The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-03-18
WALL STREET RECOVERING
FROM SECURITIES DECISION.
TRADERS TAKE STOCK MAR.
KET AWAY FROM BEARS.
Longs Take Advantage of AID,
vances Since Monday to Turn
Paper Profits Into Cash.

New York. March 1.-THE stock market
gave indication to-day that the first phase
Of adjustment to the Northern Secur-
tiles decision had been mostly completed
This would be the covering of short con.
tracts put out in anticipation of the event
and the maneuvers OF the c%ontending pro-
fessional element to take the market away
from the bears. The reduction of the Sc
cret interest was palpable in to-day's mar
Get. and there was evidence of attempts
to take profits on the part of those who
had gone long on stocks to help drive the
bears TO cover. 1t is probable that some
Of the buying since Monday for purposes
81 supporting prices also came into the
market for resale, aiding to cause the
rea~ctionary tendency, but the reaction
fective rally was achieved before the end
of the first hour. While the markets were
still in session. the adviCes brought fresh
offerings and held back the advance.
LATE REVIVAL
Late in the day. after the close of the
foreign markets, there was a decided re-
vival in the demand for stocks n greater
breadth and animation in the buying than
on previous days this week. The buying
was believed to be largely from what are
called professional sources. Second lots
of various leading stocks were bought all
around the room, forming this appearance
of participation by operators of a much
markets for many weeks. This movement
was the outgrowth of the discussion Of the
the last few days. 1t was argued that,
while the advance was plainly due to the
covering of an Unexpectedly large out
standing short Interest and had been evil
IDENTIFY taken advantage of for some very
heavy realizing, some of it from influ-
entail sources. this realizing should have
been absorbed in a way and with a CON
which indicated a betterment in the ca
pacity Of the market.
FEELING IMPROVES.
There was a capitalization of the feel
ing that very important clearing away
had been effected by the Supreme Courts
action Of Monday. The action of the for
eign markets was taken to snow a clear
ing up OF dangers of complications IN Eu-
ropean politics, and, although the eA-
change abroad were affected to-day by
the reduction OF the short interest, as
ours was, the admitted revival OF demand
in the iron and steel trade is believed 10
have had no adequate reflection, in the
stock market. Relief is felt over the news
that the soft-coel miners Will accept the
reduction in wages. The breaking of the
drought in the southwest Is encouraging
TO holders of railroad stocks in that re-
Rfon. and the break in wheat and also IN
cotton to-day was taken as promising
better prospects for both crops. While
the d-iscouragements overhangtng. the
market are not all eliminated by this list
of improved factors, the professional ele-
ment in Wal street seemed TO arrive
at a common agreement to-day that some
advance in prices was warranted by what
has already been effected in clearing
away the clouds on the situation. The net
results are gains running from one to two
points for all the promiaent active stocks.
81. Paul AID pennsylvania, were not
ably active and strong.
The bond market showed a broadening
+endency ana WIS firm Total sales, par
value. ST. s25, eco. United States bonds were
unchanged on call.