The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-26
MORE TONE TO STOCKS
MARKET CLOSES STEADY, But DULL
AND BELOW THE BEST.
Early Fluctuations Are Feverish and
Observation-Disclosures Is Prominent
i'm steel Securities.

NEW YORK, Sept. 2j.-Yesterday' late
events in the stock market aroused Sc
rious apprehension that disastrous results
might be witnessed to-day rs is often the
case in speculative matters, the threatened
harm melted efforts to counteract it. There
were strong protective measures adopted in
the stock market to check the decline in
prices which threatened the violent shrink
age of credits. There were feverish and
erratic fluctuations during the greater part
of the morning. but the supporting meas
ures finally proved effective and the mar
ket quoted down and became steady at
level OF values substantially above last
night. There was some unsettlement again
in the final dealings but the pressure was
resisted and the market closed steady and
dull, but below the best.
The liquidation was continued with con-
siderable force this morning, especially in
the United States Steel securities. Both
classes of stock and the second mortgage
bonds opened at new low records. and kept
the early market unsettled in spite OF sup
port by powerful financial interests at other
points. When the fact developed that the
buying to support the market did not fol-
low the advance in prices to any extent
the bears made a determined drive in an
attempt 10 regain the upper hand They
ceptered the attack on United States steel
preferred, apparently equipped with knowl-
Odge of the existence OF considerable
stop-loss order In that stock at about GO.
Its movement after touching that point
proved the accuracy of the bears infor
nation or surmise, the price slumping TO
GOA, with rapid recovery, however, on
covering by the shorts. The common stock
touched Is and the bonds 707s during the
day. The general market weakened again
in response to this drive, but prices gener-
ally got slightly below last nights level
evidence of effective support and bought
| largely to cover their shorts. The princi-
pal active stocks afterwards got from l to
points over last night.
There were wide declines both on the
| Stock Exchange and in the outside market
in some securities for which there is not
on the whole was considerably improved as
a result of the days events.
The firmness OF the later market was
! helped by the preliminary estimates OF the
weeks currency movement which promise
| a merely nominal change in the cash hold
| ings of the banks. The large shipments
| of currency to the South and a small loss
| on subtreasury operations proper were
| slightly more than offset by reports from
| other sources, including new gold. The
heavy liquidation in the stock market gives
| item and the deposit liabilities. Money
! was rather firmer, however, both for time
loans and on call and further fall in New
York exchange at Chicago brought the
4 currency West. There was sharp break
| in sterling exchange which was partly in
| response to the firmer money market here
| There was also larger supply of CONNER
| cial bills in the exchange market. 1t is
| said that some of the interior banks are
| selling demand bills Of exchange here
/ against purchase of grain and cotton bills
| The weeks exports of wheat show an in
| creaJye of more than 100000 bushels over
the previous week and the decline in the
| cotton market, ii is believed, will induce
| ar increased foreign demand.
| The bond market was quite active and
/ irregular. Total sales. par value, $685..
600. United States twos declined II per cent
| on the last call
Following the days share sales and
the recorded price changes: