The Montgomery advertiser., 1903-10-17
Allen < Leak.
WALL STREET REVIEW BEARS DRIVEN TO COVER DUR
 ING THE DAY. Before the Close They Were in Some thing Like Panic, Buying in All Directions-Strength
 is Shown.

NEW YORK, Oct l6-The bears were driven 70 c6ver their short contracts in the course of today's trading in the stock market ard before the close were in something like a panic, buy ing in all directions in heavy volume. The early stages of the rise were viewed with ap- parent complacency by the large outstanding short interest in the confidence that the rally would be unimportant has proved to be the case 90 often of late. Their confidence was increased by the fact that Amalgamated Cop per made but a feble response yesterday and this morning to the dividend declaration, al- though the standing short interest in that stock was believed to have grown to very large proportions. An actual decline of a point in Reading second preferred the declaration of 1ta initial dividend also pointed to the con- ciunton that good news was taken advantage of to liouidate stocks. But the fact became very evident early today that the pressure of liquidation was almost entirely relaxed. Even the much-enduring industries were. free from the recent tndiscrfminate selling and were suf- Hered to hold up their heads and make some scattering advances. The bears began to dis cover that in offering prices down they were not meeting their recent invariable success in dislodging selling orders and inducing liquida- ton. There were heavy portions of the mar ket notwithstanding this general tendency, mo- tably in the Pennsylvania group and the en- thracite carriers. The reduction in soft coal rates to the seaboard and reports of the clos Ing down of additional anthracite collieries were supposed to be the cause of this heavi- ness. 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. Tberef Was very favorable statement of Au- gust earnings by Missouri Pacific showing gross earnings for that month of upwards of 94.00O. 900, an unprecedented figure while the increase fin net earnings over last year reached 9205.o A compilation of earnings of over ninety railroads for August indicated that their gain in net earnings over last year averaged over I6 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 Bri- tain was also regarded as a promising devel- opment. The demands of the employees of Manhattan failed to create alarm Banks seem eo have gained upwards of a million dollars of cash reserves for the week, that another weeks advance has been made without the de- veloppnent of the customary Western demand for currency. The arrival at the mid October crop. But while these factors may have aided in the recovery, the dominant factor evidently was an aggressive leadership of the market against the short interest, which was made successful by the cessation of liquidation, the banks having apparently completed a process of clearing out undesirable collateral, which they have been pursuing for some time past
 The rise of 3% in United States Steel pre- eerred and of 3h in Amalgamated made those wre some less active stocks which showed some larger advances. In the usual prominent stocks there general advances of 2Q3 points and the market closed buoyant at the top.
 Bonds shared moderately in the strength of stocks Total sales of bonds (par valuc), were R3,069. 900. United States bonds were un- changed on the last call.