The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-12-15
STOCK MARKET READJUSTS
ITSELF AFTER FlURRIES.
RETREA11NG BEARS AT
TEMPT TO COVER SHORTS.
Operations on the Long Side to
Push Prices Up Rapidly and
Close Gaps Is Also Noted.

New York. Dec. H-Another step was
AIKEN toward the establishment of a nor.
NAL stock market to-day after the par.
oxysmal fluctuations OF the recent deal.
ings.
1hs demonstration made yesterday OF
the effective support which was forth.
coming TO protect the market from a
further disastrous fall led 10 a ~lis,Iess
movement 10 cover shorts on the part O.
a r~etreating bear party.
There was traceable some q,
operations OF the long side as we'll and a
renewal of efforts to push prices up ran
Idly TO close up the gaps in prices caused
by the fall. But it developed in the
course OF the day that conditions were
not favorable to this rapid return to the
speculative mood existing before the
break in the market. The demand randi
~ thinned out at the higher level. and
there was some pressure to sell at the re-
covered prices.
Toward the end of the day the market
sank into a dull and iistless star. NOT
lar from last nights close.
inere was nothing in the circumstances
% the Gay 10 account either for the morn
Ing advance or the afternoon reaction
iurther than tho natural tendency of the
market to readjust itself by a series OF
iessefins fluctuations after such a COM
ihotlon as that to which II has been sub
Jecteo. SensitlvenesS TO the course OF
Alnaisamated Copper was still percepri-
Die, but not to such a representative de-
gree as lately. The advance in that stock
was a material aid to the general recoy-
cry, however. and its yielding was the
signal for the abandonment of the rise.
me attempt to move prices upward
conferred conspicuously in the coaIers. and
InlS RruIln had tho aSraNfol aIy-arta--
the active demand for coal stimulated by
the wintry weather.
Advance in a number of stocks in ths
group extended to ? or 2if points. Atchi-
son was the most conspicuous weak spot
In the market. During the period of
strength In the general market ii was
merely a laggard. but with the reaction it
yielded sharply. The decision to issue 20
Uo,H0 of convertible bonds to provide cap
1tai for extensions and INSCRIPTIONS was
the evident cause of the diSravor with
which the stock was viewed in the days
Speculation.
Its drop TO 3 points below last night in
the late market perhaps helped to drag
down the rest of the list. The addition OF
$l.d0,Wo in gold coin to the engagements
of all the available gold bars for export
mad an unfavorable sentimental effect.
The further rise in the exchange rate
made the gold outgo more easily expli-
gable, but the fact that the shipments is to
be made on a slow freight steamer with
out regard to the added interest charge
FOR the longer transit keeps the movement
In an anomalous situation.
The money market was not affected in
n degree and. in fact. was sensibly
easier both for call and time loans. San
Francisco continues 10 make large requi-
sitions on New York for cash in addition
to the gold exports The reaction became
pronounced in the late market, and last
prices were generally lower than last
night. especially in the Pacitics. grangers
and United States Steel. The closing was
weak.
Bonds were irregular. Total sales. par
value. S.52o.1p. United States bonds were
unchanged on call.