The Birmingham age-herald., 1903-07-26
SHORT SESSION IS
 VERY UNSETTLED.
Stock Market Rules Feverlsh
 and Excited Throughout
No ADDITIONAL FAILURES
Standard stocks Show Evidence of Absorption and Stability Which Characterised Them In Early
 Part of the Week.

New York. July 25.-Today's short ses- sion of the Stock Exchange was feVerlsnl and excited throughout as an after-effect of the failure of two important exchange firms yesterday and the dread that those failures would have a sequel in the sus- pension of other embarrassed firms. Throughout the wild fluctuations in prices of specialties the standard stocks showed evidence of the same kind of absorption and comparative stability which charac- terized them in the market most of the week, before yesterdays failure had ex- cited and upset the market. The day passed without announcement of addi- tional failures, despite the fact that no deliveries on contract are required on Saturday, and that loans made on Fri day carry over until Monday, thus giving a breathing spell for hard-pressed firms.
 The absence of announcements of fail- ures was not entirely reassuring as to the adjustment of difficulties. That such diffi- culties exist is now pretty well under stood. But the general knowledge of the existing difficulties and of their location seems to deprive the situation of much of the disturbing power which the previ- ous mystery possessed and did not check the absorption above referred to. Part of this buying is by shorts taking their profits and 1t is highly probable that part of it is also by banking interests who are concerned in sustaining values. It is reported that there is also some evi- denee of investment demand both from domestic and foreign sources, in the be- lief that the abnormal speculative sltua- ton here has resulted in forcing prices to a decline as artificial in its way as was the imitation which preceded It, and largely has caused It.
 The general market sold off again on the bank statement, the report of an actual increase in the loan &C., count, in view of the weeks vio- lent liquidation. is considered nothing less than astounding. The pres sure for credits which could have pro- duced such a result must have been enormous, although 1t Is recognized that the situation of the banks must be 1 strengthened by the additional collateral and the improvement in its character which has undoubtedly been exacted. The bank statement was, nevertheless, suff- cient to make the closing in stocks weak and there was late pressure also upon bonds. The convulsive contraction in prices of many specialties was recognized as being due in many cases to closing out of collateral for loans of the failed firms and some of the stocks affected confirmed the complaint of the prominent operators connected with yesterdays principal fail- ure--that even investment stocks are un- saleable in the present market
 Very few railroad bonds of a high grade are yet down to even a per cent basis. It is to be considered whether the ruling six per cent rate for money is due to such active and profitable business conditions as to offer an assured margin of profit in its employment at a six per cent in- terest or how far on the other hand, urgent emergencies based on previous committ- ments and involving credit of capitalists or the saving of great losses have made the present money rate.
 The bond market has reflected the weak ness in common with stocks but with no such volume or urgency
 United States bonds were unchanged on call for the week.