The Birmingham age-herald., 1903-10-22
STOCK MARKET
 IS AGAIN NERVOUS Failure of Bank at Pittsburg
 Caused Apprehension WHOLE LIST VERY WEAK On Late Advance the Demand From Shorts Was Satisfied to Some Ex-
 tent and subtracted From
 Support of the Market.

New York October a.-The news be- fore the opening of the stock market to- day of the suspension of the Federal Ma tional bank of Pittsburg caused fears of a violent break in the market There were some heavy offerings just at the op- ening in some of the leading stocks and declines ran to a point in a few cases. Pressure was severe upon United States Steel preferred, causing loss of 1A the more acute owing to the part played in yesterdays considerable recovery by the published assurances that the Federal National bank was not in need of assis- tance. It was believed, therefore. that the threatened institutions had weathered the storm. The news this morning caused nasty measures for supporting prices. The promptly manifest but the recovery was viewed with some suspicion, owing to the belief in the artificial nature of the de- mand. Those on the floor were surprised at the case with which the decline was checked, and 1t was easy to perceive that offerings of stock in the market were on a very light scale. The buying was there upon renewed with vigor, and the market carried upward quite comprehensively to the extent of point or more. Prices re- traced their course during the latter part of the day, and the closing was rather easy, and at net declines for the day, ex- cept where the early gains had been above the average. The late downward move ment was not fully explained by any published development. The demand from shorts was satisfied to some extent on the advance, thus subtracting from the sup port of the market. Some fears were en- tertained that there might be a new factor in the Pittsburg trouble, carried over to- day by reason of the decision of the banks not to call maturing loans there and other measures of precaution. The cause assigned for the failure, namely the withdrawal of deposits by small banks which had been offered a high rate of in- terest by the failed bank to attract these deposits, was a result of condition known to have become sufficiently general to be the subject of widespread criticism. Notwithstanding the late reaction in the market its tone was accepted as rather convincing evidence of a measurable res toration of confidence, in view of the fac- tors to be contended with. To these must be added the threatening aspect of labor conditions with the Manhattan Elevated. The market did not take well the an- nouncement that some of the anthracite colieries will close for about week. ow- ing to the quick succession of holidays within that time. The local money market was quite unaffected by the large ship ments of money to Baltimore. Reports were current of further large grain ex- ports, and the freer movement of cotton was also viewed with satisfaction.
 The bond market was very broad and widely varied at generally advancing fig ures. Bond houses report A notable in- crease in the investment demand Total sales. par value, $3,475,00o.
 United States 2s advanced F, the old 4s a. and the Ss and new 4s, A per cent on the last cali.