The Birmingham age-herald., 1903-09-30
STOCK MARKET
 MAKES D|G RALLY People in Wall Street Expecting Trouble Were Disappointed CLOSE WAS QUITE ACTIVE Most Powerful Financial Interests In the Country Came to the Support
 of the Market and the Rally
 Was Satisfactory.
 
CLOSE WAS QUITE ACTIVE

New York, September 29.-People who came down to Wall street today expecting a demoralized break in prices, met with a surprise as vigorous support was forth coming from the most powerful financial interests in the country and was steadily offered throughout the day. The market closed active and strong, and at the best prices of the day. Net gains Of ana points were the general rule throughout the list and in the leaders exceeded this Pennsylvania and Amalgamated Copper rising 3% and Union Pacific, Atchison' Louisville, Rock Island, Metropolitan Street Railway. Brooklyn Transit and Peoples Gas from to BE- The expec- tation 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 infiu- ence was supplemented by the further decline in British consols today to a 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 eXter5ion or capital in certain lines causing the same capital in certain lines, causing the necessity for drastic liquida- tion elsewhere. the opening tone here was decidedly unsettled The United States Steel issues made a fur ther break. the common and preferred breaking through yesterdays low record, and the bonds falling to within quarter. The majority of opening changes was on the side of declines and there was some special pressure against New York cen tral Yesterdays break In PennsylVanla having brought that six per cent stock down to a parity with the five per cent New York Central the usual bear pres sure under these circumstances developed against the latter. But Pennsylvania opening rise of point was the procla- nation that other influences were at work The buying of this stock was traceable to the banking house of Kuhn, Loeb & Company, which manages the company's financial operations.
 The heavy buying orders In unlteo States steel preferred were credited in A similar way to J. P. Morgan x Co., and if was confidently affirmed that the open buying of Amalgamated Copper by brok- ers usually employed by the Standard OH party might be accepted in good taith as indicating the activity on the buying side of that party. There has been an al most superstitious feeling among the whole speculative contingent that the melting away of prices which had reach- ed the point or d SlOW pohiS' 'NNtN -
 he checked until these financial leaders began to buy stocks largely and in con- cert. The conviction that this would hap pen had an electrical effect upon the spec ulative sentiment and drove the bears to cover with a scramble. Some Of the large bear spectators put out fresh short lines at different stages of the advance in the confidence that the large buying orders were designed to simply support the market, to be resold upon any considera- ble advance. But there was no evidence of this re-selling, and the belief gained ground that the great banking interests had definitely changed their recent policy of abandoning the market to its own re- sources and biding the time when the fever of selling, which has taken hold or the securities-holding public, should ex- haust itself It was evident at the same time that the urgent liquidation lacked the force which pulled down prices in re- cent markets As result there was marked revival of confidence and dis sipation of many of the shadowy fears which have infected the speculative mind of late, with even greater effect than &C., tual development The news of the day was not a factor at all in the movement of prices.
 The bond market became firm in sym pathy with the recovery in stocks. Total sales, par value. &,9S5,000.
 U S. 2's declined 4 per cent on the last call.