The Birmingham age-herald., 1903-10-17
BEAR INVASION
 AT LAST STOPPED Stock Market Rallies and Plays
 Havoc With Sellers ALMOST RESULTED IN PANIC Fact Became Evident From the Start That the Pressure of Liquidation Was Almost Entirely Released.
 The lndustrlaIs Are Free. 
ALMOST RESULTED IN PANIC

New York, October 1s.-The bears were driven to cover to secure spot contracts In the course of today's trading in the stock market, and before the close were in something like a 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 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 Amalgamated Copper made but feeble response yesterday and this morn ing to the dividend declaration, although stock was believed to have grown to very large proportions. An actual decline of a point in Reading second preferred on the declaration of its initial dividend also pointed to the conclusion that good news was taken advantage of to liauidate stocks. But the fact became very evident early today that the pressure of liquida- ton 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 began to discover that in offering prices down they were not meeting their recent invariable success in dislodgfng selling orders and inducing liquidation. There were heavy portions of the market notwithstanding this general tendency notably in the Pennsylvania group ana the anthracite carriers. The reduction in soft coal rates to the seaboard and re- ports 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 Pacifio' showing gross earnings for that month of upwards of $4,000,000, an unprecedented figure, while the increase in net earnings over last year reached $295000. A com pilation of earnings of over ninety rail roads for August indicated that their gam in net earnings over last year averaged lt 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 Great Britain, was also regarded as a promising development. The demands ot the employees of Manhattan failed to create alarm. Banks seem to have gain ed upwards of a million dollars of cash reserves for the week, so that another weeks advance has been made without the development 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 recovery, the dominant factor evidently was an aggressive leadership in the market against the short interest, which was made successful by the cessation of liquid ation, the banks having apparently com pleted a process of clearing out undesira- ble collateral, which they have been pur- suing for some time past The rise of 25s in United States Steel preferred, and of 31b in Amalgamated, made stocks the market leaders, although there were some less active stocks, there were general advances of 2 to points and the mar ket closed bouyant at the top.
 Bonds shared moderately in the strength of stocks Total sales bonds par value were s3.S69,O00.
 United States bonds were unchanged on the last call.