The daily morning journal and courier., 1903-08-15
gitramrial.
YESTERD4T'S STOCK MARKET
Annshcr BaOyamt Uprush of PriCes-A
 Strong and ANtivo Close.

Strong and Acttve CfeBe.
 New York, Aug. 14.-There was anoth- CT buoyant uprush of prices to-day in further recovery from the extreme de- pression os las- week. So violent did the movement become that it was re- garded with some suspicion and profess sional traders became very watchful for symptoms of reaction in order to seize ripening opportunity for shift to the short sde for a turn. The market show ed abundant evidence of leadership and skilcul management and was held by transferring bull operations from one stock or group of stocks to another, talk ing profits in the one as buying was shifted to another. News seemed to have nothing to do with the, advance beyond the fact that the market had turned. That is to say, the conviction was general that necessary liquidation had been completed for the present and prices consequently left free to seek the level of the true values. Little was heard of yesterdays numerous stories regarding Reading, which ranged over wide field of credulity and that stock was steadily under pressure to take profits all day with the sustaining strength at other points in the list. It was not at any time more than frac- tion over last night and for the greater part of the day was below. The early strength in the market was most con- spicuous in the western grain carrying railroads, and the principal buying shifted afterwards to the eastern part of the map, led by New York Central and followed by the other trunk line stocks. London was reported all eager buyer of New York Central, but no other news was forthcoming to explain the strength in the stock. London was a seller on the remainder of the list in the days market, but advance there failing to. keep pace with the rnovemsnt here and so offering an arbitrage profit in selling in this market all day. The foreign exchange market was somewhat affected and hardened on 9 demand for remittance by tomorrow steamer. There was great interest in the question whether foreigners would resell Arneri- cans largely on the advance in prices here. The United States Steel stocks Jagged in the upward movement of the day and were somewhat affected by the reports of extensive shutting down of mills in western Pennsylvania and eastern Ohio. Amalgamated Copper was helped by rise in the price of the metal here. In London there was a rise in copper futures with a slight re- cession in the price of spot. A feature of the days news was the report of sales of cash wheat in Minneapolis for a dollar bushel. Preliminary estimates of the weeks currency movement point ed to cash gain by the banks this week of nearly $3,00,oO0. Curiosity re- garding the bank statement centers on the loan item. The active buying of stocks during the week has undoubted- ly involved some heavy borrowing. But the entire lack of response ii1 the loan item of the banks to the long liquidation makes the question of the effect of the renewed buying of stocks on loans a doubtful one. The violent upward move ment of 51s points to 50 in AmaIgamated Copper on dealings in nearly 100000 shares sustained the later market which had shown signs of hesitation. As it was last prices were often little below the best, but the closing was strong and active. The days gains range from 1 to per cent. and the leading Pacifics, grangers, trunk lines and specialties were all very strong.
 There were few heavy spots in the bond market, but the tone was general ly strong. Total sales par value $3,- 6o0,0o0. United States bonds were un- changed on last call. --