Daily press. [volume] (Newport News, Va.) 1896-current, 1909-09-29
MARKET IS RECOVERING
FROM RECENT SLUMP
Average Advance IN Prices
Substantial, Though Very
Uneven|y Divided.
some new HIGH RECORDS TOUCHED
Observers Inclined to Look For Con-
ceaIed technical Condition to Ae-
count for change-New York Elk
change at Chicago Rises to Par, Re-
iievinq Bank Pressure.
fBy Associated Pressl.

NEW YORK, Sept. 70 ne
coyery from last weeks declines
which set in yesterday was substan-
italy extended in today's stock mar
ket. united States Steel and Atcnl-
son were distinguished by the new re-
cord prices at which they sold and
the average advance was substantial,
although very unevenly divided. Cd
servers were inclined to look for some
concealed technical condition 10 &C
count for the extreme facility Win
which prices were advanced. One
supposition advanced was that short
interest CT unsupported proportions
had been discovered by the adroit con-
ductors CT the recent movements In
the market and that they were able
10 control the action OF prices 70 the
entire discomforture of the shorts
The tightening money market was re-
lied upon to check the freedom or
action of the bull party by restricting
their credit resources.
The money market seems proof
against adverse circumstances and
the operations on the long side today
were conducted with every appear
ance of unhampered freedom. The
tone of call loans was slightly easier.
Bank Pressure Relieved.
New York exchange at Chicago rose
10 par and the banks were CORE
spondingly relieved from pressure on
that side. The subtreasury mean
while continues to draw cash from the
banks. the total for the banking week
rising today to $z.S98.0OO compared
with only 1851 900 in the correspond
ing time last week. There were
heavy remittances also. to Canada.
$500, 900 being withdrawn in gold
from the subtreasury today for that
destination In addition to 100000
shipped yesterday.
The rise in United States Steel
was stimulated by reports OF the plac-
ing of heavy buying orders for steel
rails by the great railroad systems.
the Pennsylvania being mentioned as
ordering 100000 tons for next year.
The rapidly decreasing surplus Of
idle freight cars reported by the rail-
roads argues an early demand for new
equipment which would be favorable
to the steel industrials
Erie Securities Recover.
A strong recovery in the Erie Sc
curities was a feature OF the days
market. There was a period OF weak
ness in Amalgamated Copper, but that
stock became strong and removed the
only apparent restraint on the advanc-
ing tendency.
The bonds market was irregular.
The buoyant rise In United States Steel
to 1898 was accompanied by a de-
cline in the sinking fund bonds. The
greatest activity in the bond market
was in the convertible issues. The
ordinary investment bond issues were
sluggish and dull. Total sales. par
value, S5,95G.000. U. S. bonds were
unchanged on call. Total sales for
the day. LBS. 100. including: Amalga
mated Copper. $1,000; Sugar. 1900;
Tobacco. 300: Atchiscn. 175.eG0; A. c.
l.. zoo: c. & o.. 10000; Erie. 29.s00:
L. & N, 1900: y. & W., 900; Pennsyi-
vsnia. 94.5G0: Reading, 1es.700; Re-
public Steel. 4G.190: SIoss. 1900:
Southern Pacific, $4,000; Southern
Railway, 1900: do pfd. 500; Union
Pacific, 500: United States Steel. g.
100; yirginie-Carolina Chemical
900.