New-York tribune., 1903-07-28
GAINS IN MANY ISSUES.
Ia SHARP FINAL RALLY.
Brighter Outlook IN Stock Market
Big Banks Buyers.

The course OF the stock market yesterday in
dicated pretty plainly that the hard work put
.n over Sunday in strengthening the position or
some Of the minor brokerage houses known 10
be in difficulty had been successful for only
one firm went under-a firm which it was gen
orally agreed on Saturday could not be tided
Overland prices throughout the DAY were
strong and advancing after the opening uncer-
saintv and the temporary unsettment due to
the actual announcement of the suspension, and
important net gains were made in many issues
There was more or less excitement and uneasl-
ness as 2:l5 O'Clock approached, the time by
which deliveries of stocks sold on the preceding
business day must be accepted, but when 1t be-
came evident that that crucial point had been
safely passed by all the member houses the
market responded with a sharp final rally,
prices closing not far from the top. in spite OF
the development of heavy profit taking selling
When the closing gong rang at o'clock the
members on the floor Of the Exchange gave a
hearty cheer to express the general feeling that
the worst was at last
The market displayed a hestating tone at the
outset, many OF the railroad stocks showing
fractional declines Slight Improvement soon
followed hut prices fell off from to B points In
the active list. with even greater declines in
the specialties as the Hooley failure
name out. Evansville and Terre Haute, Hoo
ley speciality. declined 91a points, and Chicago
and Eastern Illinois certificates 8. The promi-
sent stocks to suffer were Union Pacific, Read
sng Erie, Rock Island preferred. Atchison,
AmaIgamated Copper, the Independent iron and
Eteel stocks and Sugar. Strength was shown by
1Iew-York Central. Lackawanna, Brooklyn
Rapid Transit and some other stocks in face OF
the declines, and the market rallied violently
before the end of the hour. Prices made further
strong recoveries during the second hour, estab-
a. owe
a little after noon announcement was made
on the Exchange of the failure of William Bas-
Eett member of the Boston Stock Exchange
and o. the New-York Stock Exchange. The
firm had had practically no contracts outstand-
Eng on the New-York Exchange for more than
q year, and the failure was regarded as com
ppratively unmportant.
During the final hour St Paul rose 39s over
Saturday. Illinois Central 3A. New-York Cen
tral, Missouri, Kansas and Texas preferred and
Metropolitan Street Railway each %, Delaware
and Hudson A. General Electric 35s, United
States Rubber preerred S12 and Southern Pa
ciic, Reading, Colorado and Southern, Penn
sylvania and Tennessee Coal to 2i2; New
Jersey Central rallied 3H and Evansville and
Terre FIaute 81. Belief that no further failures
were announced induced buying. Some selling
10 realize met the advance. The closing was
quiet and teady. and lightly below the bet.
The great banking houses were in the market
Bs buyers during the day. and there was also
evidence of a large aggregate amount of buying
by bargain hunters" who especially ac-
tive in the last half hour. The covering of short
contracts, induced by the greatly improved out
look also contributed strongly to the market
advance
Throughout the day the doings of the Ex-
change were regarded with interest by throngs
Of visitors who filled the gallery. Fully two
thousand strangers were admitted. nearly eight
hundred more than the highest previous days
ATTENDANCE since the opening of the new Ex-
change on April %.
a number of new low records were made yes
terday. principally among the inactive stocks
The NTginia-Carolina Chemical issues for in
stance. both reached the lowest figures in the
history of the company. these declines being
the result of the closing out of a loan. Other
\ new records We're made by Tennessee Coal and
/ Iron, Colorado Fuel and Iron Metropolitan
Evansville and Terre Haute, Minneapolis and
st Louis preferred, Chicago Terminal Trans
fer and the Railway Steel Spring stocks
Some OF the net changes of the day were: