The Montgomery advertiser., 1903-09-30
WALL STREET REVIEW
STRONG SUPPORT ID ACCORDED
 THE MARKET.
The Close Active With Prices at the Best of the Day-Bears Driven to Cover With
 Scramble.

NEW YORK Sept. 2e.-People who came down to Wall Street today expecting a de- moralized break in prices met with. a surprise most powerful financial interests in the coun- try and was steadily offered throughout the day. The market closed activA and strong at the best prices of the day. Net gains of 2@3 points were the general rule throughout the list and In the leaders exceed this. Pennsyl- vania and Amalgamated Copper rising 3& and Union Pacific. Atchison. Louisville. Rock Island, Metropolitan Street Railway. Brook lyn Transit and Peoples Gas from to 3h. The expectation of the further slump today was founded on the demoralized tone of Penn sylvania and the resulting unsettlement of the whole list last night. This influence was\ sup pfemented by the further decline in British consos today to new low level. As the course of this Premier British security has kept pace with our own market on the down grade. refiecting the same condition of over extension of capital in certain lines. causing the necessity for drastic liquidation elsewhere. the opening tone here was decidedly unsettled. The United States Steel issues made fur ther break, the common and preferred breaking through yesterdays new low record. and the bonds falling to within quarter. The ma- tority of opening changes was on the side of declines and there was some special pressure against New York Central. Yesterdays break In Pennsylvania having brought that per cent. stock down to . parity with the per cent. New York Central. the usual bear pres- sure under these circumstances developed against the latter. But Pennsylvania's open
 
 other influences were at work. The buying of this stock was traceable to the banking house of Kuhn. Loeb Co., which manages the com pany's financial operations. The very heavy buying orders in United States Steel preferred were credited in a similar way to J. P. Morgan X Co.,, and 1t was confidently affirmed that the open buying of Amalgamated Copper by brokers usually employed by the Standard oil party might be accepted in good faith as in dicating the activity on the buying side of that party, There has been an almost super faoI 10 gnACtltattvA contingent that the melting away of prices. which had reached the point of slow panic. would not be checked until these financial lead CTS began to buy stocks largely and in con- cert The conviction that this would happen had an elecvtrical effect upon speculative sem timent and drove the bears to cover with scramble. Some of the large bear speculators put out fresh short lines at different stages of the advance nthe confidence that the large buying orders were designed simply to support the market, to be resold upon any considerable advance. But there was no evidence Of this reseIlng and the belief gained ground that the great banking interests had definitely changed their recent policy of abandoning the market to it's own resources and biding the time when the fever of selling, which has taken hold of the securities holding the public. should exhaust itself It was evident at the same time that the urgent liquidation lacked the force which pulled down pricbs in recent markets. As a result there was marked re- vivai of confidence and a dissipation of many of the shadowy fears which have infected the speculative mind of late with even greater eff feet than actual development. The news of the day though there was little bearing on values. was not a factor at all In the movement of prices
 The bond market became firm in sympathy with the recovery in stocks. Total sales fpar valueg S4, sSo. .OO0 United States 2s declined A per cent. on the last call.
 Treasury Balance.
 WASHINGTON. Sept. 2s.-Treasury bal ances. S23s. .74s. 34o; gold, Silo73e, ,eos. NAW York Stock List,