The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-08-07
RALLY WAS MADE
BY STOCK MARKET.
Most Potent Reason Was Buying
from High Quarters.

New York, Aug. 6.-Followine a
weak, almost panicky opening, to-day's
stock market suddenly reversed it's
course, substantial gains being regis
tered by practically all the better class
securities. The average of net ad-
vances were about per cent. In some
instances gains were much greater.
New York Central led the active list
with net gain of 33s
The change of front which occurred
IN the early afternoon was doubtless
due to several reasons, the most po-
tent of which was the good buying
which seemed to emanate from high
quarters. There is little room for doubt
that stocks were purchased freely to-
DAY by insiders, by banks, banking
houses, financial institutions generally,
and wealthy individuals because they
seemed cheap.
No justification could be found for
the report rather industriously circu-
lated that the Rockefe1lers, Vanderbilts
and Harrimans with their hosts of fol-
lowers had entered upon a plan to lift
prices. As a matter of fact no little
part of to-day's improvement was I'M
doubtedly due to extensive covering,
| many on the short side regarding the
Despite the marked Improvement
further talk of trouble and probable
failures was heard on every side al
most to the close. which was really
buoyant.
Reports current in Trustworthy cir
cles suggest that several firms and in
dlVlduals whose affairs were found to
De IN bad shape have been permitted
10 make private settlements thus saw
ing them cnINoc
inevitably have been made had their
holdings been thrown upon the market.
Inc days business was slightly less
than 100000 shares. Stocks that
made the most extensive net gains in
! clude Sugar, American Tobacco pre-
ferred, st. Paul, Colorado Fuel, Della
ware and Hudson, General Electric,
Hooking Valley preferred, Illinois
Central, International Power, Louis
| willie and Nashville, and Metropolitan
| subscription, North American, Rub
Der Goods preferred, Southern Pacific
Virginia Carolina Chemical common
and preferred, Wabash preferred
Westinghouse, Wheeling and Lake
| Erie second preferred, st. Louis and
! san Francisco, Eastern Illinois certifi-
Gates, the latter advancing 10 points.
Improvement was shown also in the
bond list.
george II. sullivan, assignee for the
firm of Sharp & Bryan, says to-day
that he would not be able to make any
| statement in regard to the firms af-
fairs to-day. 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 b. Ketcham, assignee for the
firm of Hurlbutt, Hatch & Co., said
to-day that he probably would be un-
| able to make a detailed statement of
| the firms liabilities before late to-
morrow, 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 said also that the
| secured claims, as near as he could
tell at the present time are less than
100000 and the unsecured claims are
under $250,000.
The failure of Laidlaw & Carrie,
which was announced on the Console
dated Exchange, was not important
enough to have effect on the Stock
Exchange.