The daily morning journal and courier., 1903-10-17
Etmatrriar.
STOCK MARKET.
Advance tn Prominent Stocks and n
 Buayaat Close,

| '" FF""thoh rsochs anu Buoyant Cfoss. New York, Oct. 16.-The bears were
 driven to cover their short contracts ii,
 the course of to-day's trading in the
 stock market, and before the close were
 in something like panic, buying in all
 directions in heavy volume. The early
 stages of the rise were viewed with ap-
 parent complacency by the large out
 standing short interest, in the confi-
 dence that the rally would be unimpor-
 tant. Their confidence was increased
 by the fact that Amalgamated Copper
 made but feeble response yesterday
 and this morning to the dividend fec-
 laration. An actual decline of point
 in Reading second preferred, on the declaration of it's initial dividend, also
 pointed to the conclusion that good
 news was taken advantage of to iiqui-
 date stocks. <. @# | But the fact became very evident
 early to-day that the pressure of liqui-
 dation was almost entirely relaxed. The bears began to discover that in offer ing prices down they were not meeting their recent invariable success in dis lodging selling orders and inducing liq- uidation. There were heavy portions of the market, notwithstanding this general tendency, notably in the Penn sylvania group and the anthracite car- riers. The reduction in the soft coal rates to the seabcard and reports of the closing down of additional anthracite collieries were supposed to be the cause of this heaviness, but the suspicion grew that these stocks were depressed to facilitate covering in other parts of the list
 Beyond the cessation of the persistent liquidation there was very little news to account for the turn in the market. There was a very favorable statement of August earnings by Missouri Pacific, showing gross earnings for that month of upwards of s4,000,0o0, an unprece- dented figure, while the increase in net earnings over last year reached $295, 900. A compilation of earnings of over ninety railroads for August indicates that their gain in net earnings over last year averages over 16 per cent. The reported contract of the United States Steel corporation for furnishing steel to a great shipbuilding company in Great Britain was also regarded as promis- ing development.
 Banks seem to have gained upwards of million dollars of cash reserves for the week, so that another weeks ad- vance has been made without the de- velopment of the customary western demand for currency. The arrival at the mid-October season is felt to insure the safety of the corn crop. But while these factors may have aided in the re- covery, the dominant factor evidently was an aggressive leadership of the
 market against the short interest which was made successful by the cessation of liquidation. The rise of 3ss in Unit- ed States Steel preferred and of 31s in Amalgamated made those stocks the market leaders. In the usually promi- nent stocks there were general ad- vances of to points and the market closed buoyant, at the top. X
 Bonds shared moderately in the strength of stocks. Total sales, par value, $3,s69000. 5 E
 United States bonds were unchanged on the last call. a#