The Birmingham age-herald., 1903-10-21
STOCK MARKET
 GAINS STRENGTH Operators Who Sold Stocks Monday Bought Them Backs FEARS ARE DlSSIPATED Small Setback During the Final Hours Was Apparently Due to Nothing
 More Than the Normal
 Profit Taking.

New York, October 2O.-Wall streets highly colored imagination, as is the case almost invariably, took an extreme view of the harmful possibilities of Mondays events in Baltimore. Finding this to be the case today, the operators who sold stocks with undue freedom on Monday bought them back today. The. decrease in the volume of dealings indicated that not all of the stocks sold on Monday were re-bought today. Prices moved easily up- ward, however, and retrieved the great CT part of yesterdays losses Whether there was more cause for yesterdays perturbation than was indicated by the sequel today. may never be known, but the acuteness of the fears felt yesterday were considerably dissipated from the outset of the market, and confidence grew pretty steadily throughout the day.
 There was a small setback during the final hour, but this was apparently due to nothing more than the normal profit taking by room traders, invited by so con- siderable an advance. The market rallied again and closed very firm and but lit- tie below the best. It was generally un- derstood before the opening of the mar ket that concerted measures had been taken at Pittsburg to protect any weak ness in the situation there It was also known that heavy transf@s of currency were being made to Baltimore to insure protection against sudden demands upon deposits there. It became known im- mediately in Wall street also, that all of the Baltimore institutions had opened their doors this morning and only slight evidences of fear were being shown by the depositors. Such as was shown was reported later being dissipated and opinions were quoted even that the re- ceivership in at least one of yesterdays instances had been unduly precipitated.
 1t cannot be said that the character of today's buying carried every great con- viction as to its substantial quality, as most of it was attributed to professional operators, either for purposes covering short accounts or manipulating prices against the short interests. Nevertheless the considerable advance in prices failed to develop any new pressure to sell stock and was effective, also in impress ing the shorts with the desrability of covering their short contracts, in contrast with the recent air of confidence of the bear party in consistently selling the mar ket on all occasional rallies. The feeling against the bears was that the failures at Baltimore had uncovered the weak spolS III the situation, and the fact that today brought no extension of the trouble gave the impression that the worst of the strain was over, which would demon- strate sufficient strength in the situation to withstand any longer demands that might follow. There was little in the news of the day to affect prices. Sugars special strength was due to the calling of the extra session of congress with the sole purpose of perfecting the Cuban recipro- city measure The speculation in Amal- gamated Copper turned to some extent on the expectation of decision in the Bos- ton and Montana litigation this week. Montreal, Philadelphia and London, whose selling has helped the recent de- pression, were reported as buyers today, and helped the recovery. Large takings Of grain for export made a helpful fac tor, and the current railroad earnings con- tinued to make a good showing Reports of cut on export grain rates by the To- ledo, St. Louis and Western failed to af- feet the stocks of railroads concerned
 The bond market was firm and moder- ate investment demand was reported,
 Total sales, par value, $2.147,00O United States bonds were unchanged on the last call.