The St. Louis Republic., 1905-03-24
BEAR PARTY RAIDS STOCKS,
But RECOVERY IS MADE.
WEAKER Cash HOLDINGS
ARE DRIVEN OUT.
Professional Element Among the
Operators Thinks That Big De-
cline II Yet in Prospect.

New Yofk. March 2-The bear party
fan upoe tho stock market IN the early
dealings to-day and rsi0ed prices In al tii-
soctions.
The rssult was to ahals out the weaker
cash holdings % efectually that the
health q the market seemed considerably
improved and there were substantial re-
coreriea.
There Was . very notable revival Of
some Of the rumors which have figured IN
s'se speculation for the advance. when the
check 10 the decline was effected to-day
For tho few days past that the market
IA. been On the down grade the interest
in these rumors has grown 10 feeble that
~ would be diflicul; to understand the
previous force they seemed To have. On
the recovery to-day tho story vas heard
of a coming merger Of Southern iron
companies. although new auspices for the
project wers printed.
tn. professional element amongRe the
operators seemed convinced. by the events
Of the last :ew days. that Q considerable
Decline In prices was before the market
Oa,Ii
With liquidation effected IL was assume
that .hs market would IcnSer have the
hene;i, a.: the powerful organized support
which. had guarded II until Important
speculative" liquidation gas concluded.
The hears were therefore hopeful Of in
ducing forced selling by driving down
prices.
The events o. the morning proved the
10 which :h. reaction had run at the low
Jewel Of the morning Induced caution On
The part Of th. bears and prompted large
covering NJ short lines The manner :n
x.s:.d that eonsidersbie .iem.;,,
HEionHst the professional had turned 10
she long side Of The market again on the
assumption tha, the market vas r.pe for
q further rally.
The days fluctuations were almost Who'll
j. due ~ such considerations as the>-.
and news OF actual conditions. beArin: on
values. played little part In the market
Belief that the proposed stock transfer tSA
lad received a setback at Albany was ar-
Ccrte. a. good news IN stock market cir
Ci-s. Tn. ASSEMBLING Of the British Cab
Sns; was made the occasion for the re
VIM! Of expiic!: REPORTS II movement
among IL. Powers to bring about peace Il.
The far Fast.
TIE break In The wheat marke; was re-
Eardcd a. an evidence Of good crop pros
&-'c.s. The special III" cement In coiora:'.
Jiei Was an esf.cfice factor IN the rally
and was based subscription rights {"
Hcw securities tn a subsidiary Industrial
company. An increase in the d!v'':e',!
Fate. ay one of IL. great foreign copper
ANA Samatea Copper.
baltimore an! Ohio vas notably nrm
NNfsGGh's1'. on lis Hrrs ftSsr!S cSpSH-
ary net earnings. The time money mar
kc; became easier. and Tn. b!d rates FOX
eS"r' time loans were reduced again
Sterling exchange fell 70 considerably
lower level. and the Rank q? England re
turn showed another Improvement In Eng
E-h money conditions TIL. !ntcr3uues;tc
demand 10: funds. however. shows signs
of growth. and - hile there IL no scarcity
~ nnon-y. Yet The attitude of lenders to-
warI speculative. borrowers ~ no; .'nrouT-
aging, an! additional ear. Ia the scr-tis.:
OF collateral Tor loan. Is reported.
This oGtiooN !mpr-s-ed the Relief thai
stocks arc rot yct ready fur any stfc:1S
resumption o: the u;.war! movement. ami
- a consequence prices moved IL: An nm
Ostslei way. suddenly running OF Iur.nS
The final hour. iil some cases the lowest
~ ~. das. ard then ra!iyinS strongly and
closing ffE. ~ about the top level
Snrts were irregular. Total shares. par
vain. &. "S. United G'ai.s Sc:.ds were
ou unch Snged on call.