The daily morning journal and courier., 1903-08-14
he recently prevailing extreme depres-

the recently prevailing extreme depres- sion was an important factor. The mere sentimental effect of the recov- cry after the gloom and apprehension that have prevailed so long in Wan street was considerable. Immense re- lief from the constant threat of forced liquidation or of bankruptcy, which it Is unfair to assume has been hanging over some houses, naturally predisposed
 the whole financial community to take more cheerful view of prospects.
 Where efforts for a long time past to market securities have met with almost no demand there was substituted a
 lively and urgent demand for stocks
 and bonds of all grades to-day. The
 urgency of some of the buying and the
 violent advances in prices showed clearly enough that efforts by distress ed shorts to cover their contracts be-
 fore the rebound carried prices beyond their contracts before the rebound car
 ried prices beyond their reach were an
 important element in the market. Bid- ding up of prices by opposing profess
 sionals to force higher prices out of the bears was another palpable influ- ence. But it was evident beyond this
 that there was a large and substantial
 buying element in the market which
 was taking over stocks of all classes with freedom and confidence It is not
 to be presumed that the buyers have so suddenly changed their opinion Of the financial and business outlook But the conviction has been growing that the long decline iInprices has been more than sufficient to offset the unfavorable factors in the situation and that the necessities of the money situation have
 been forcing the selling of securities to
 below their true values. The event
 proves the contention of those who have
 maintained that there was large
 waiting demand for stocks which would
 come into the market freely when the liquidation seemed to be concluded and
 prices definitely turned upwards. The
 taking over of the Seaboard Air line in
 the Rock Island interest had stimu- lating effect upon the speculative im-
 agination. It furnished proof that not
 all the large interests were hard pressed
 to hold their undigested securities and
 that the financial necessities in some quarters might prove the opportunity in others for extending influence and
 consolidating control. Rock Island it.
 self as we'll as Southern railway H.
 linois Central and Louisville & Nash
 ville all shared in the days strength,
 retiecting the impression that the new arrangements tend to community of in terests in the southern railroad field. A number of stocks of minor railroads, supposedly available for absorption by | more powerful neighbors, were strong. The feature of the day was Reading Its sensational rise of 5-S per cent.
 gave rise to many runors regarding
 new projects for division of control and guarantee of dividends. A very favor able showing of July net earnings is ex- | pected for the road as we'll as for other coalers. Baltimore & Ohio's in
 crease in July net of $311,625, thus con- serving nearly half the gross increase, helped the soft coal group. But the | rise in prices was so comprehensive as
 to require no specifications. The Unit ed States Steel stocks did not share fully in the days strength, although
 they were bought on large scale The conference of members of the senate l finance committee with the president gave rise to assumptions regarding the scope of plans for financial legislation, which were used with effect to further the advancing tendency of prices. The ] buying movement showed some signs of exhaustion at the last and the mar
 ket closed irregular and below the best. Bonds were strong. Total sales par | value S4,245,000. United States bonds were unchanged on call.