The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-09-25
STORMY DAY, WITH VIOLENT
BREAKS IN STOCK MARKET.
WALL STREET TWICE FACES
DECENTRALIZATION.
Even at the Close the Undertone Is
Unsettled and Large Sales
Are Made.

New York. Sept. 2i.-After a stormy day
in the stock market the close was quiet.
but with the undertone still unsettled. 1t
was a day of violent fluctuations and OF
many changes In the course Of prices
Twice there was a dangerous break which
threatened demoralizs ton and twice there
WAS an directive recovery. Just at the last
there was some very large selling by hold
ers who seemed dssirous of taking adyan-
tage OF the vigorous rally. and who seemed
YET to harbor doubts whether the storms of
forced liquidation had spent their force:
But there was undoubtedly a very general
sentiment at the close that the position Of
ened and that the violent loan contraction
might have reached It's limit for the pres
ent. The news OF the sighting of the
OF nearly sl.5oo.ooo gold was a strong SEN
timental influence on the market. as was
the sharp break In sterling.
FEARS Treasured.
The opening break in prices. which ran
from l to ) points for the active leaders,
was aggravated by the unexpected news OF
President Roosevelt's disability. The re-
ports given out from the Presidents train
served to reaSsure fears on that score.
Tn - was a suspicion also that yesterdays
late neavy liquication had been due to some
advance information OF the operation on
the President The consequence was that
prices recovered pretty generally during the
rirst hour. 1he opening rate Tor call loans
was announced at IS per cent. and. after q
momentary reaction 10 10 per cent. the rate
SCARED TO . per cent. Stocks were then I'M
loaded II enormous volume. with the de-
mand apparently reduced 10 nothing. There
was a heavy slump of prices throughout,
which carried prices of many leading
i stocks iron, from ) to . I gSintss below last tn nig R6s
shown 10 the decline. The banks were cut
ting down accommodations on call TO
brokerage firms and proceeding with the
yesterday for recuperating their reserves.
Assurances were heard from all sides that
regular business purpose but nothing
further was heard of the soothing assuI-
ance that there was no danger OF money
flurries. The great speculative combina-
lions which have taken out loans and
bought stocks on margin on this assurance
for some time past had nothing to do but
to sell out their stock and repay the loans.
MILLIONS INVOLVED.
Various estimates are current OF the ex-
tent Of these loans for speculative purposes.
and the c!oseness, OF the combination
have acted together is not clearly defined,
but 1t Is believed that resources to the ex-
tent of $4,000. 900 have been subject to GEN.
tralized direction in the speculative cam
of the banks this week marked the aban-
Comment of the hope that had been enter
ury Department and the automatic relief OF
gold imports would save the situation
through the crop-moving period. Talk was
renewed to-day Of an intention on the part
of the Secretary of the Treasury to in
crease Government deposits with the banks
up TO the market value Of the Government
bonds for security. but no official sanction
could be secured for this report. This dis
cussion. though, was an effective factor
in the late rally IN the market. Meantime
customs collections have changed the early
gain by the banks this week into a loss of
over half a million to the Subtreasury.
There was deposited to-day at that insti-
tuition $4,000 for transfer to Chicago and
$4,000 for New Orleans. An effective
in the rally was the changed atti-
tude Of the brokers for a speculative COM
bination which s2id thousands of shares
yesterday. but which turned to the buying
side 1T the low level to-day. Their opera
tions were conferred In the Gorld stocks
and resulted In carrying Western Union
1A and Manhattan 2% over last nights
level, The smallress OF the net changes
generally marked the effectiveness of the
second recovery in the market.
Bonds suffered quite severely In the lioui-
dation. but rallied vigorously in sympathy
with stocks. Total sales. par value. ss.110.-
00. United States Is declined II and the
Old is advanced Il per cent on the last call.