The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-22
RECOVERY IN STOCKS
BEARS WERE OVER PREciPiTArE IN
SELLING SHORT
Failure Of Frost Prediction to MaterIaIIze
Makes Great Difference in Wall Street
Prices Tend Upward

NEW YORK. Sept 21-The recovery
In the stock market today was generally
accepted as proof that the bears had been
oyer precipitate In selling short yester-
day and felt obliged to buy stocks to
cover. The weather news from the West
made IT evident that the fears expressed
yesterday of frost damage had not been
realized. owing partly, it was believed, to
the cloudy conditions which saved the
crop from serious damage. Yesterdays
selling for Western account was on an
enormous scale, based ON the prospect of
FROST damage. The warmer weather of
today consequently drove large short In
tereSt to cover. There was some remain
ing apprehension OF further frests to-
night. and the date for the maturity Of
the crop is now believed to be later than
was recently supposed, thus extending the
period of uncertainty over the outcome.
But the immediate conditions today were
decidedly safer and offered no encourage
ment to the bears to extend their opera
tionS
The early uncertainty of the market
gave way to increased firmness and a
general upward tendency. The rise IN
Unfen Pacific was attributed to demand
from shorts. but the movement was sur
rounded with more or less mystery and
was the subject of many ruInors. Some
of these had to do with supposed COM
petitive buying looking to the strengthen
ing OF. control On account of alleged DIFF
ference of views amongst powerful capt.
talists heretofore in accord in the railroad
world. The recent admission to the board
of directors of the Western Pacific, now
of representatives of the Gould interest
was advanced as the supposed cause OF
the differences.
General List Improves
But the strength of Union Pacific caus-
/ ed an Improvement IN the general list by
sympa thy. result hardly to be expected
from a contest for control in the open
market as demonstrated by the alyayS
remembered precedent Of the Northern
Pacific corner. News to account in1me-
diately for the conspicuous demand for
Union Pacific was lacking. United States
Steel preferred was also benefited to a.
notable extent by demand from uncov-
cred shorts which served to change opin-
ions as to amount of yesterdays selling
of this stock which was due to iquida-
ton. The usual close sympathy was
manifested between Pennsylvania and
| United States Steel preferred.
There was no new development in the
money situation, but the process of de-
pletion of reserves by Withdrawals for.
the interior continued and the tone of
the money market grew hrner. Sterling
exchange was weak and money and dis
counts hardened in London. which is ex-
pecting Withdrawals of gold to Berlin and
Vienna. as we'll as the later demand irony
New York. Reports of condition of ma
tional banks under the comptroller's call
as. of Sept. are scanned with interest
as they are reported from Washington,
and as thus far reported show that re-
serves in the West and South are rather
demand upon New York is thus believed
to be in prospect The demand showed
signs of repletfen in the latter part Of the
day and the market closed rather easy
Bonds. We're Irregular. Total sales, par
value, So, $40, 600. United States Is and
the old As advanced IL per cent ON CALL,
Closing List