The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-17

NEW YORK, Oct. 16.-The bears We're
driven to cover their short contracts in
today's trading in the stock market and
before the close We're In something like a
panic, buying In all directions in heavy
volume. The early stages of the rise
were viewed with apparent complaeency
by the large outstanding short interest in
the confidence that the rally would be i'm
portant, as has proved to be the case so
often of late.
Their confidence was Increased by the
fact that Amalgamated Copper made but
a feeble response yesterday and this
morning to the dividend declaration, al
though the outstanding short interest in
that stock was believed to have grown
to very large proportions An actual de-
cline of a point in Reading second pre-
ferred on the declaration of it's initial
dividend also pointed to the conclusion
that good news was taken advantage of
to liquidate stocks But the fact became
very evident early To-Day that the pres
sure of liquidation was almost entirely
relaxed. Even the much enduring indus
trials were free from the recent indis-
hold up their heads and make some scat
tering 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 liquidation. There were heavy
portions of the market Notwithstanding
this general tendency, notably in the
Pennsylvania group and the anthracite
carriers. The reduction in soft coal
rates to the seaboard und reports of the
closing down Of additional anthracite col
lierieS were supposed to be the cause of
this heaViDeSS, but the suspicion grew out
that the stocks were depressed to facili-
tate 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.
Good Railway Earnings.
There was a very favorable statement
~ AyYrrT 1-A
showing gross earnings for that month
of upwards of 81, 600 900, an unprece-
denied figure, while the increase in net
earnings over last year reached 1926, 900.
railroads for August indicates that their
gain in net earnings over last year aver
ages over Is per cent These facts may
have played a part in inducing buying
although they have been consisfentiy ig
nored for some time. The reported con-
tract of the United States Steel corpora
ton for furnishing steel to a great ship
building company in Great Britain was
also regarded as promising development
The demands of the employees of the
Manhattan failed to create alarm. Banks
seem to have gained upwards of s., 900, 900
of cash reserves for the week. so that
another weeks advance has been made
without the development of the GUS
tomary Western demand for currency.
The arrival at the mid October season
is felt to insure the safety of the corn
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 cessa-
ton of liquidation. the banks having ap-
parently completed a process OF clearing
out undesirable collateral which they have
been pursuing for some time past The
rise of 3B in United States Steel pre-
ferred and of 31a in Amalgamated made
these stocks the murket leaders
although there We're some less active
stocks which showed some larger adj
yances. In the usual prominent stocks
there were general advances of to 8
points and the market closed buoyant at
the top.
Bonds showed moderately in the
strength. of stocks. Total sales, par value
were $3,S69, 900. United States bonds were
unchanged on the last call