The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-07
WALL STREET RECEIVERS
FROM FEELING OF GLOOM.
DAYS BUSINESS CLOSES
WITH SHARP ADVANCE.
Determined Buying by Managers
for Some of the Leading Stocks
Helps the Early Market.

New York. Aug. 6.-Wall street emerged
to-day from Its gloom, which still clouded
the situation during the early hours of
the trading in stocks. and an effective rally
in prices was produced. The day closed
with an animated buying movement in
progress and with prices in the active list
from l to over points above last night.
During the period of early weakness there
were numerous declines of from l to .
points breaking through previous low levels
for the year. The early weakness was not
universal, many stocks showing good re-
sistance and rejecting determined support
by means of confident buying on the part OF
the market managers for the stocks. There
was acute weakness after the opening
which conferred on Missouri Pacific. Atchi-
son and Baltimore and Ohio. This seemed
to be a continuation of yesterdays iquida-
ton, and the closing out of collateral in
loans. The weak spots in the market. of
which the above stocks were the most not
able, kept the tone unsettled and nervous.
The eagerness shown for the announce
meat which was made in a conspicuous
manner, that all sheets had safely passed
the Stock Exchange clearinghouse. and the
evident relief after the announcement was
made showed clearly that fears had peen
felt that further failures would result from
the strained condition of affairs.
SELLING RELAXES.
After the Clearinghouse sheets had gone
through there was relaxation in the SELL
ing pressure and indications that liauida-
ton of an Immediately urgent character
had spent its force. The stability of parts
of the market which were supported oS
large banking interests arrested the rapia
shrinkage in collateral which aroused sucn
acute uneasineSs yesterday. The marKet
gradually streng the,ied during the latter
et.a lax- md b.,Na q
at the last. II may be accepted as a mat
ter of course that coving of snort contracts
by professional traders played an important
tors would not desist from putting out short
sales as long the decline In prices con-
tinued. The mere tact OF the turn IN the
tide of the market also gave rise to n
flood Of rumors intended to explain the
change in sentiment.
The favorite rumor was that coantlon
had been formed among the most powerful
capitalists in the country to buy All STOCKS
that were offered and to lend freely 70 the
distressed interests In the MARKET. Inis ru.
NOR presented so pleasing prospect that
everybody who gave credence to IT was dis
posed to buy stocks to the extent OF his
ability. The professional traders short OF
the market were, OF course. foremost in
this eagerness.
CAPITALISTS CONFER.
As a matter of fact, there is reason to be-
lieve that an exchange of views on the stu
alton among important capitalists has dis
closed an agreement of opinion to the
advisability OF avoiding the further selling
out of collateral as far as possible. But the
leaders in the stock market show consid-
erable variation in the policy pursued IN
this matter, as was disclosed by further
closing out Of collateral this morning
There was as little in the news of the day
to account for the rally as there has been
for the recent heavy decline. Liquidation
in grain and cotton was supposed to be in
duced to some extent by the threatening
situation in Wall street, and the rise in the
call-loan rate TO per cent this afternoon
was said to be due in part to the cancella-
ton of some loans in cotton. The move
ment in call money did not affect the late
strength in stocks. The trade reports on
iron and steel gave prominence to the diff
Guilty Of financing new undertakings on ac-
count OF the money. and securities markets
situation, and cited cases of postponement
ders. P;.ssenger-rate disturbances in the
West and Northwest are said to be threat
ening. There were large offerings of loan
bills in the exchange market, but these
were viewed as rejecting some pressure for
funds which could rot be satisfied in the do
nestle market. The further obligations thus.
incurred are also considered not to
strengthen the situation The great relief
felt that no further casualties occurred in
the cash exchange circle carried other con-
siderations before 1t and resulted in the
violent rebound in prices.
Speculative bonds made violent recoveries
in sympathy with stocks. The general bond
market was irregular. Total sales, par
value. S5.1OO.000. United States bonds were
all unchanged on the last call.