The Montgomery advertiser., 1903-10-02
Allen < Leak.
{ WALL STREET REVIEW NIooBoUs RECOVERY THROUGH
 OUT THE LIST. Last Prices Show an Advance of 2 to 8 Points in the Principal Securities-The Movement
 Highly Professional.

NEW YORK, Oct I.-Stocks recovered viz orously today the last price showing advances of 203 points for the principal active stocks The dealings were highly professional and the movement was not free from suspicion or ma nipulafion. But the effect seemed to be, Tor some reason, more cheering upon sentiment than the rather forcible lifting of prices on Tuesday. There may have been some buying for support in today's market also, but the great banking interests were not 90 consplc- uous in the dealings. On the other hand. an over ef-extended short interest was a very im- portant factor in lifting prices. The opening dip 1n Pennsylvania and in New York. Central was attributed to bearish manipulation. Louis vile seemed to suffer from the liquidation Of an account and pressure upon that stock re appeared from tiIie to time during the day while the demand for stocks seemed to come largely from the short interest, as indicated by the large borrowing demand in the loan crowd last night. the rising level of prices brought no signs of the liquidation which has been so so persistent and urgent for long time past. IL was this fact that had the most decisive m fiuence upon sentiment notwithstanding the recognition of the fact that very small out side demand represented In the day 5 dealings Those reached about the same az gregate as those Of yesterday, London helped somewhat towards the advance. the turn or the month there having relaxed the money market considerably and led to some investment buy ing of consols which had a good recovery The Bank of England's statement did not make a strong showing, but the fact that the hank rate was not advanced and the absence Of failures which were feared caused cheertui continent notable feature of the day was the violent break of about 30 points in demand sterling here under pressure of very large or feffngs of commercial bills and dearth Of de- nnand. Large wheat clearances were reported for the day and the completion of the cotton corner led to considerable commission house buying in that market. The establishment or normal conditions is expected to have impor- tant results in the outward movement or that staple and this led to very free offerings or cotton bills in the exchange market. The early demand for stocks was especially noted among the coalers. which were helped by the strong statement of net earnings for August by the Lehigh Valley and the admissions of E. Il. Hartman to the Erie directory The expira- tton of the original period for the United States Steel conversion syndicate and intima- tions that the majority of subscribers had ac- cepted the extension of the syndicate aroused had accepted the extension of the syndicate aroused a hope that the recent severe pres sure of the steel bonds on the market by those desirous of retiring from the syndicate would not be relaxed. The offering of specifications by the Pennsylvania Company for work on It's terminal project had an effect on the United States Steel stocks, as this work involves large requirement. for steel products Natural relief was felt that the preparation for the October dividend end interest disbursements have been completed, while the Government bord redemptions ard revenue deposit opera tions are yielding handsome returns to the Ynobey market promising continued exemption from strIngency Even time money was called slightly easier. although ot quotably changed and the Western demand for currency seems to be still deferred
 The bond market was firm and the United states Steel second 5s bought on an value). 4.S7oo 900. United States 3s regis tered and the old As declined h per cent, the 2s Ik per cent. and the 3s coupon l per cent on the last call