The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-09-22
EARLY UNCERTAINTY
GIVES WAY TO FIRMNESS.
SHORTS FORCED TO BUY
STOCKS TO COVER.
Conditions Offer No Encoura ge
ment to Bears TO Continue
: Operations.

New York. Sept 1.-THE recovery In the
stock market to-day vas generally ac-
cepted as proof that the bears had been
over-predpitate in selling short yesier-
day and felt obliged to buy stocks to COW
or. The weather news from the West
made II evident that the fears expressed
yesterday of frost damage had not been
realized. owing partly. II was believed TO
the cloudy conditions which saved the
crop from serious damage
To-dayS selling for Western account
was on an enormous scale, based on the
prospects Of frost damage The warmer
weather of to-day consequently drove a
some remaining apprehension Of further
frosts tonight. and the date for the ma
turfty OF the crop is now believed TO be
later than was recently supposed. thus
extending the period Of uncertainty over
Che outcome.
INCREASED FRMNEss.
But the immediate conditions to-day
were decidedly safer. and offered no en-
SCuraEenent TO the bears TO extend their
operations The early uncertainty of the
market gave way To increased frmness
and a general upward tendency
The rise in L Mon Pacific was attributed
60 a demand from shorts. hut the move
ment was surrounded with more or less
mystery, and was the subject Of many
rtmors- Some of these had to do with
The supposed competitive buying looking
~ strengthening OF control on account Of
alleged divergence OF views amongst capi-
ta1iets heretofore in accord in the rail-
road world
The recent admission TO the Board of Di-
rectors Of the Western Pacific. now under
construction. of n. s. Hawiey and OF rep
Tesentatyes Of the Gould interest. was ad-
Sanced as the supposed cause Of the differ
ences But the strength OF Union Pacific
caused an Improvement in the general list
Try sympathy. a result hardly 10 he expect
cd from a contest for control in the open
market as demonstrated by the always re-
lnembercd precedent of the Northern Pa
CHIC corner News to account Immediately
for the conspicuous demand for Union Pa
Csc was lacking.
STEEL IN DEMAND.
United States Steel preferred was also
benefited TO a notable extent by a demand
from uncovered shorts which served 10
change opinions as to the amount of yes
terday's large selling of this stock which
was due 10 liquidation. The usual close
eylvania and United States Steel preferred.
There was no new development in the
money situation. hut the process of de-
pletion OF reserves by Withdrawals for the
interior continued and The tone of the
money market grew firmer. Sterling ex-
change was weak and money and dis
counts hardened in London. which is ex-
pectinR Withdrawals Of gold to Berlin and
Vienna. well as the later demand from
New York
Reports OF condition of national banks
under the Comptroller's call Of Septem-
hcr are scanned with interest as they are
reported from Washington and as thus far
reported show that reserves in the West
and South are rather lower than last year.
The full normal demand on New York is
thus believed to be in prospect. The de-
mand showed signs of REPETITION in the lat
ter part Of the day and the market closed
rather easy and intensely dull.
Bonds were Irregular. Total sales. par
value. $4,000. United States IS and the
old IS advanced u per cent on call.