The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-10-17
STOCKS AND BONDS.

! New York, Oct. 1.-THE bears were
driven to cover their short contracts in
/ the course of today's trading in the stock
market. and before the close were in
something like panic. buying in all d.
rections in heavy volume
The early stages of the rises were
viewed with apparent conplacency by
the large outstanding short interest. in
the confidence that the rally would be
unimportant, as has proved to be the
case so often of late Their confidence
was increased by the fact that Amalga-
mated Copper made but feeble re-
Spouse yesterday and this morning to
the dividend declaration, although the
outstanding short interest in that stock
was believed to have grown to very large
proportions. An actual decline of point
In Reading second preferred on the dec
laration of its initial dividend also pointed
TO the conclusion that good news was
taken advantage of to liquidate stocks
But the fact became very evident early
today that the pressure of liquidation
was almost entirely relaxed Even the
much enduring industrials were free from
the recent indiscriminate selling and were
suffered to hold up their heads and make
some scattering advances. The bears be-
gan 10 discover that in Offering prices
down they were not meeting their recent
invariable success in dislodging selling
orders and inducing liquidation.
There were heavy portions of the mar
ket, Notwithstanding this general ten
dency notably in the Pennsylvania
stocks. Beyond the cessation OF the per-
sistent liquidation there was little news
to account for the turn in the market
There was a very favorable statement
of increased earnings by Missouri Pa
cific, showing gross earnings for that
month of upward of $4,000 900, an unpre-
cedented figure. while the increase in net
earnings over last year reached 500. GOO.
a compilation OF earnings Of over ninety
railroads for August indicates that their
gain in net earnings over last year aver
ages over IS per cent. These facts may
have played a part in inducing buying
although they have been consistently
ignored for some time
The reported contract of the United |
States Steel corporation for furnishing |
steel to a great shipbuilding company in |
GTtdt Dlitdi1 WAS dfSO ItSdIUtO as u I
promising development. The demands of |
the employees OF Manhattan failed to
create alarm.
Banks seem to have gained upward of.
a million dollars of cash reserves for the I
week. so that another weeks advance
has been made without the development
OF the customary western demand for
The arrival at the middle DC
tober season Is felt to insure the safety
Of the corn crop. But while these fac
The dominant factor evidently WIS an
aggressive leadership of the market
igainst the short interest which was
made successful by the cessation Of lq-
lidation. the banks having apparently
completed a process of clearing out I'M
desirable collateral which they have been
for some time past
The rise OF 3@s in United States Steel
and Of 31z in Anal gamated
made these stocks the active market
eaders although there were some less
.ctive stocks which showed some larger
advances. In the usual prominent stocks
here were general advances of 2 70
,oints. and the market closed buoysnt.
Z the top.
Bonds shared moderately in the strength
4 stocks Total sales Of bonds. par
slue. were &, SEP ee1. United States bonds
rere unchanged on the last call
Quotations were as follows: