The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-28
STOCKS CLOSE STRONG
LOSSES CAUSED BY FAILURES ARE
WIPED OUT
Prices Are Again Forced to a Low Level
Early In the Trading, but Even Then
There Is Good Absorption and Points OF
Strength Hold Against Depression.

NEW YORK July 27.-The failure OF
another stock exchange firm, announced
shortly after the opening this morning.
renewed the feeling of nervousness and
prices were again forced to lower Level.
There were violent declines in some or the
stocks in which the failed firm was i'm
mediately interested. A number Of the
standard railroad stocks at the same time
sold down from L to points under Sat
urday's level But even during this pc
Rod of initial weakness there was mani
fest good absorption of stocks and points
of strength persisted against the depres-
sion. 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 were wiped even in
the weak stocks, while the general level
of the market rose to a substantial level
over last night.
The demand was especially conspicuous
for New York Central, St Paul, Southern
Pacific, Reading, Illinois Central and
stocks Of a like substantial grade. Some
larger orders were executed in all OF
these stocks and at other points through
out the market SO that prices ended the
day from 1 to over points over Satur-
days level for prominent stocks and at
much wider advances for some of the less
active issues.
Covering Short Contracts.
Some of this buying was to cover short
contracts and a considerable portion of it
was by professional operators for a turn
in the market on the long side. But there
was an improved demand for investment
both in stocks and bonds, and stock ex-
change commission houses showed an in
creased confidence in advising their Gus
toners to buy. A few Of the active stocks
showed such falls as have characterized
the recent market, which pointed to a
conclusion that there was less pressure
to close out unnarketable securities fig
ur1ng as collateral in loans and an i'm
provement in facilities for securing ac-
commodation.
The recent contraction of credit in the
stock market has been largely due to such
operations as those in which the recently
failed firms have been largely engaged, in
volving as they did imitation and manipula-
ton OF the values of securities. The let
ting out Of this imitation has really brought
sense of relief from the oppression of
artificial conditions hanging over the mar
ket and sustained with difficulty
Artificial Prices No More.
These held over projects are quite
apart from the earlier ones in which the
syndicates were successful in holding UP
prices until their holdings were taken off
their hands, and which have left behind
them also their tracing of financial dis
tress and disappointments. But with the
passing of the SyndicateyS interests in
these and the abandonment of the artii-
clal support, the stocks have been allowed
to sink to the level natural to the changes
in their status The recent failures rep
resent the abandonment of efforts to SuS-
tain by main strength the prices of Sc
curities the market for which has passed
and the closing up of affairs which result
ed in the cause of sensible relief in the
stock market. There were fears that fur
ther failures would occur today and the
strong recovery in the market was helped
by the averting of these The market
closed quiet and steady and only slightly
below the top level
The bond market continued rather ir-
regular. although there was good demand
for some issues. Total sales, par value,
tod f~e,
on Call.
CLOSING List,