The San Francisco call., 1903-09-30
EASTERN MARKETS.
Ne7v York Stock Market.

NEW YORK, Sept 29-People who came
down TO Wall street to-day expecting a de-
moralizing break in prices met with a surprise,
as vigorous support was forthcoming from the
most powerful financial interests IN the coun-
try and steadily offered throughout the
day. The market closed active and strong and
al the best prices Of the day. Net gains Of
2G3 points were the general rule throughout
the list and the leaders exceeded this, Penn
and Union Pacific Atchisuu Louisville, Rock
Island, Metropolitan Street Railway, Brooklyn
Transit and Peoples Gas from 3d3l2 The eX-
pectatlon OF the further stump to-day was
found in the demoralized tore OF Pennsylvania
and the resulting unsettlement ef the whole list
last night This influence was supplemented
by the further decline in British consols to-
DAY TO new low level AS the course Of this
premier British security has kept pace win
our own market on the down grade rejecting
the same condition of OvereItensiOn Of capital
in certain lines. causing the necessity for dras-
tic Liquidation elsewhere, the opening tone here
was decidedly unsettled. The United states
Steel stocks made a further break. The COM
mon and preferred breaking through yesteI-
days new record. The majority OF opening
changes the side OF ceChnes and there
Vas some speelal pressure aFalnst New 1ork
CentraI- nesIeraay : break IN pennsylvania
having brought, that 8 per cert stock down 10
trai, the usual bear pressure under these cir
cumstances developed against The latter. But
Pennsylvania S opening rise of a point was the
proclamation that other influences were at
work The btIving OF this stool vas tracea bIa
TO the banking house Of Kuhn Loeb < Co..
which manages the company's financial opera
States Steel preferred were credited in a sim
liar way TO J. r. Morgan & Co. and il was
confidently affirmed that the open buying Of
Amalgamated Copper by brokers usually
plOyed by the STANDARD OIL parry might be
accepted in good faith indicating the actiS-
ity on the buying side Of that party. There
has been an almost superstitiCus feeling
among the whole speculative contingent that
the melting away Of prices. which had reached
the point OF a slow panic. would not be checked
until these financial leaders began TO buy
stocks largely and in concert. Convection that
this would happen had an electrical effect upon
cover with a scramble. Some OF the large bear
ent stages Of the advance. in the confidence
that The large buying orders were designed
simply to support the market TO be resoid
upon any considerable advance. But there was
no evidence Of this reselling and the belief
gained ground that the great banking inter-
ests had definitely changed their recent policy
Of abandoning the market to its own resources
and biding the time when the fever Of selling
which has taken hold of the security holding
public, should exhaust itself II was evident
at the same time that the urgent liquidation
lacked the force which carried down prices in
recent markets. As a result there was a
Of many Of the shadOWy fears which have in
fected the speculative mind of late with even
greater effect than actual developments. The
news Of the day, Of which there was little
bearing on values. was not a factor at all in
the movement Of prices.
The bond market became firm, in sympathy
with the recovery in stocks Total sales. par
value. 81. $50. coo
United States 2s declined 4 on the last call