The Birmingham age-herald., 1903-10-02
STOCK MARKET ,..|S STRENGTHENED Dealings Highly Professional and There Was Manipulation ACTIVE STOCKS ADVANCED While Demand Comes Largely From Short Interest, the Rising Level
 of Prices Brought No Signs
 of Liquidation.

New York, October 1.-Stocks recovered vigorously again today. the last price showing advances of two to three points for the principal active stocks. The deal- ings were highly professional and the movement was not free from suspicion of manipulation. But the effect seemed to be, for some reason, more cheering up- on sentiment rather than the forcible lift ing of prices on Tuesday. There may have been some buying for support in today's market also but the great bank ing interests were not so conspicuous In the dealings. On the other hand an over extended short interest was a very im- portant factor in lifting prices. The opening dip in Pennsylvania and in New York Central was attributed to bearish manipulation. Louisville seemed to suf- fer from the liquidation of an account and pressure upon that stock reappeared from time to time during the day. While the demand for stocks seemed to come largely from the short interest, as indi- cated by the large borrowing demand in the loan crowd last night, the rising level of prices brought no signs of the liquida- tion which has been so persistent and urgent for long time past It was this fact that had the most decisive influence
 
 cognition of the fact that very small outside demand was represented in the days dealings. Those reached about the same aggregate as those of yesterday. London helped somewhat towards the advance, the turn of the month there having relaxed the money market con- siderably and led to some investment buy Ing Of consols which had a good recov- cry. The Bank of England statement aid not make strong showing, but the fact that the bank rate was not advanced, and the absence of failures which were reared caused a cheerful sentiment A notable feature of the day was the vio- lent break of about thirty points in de- mana sterling here under pressure of very large offerings of commercial bills and dearth of demand
 Large wheat clearances were reported Tor the day, and the completion of the cotton corner led to considerable com mission house buying in that market The establishment of normal conditions in the cotton market is expected to have very important results in the outward movement of that staple and this led to very free offerings of cotton bills in the eXcnange market. The early demand for stocks was especially notable amongst the coalers which were helped by the strong statement of net earnings for Au- gust by the Lehigh Valley and the ad- iiiA9Siph Ol h. IL f1dTf1nldn to the Erie directory. The expiration of the original period for the United States steel con- version syndicate and intimations that the majority of subscribers had accept ed the extension of the syndicate aroused a hope that the recent severe pressure or the steel bonds on the market by those desirious of retiring from the sym dicate would not be relaxed The offer ing of specifications by the Pennsylvania company for work on it's terminal pro- Ject had an effect on the United States steel stocks. as this work involves a large requirement. for steel products. Ma tural relief was felt that the prepara- ton for the October dividend and in- terest disbursements have been com pleted while the government bond re- demptions and revenue deposit operations are yielding handsome returns to the money market, promising continued ex- emption from stringency. Even time money was called slightly easier al- though not quotably changed. and the western demand for currency seems to be still deferred.
 The bond market was firm and the Uni ted States steel 2d 5s were bought on an enormous scale up to Il. Total sales. par value, s4S70,000. United States 3s registered and the old As declined A per cent, the 2s F per cent and the 3s cou- pon l per cent on the last call