The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-09-30
Eiatatrciar.
YEsTERDAl Us sTOCA MACK ET.
Heavy Buying Causes Substantial. RE-

covery. ~ i.
New York, Sept. pa very decided
chang came over to-day's stock market.
In place of the recent heavy hquida-
tons and further shrinkage of values
there was buying in large volume, APP
| parently by the leading financial inter-
ests, though it was more than likely
that goodly part of the days pur-
chases was really in the nature Of sup
porting orders. 1t is also probable that
some of the high grade stocks were abb
sorbed for investment. The bears were
| not slow to observe the changed con-
ditions and covered very extensively; in
fact their attitude helped in no small
degree to sustain the list, which was at
top prices at the close. Conditions at
the outset were not encouraging. The
cables reported a situation bordering on
| Generalization in London, where con-
soils had fallen to another low record
with heavy declines in the leading
Americans, notably the Steel stocks.
Initial transactions in this market re-
fected the tone of that in London, but
after the first few minutes the marked
reversed its course under the lead of
Pennsylvania, which was the pivotal is
sue of the day. That stock was openly
bought by interests that represent the
than $4,000 shares made net gain of
8 ga points. The strength of this stock
was the more noteworthy in view of
the previous days free drive against it.
Other active and strong stocks included
Union Pacific, Atchison, st. Paul, Erie,
Reading and United States Steel pre-
ferred, all Of which gained two points
or more. Some of the specialties made
greater advances, but the bulk of the
days operations was limited to the is
sues named. A story went the rounds
during the day that the leading finan-
| cial interests had agreed to protect the
market by united action. The story
was denied in authoritative circles.
The market closed active and strong
and at the best prices OF the day. Net
gains Of 2 to 8 points were the general
rule throughout the list and In the
and Amalgamated Copper rising 8 ga
and Union Pacific, Atchison, Louisville,
Rock Island, Metropolitan Street Rail-
way, Brooklyn Rapid Transit and Peo-
pies Gas from 3 to 1-2 The expec-
tation Of the further slump to-day was
founded on the demoralized tone Of
Pennsylvania and the resulting unset
Element Of the whole list last night.
This Influence was supplemented by the
further decline in British consols to-day
to a new low level. The United States
Steel issues made further break, the
common and preferred falling through
yesterdays new low record and the
bonds going to within Ia. The major
ity of opening changes was on the side
of declines and there was some special
pressure against New York Central,
Yesterdays break in Pennsylvania hav-
ing brought that 6 per cent. stock, down
to parity with the per cent. New
York Central, the usual bear pressure
under these circumstances developed
against the latter. But Pennsylvania
opening rise of point was the procla-
nation that other influences were at
work. The buying Of this stock was
traceable to the banking house of Kuhn, |
Loeb & Co., which manages the COM
panys financial operations. The very
heavy buying orders in United States |
Steel preferred were credited in a SINH |
lar way to J. p. Morgan & Co., and it |
was confidently affirmed that the omen :,
buying of Amalgamated Copper by |
brokers usually employed by the STAN
dard Oil party might be accepted in /
good faith as indicating the activity
on the buying sled of that party. This
had an electrical effect upon specula-
tive sentiment and drove the bears to
cover with a scramble The belief
gained ground that the great banking
interests had definitely changed their
recent policy Of abandoning the market
to its own resources and bidding the
time when the fever of selling, which
has taken hold of the securities hold
ing public, should exhaust itself As a.
result there was a marked revival of
The bond market became firm in SYM
pathy with the recovery in stocks. To-
tai sales par value $4,9S5,000. United
States twos declined IA per cent on
the last call.