sions in the marketing of Inactive bonds.
Total sales. par value, S34S5JOO United
States bonds were unchanged on call.