The Montgomery advertiser., 1904-09-22
WALL STREET. REVIEW
BEARS OVER PRECIPITATE IN SELLING
 SHORT.
Weather News Made It Evident That Fears of Frost Damage in West Had
 Not Been Realized.

NEW YORK. Sept. 21.-The recovery In the stock market today was generally ac- cepted as proof that the bears had been over precipitate in selling short and felt obliged to buy stocks to cover The Weatn- CT news from the West made 1t evident tha. the fears expressed yesterday of frost dam age had not been realized, which saved the crop from serious damage. Yesterday selling for Western account was on an enormous scale. based on the prospects or frost damage. The warmer weather of to- day consequently drove a large short inter est to cover. There was some remaining apprehension of further frosts tonight and the date for the maturity of the crop is now believed to be later than was recently sup posed. thus extending tlIe period of uncer- tainty over the outcome. But the imme- diate conditions today were decidedly safer and offered no encouragement to the bears to extend their operations The early un- certainty of the market gave way to in creased firmness and general upward ten- dency.
 The rise in Union Pacific was attributed to demand from shorts, but the move ment surrounded with more or less mystery and was the subject of many ru- mors. Some of these had to do with sup posed competitive buying looking to the strengthening of control on account of al leged divergence of views among powerful capitalists heretofore in accord in the rail- road world. The recent admission to the board of directors of the Western Pacific now under construction of E. S. Hawley and of representatives of the Gould interests was advanced the supposed cause of the differences. But the strength of Union Pa cific caused an improvement in the gen eral list by sympathy. result hardly to bo expected from q contest for control in the open market as demonstrated by the always remembered precedent of tine Northern Pa ctfic corner. News to account immediately for the conspicuous demand for Union Pa- cific was lacking
 United States Steel preferred was also benefited to q notable extent by demand 1 from unc overed shorts, which served to change opinions to the amount of yes terday's large selling of this stock. which sympathy was manifested between Penrsyl- vania and United States Steel preferred.
 There development in the money sy'tem. but the process of depletion of reserves by withdrawals for the interior continued and the tone of the money mar ket grew firmcr. Sterling exchange was weak and money and discounts hardened in London. which is expecting withdrawals of gold to Berlin and Vienna. as well as the later demand from New York. Reports of condition of National bank under the con troller's call as of September 9th are scan- ned with interest they are reported from Washington. and thus far reports sho-v that reserves in the West and South are rather demand upon New York is thus believed to be in prospect. .he demand showed signs of depletion ir the latter part of the oay and the market closed rather easy and in tensely dull
 Bonds irregular. Total sales, par value, s3,930.000 United States 2s and the old 4s advanced b per cent on call.
 NEW YORK STOCK LIST,