The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-08-07
RISING bUOYANT
OVER THE WRECKS
Strong Hands Seem Steering
the Bark of Finance.
THERE is MUCH COVERING
There Are Reports That Some Shaking Firms
Were Allowed to Settle Priyately---No
Statements Yet From The
Failed Firms.
(By the Associated Press.)

New York, Aug. 6.-Following weak,
almost panicky opening, today's stock
market suddenly reversed its course, sub
stantial gains being registered by prac-
tically all the better class securities. The
average of new advances were about per
cent. In some instances gains were much
greater. New York Central led the active
list with net gain of 3-S.
The change of front, which occurred in
the early afternoon, was doubtless due to
several reasons, the most potent of which
was the good buying which seemed to
emanate from higher quarters. There Is
little room for doubt that stocks were pur-
chased freely today by insiders, by banks,
banking houses, financial institutions gem
orally, and wealthy individuals because
they seemed cheap. No Justification
could be found for the report rather in
dustriously circulated, that the Wander
bits, Rockefellers and Harrimans with
their hosts of followers, had entered upon
plan to lift prices. AS matter of fact,
no little part of today's improvement was
undoubtedly dlTe to extensive covering,
ket as being very much soversold.
Despite the marked Improvement fur
ther talk of trouble and probable failures
was heard on every side almost to the
close, which was really buoyant.
Reports current in trustworthy circles
suggest that several firms and individuals
whose affairs were found TO be in bad
shape, have been permitted to make pri-
vate settlements, thus saving themselves
such sacrifices as would inevitably have
been made had their holdings been thrown
upon the market.
The days business was slightly less than
one million shares Stocks that made the
most extensive net gains include Sugar,
American Tobacco preferred, st. Paul,
Colorado Fuel, Delaware and Hudson.
Denver and Rio Grande, General Electric,
Hooking Valley preferred, Illinois Cen
trail, international Power, Louisville and
Nashville and Metropolitan Subscription
New York, Chicago and ST. Louis second
preferred, North American Rubber Goods
preferred, Southern Pacific, Virginia Caro-
lima Chemical, common and preferred, Wa
bash preferred, Westinghouse, Wheeling
and Lake Erie second preferred, and St
Louis and San Francisco, Eastern Illinois
certificates, the latter advancing 10 points
Improvement was shown also in the bond
list.
George II. Sullivan, assignee for the
firm of Sharp and Bryan, said today that
he would not be able to make any state
ment III regard to the firms affairs today
He said that there were so many details
to look after that it might require some
time before he would be in a position to
state exactly the condition of the firms
affairs.
Henry r. Ketcham, assignee for the
firm of Hurlbutt. Hatch and Company,
said today that he probably would be un-
able to make detailed statement of the
firms liabilities before late tomorrow, or
possibly Monday. Mr.. Ketcham said that
so far as they have been able to ascertain
the firm has no outstanding contracts on
the floor of the Exchange He also said
that the secured claims as near as he could
tell at the present time. are less than
100000 and the unsecured claims are un-
der $250,000.
The failure of Laidlaw and Carrie. which
was announced on the Consolidated Elk
change. was not important enough to
have effect on the Stock Exchange