The Wichita daily eagle., 1903-10-02
Poultry-Alive. nominal; dresss
steady
STOCKS AND BONDS.

New York. Oct Stocks recovered
vigorously again today, the last price
showing advances of to ; points for the
principal active stocks. The dealings were
highly professional and the movement
was not free from suspicion Of nlanipu-
lation. But the effect seemed TO be. for
some reason more cheering upon senti-
ment than the rather forcible lifting OF
prices on Tuesday. There may have been
some buying for support intodays mar
ket aIse, but the great banking interests
We're not so conspicuous in the dealings
On the other hand. an over-extended short
interest was q very important factor in
lifting prices. The opening dip in Penn
sylvauia and in New York Central was
attributed to bearish manipulation.
Louisville seemed 10 suffer from the Hq-
uidation Of an account and pressure upon
that stock reappeared from time to time
during the day While the demand for
stocks seemed to come largely from the
short interest as indicated by the large
borrowing demand in the loan crowd
last night, the rising level of the prices
brought no sign of the liquidation which
has been so persistent and urgent for a
long time past. 1t was this fact that had
the most decisive influence upon senti-
ment Notwithstanding the recognition Of
the fact that very small outside de-
mand was reported in the days deal
ings.
These reached about the same aggre-
gate as those Of yestercay London
helped somewhat towards the advance,
the turn Of the month there having re-
laxed the money market considerably and
led 10 some investment buying Of con-
soils. which had a good recovery. The
Bank of England statement did not
make a wrong showing. but the fact
that the bank rate was not advanced
and the absence Of failures which were
feared caused a cheerful sentiment
A notable feature of the day was the
violent break of about 80 points in de-
mand sterling here under pressure Of very
large offerings of commercial bills and
dearth Of demand. Large wheat clear
ances were reported for the day and the
completion of the cotton corner led to
considerable commission house buying in
that market The establishment OF nor
NAL conditions in the cotton market is
expected TO have very important results
in the outward movement of that staple
and this led TO very free offerings of cot (
ton bills in the exchange market
The early demand for stocks was es-
peciaily notable among the coalers. which
were helped by the strong ,staement Of
net earnings for August by the Lehigh
Valley and the admission Of E H. Har-
riman to the Erie directory The expira-
ton of the original period for the United
States Steel conversion syndicate and in
timations that the majority of subscrib-
ers had accepted the extension of the
syndicate aroused a hope that the recent .
severe pressure of the steel bonds on the
market by those desirous Of retiring from
tho syndicate would now be relaxed. The
offering of specifications by the Pennsyl-
vania company for work on its terminal
project had an effect on the United States
Steel stocks and this work involves large
requirements for steel products. Natu-
raj relief was felt that the preparation
for the October dividend and interest
have been completed.
while the government bond redemptions /
and revenue deposit operations ar yield /
ing handsome returns TO the money mar
ket, promising continued exemption from
Even time money was called slightly |
easier although not quotahly changed. |
and the western demand for currency
seems to be still deferred.
The bond market was firm and the |
United States Steel second IS were bound /
on an enormous scale up TO a. Total /
sales. par value. s4,S7OOoo. United States
3's registered and the old as declined = /
per cent. the 2s y per cent and 3s cou-
pom l per cent on the last call
Closing stock quotations were as fol-
lows: