The Montgomery advertiser., 1903-09-26
THE BEARS ON TOP AN IMPROVEMENT WAS NOTED
 AT THE CLOSE. United States Steel Was the Stock Which Had to Bear the Brunt of the Battle During
 the Day.
-ProprietorS-

NEW YORK Sept. 25.-Yesterday's late prehensions that disastrous results might be witnessed today. As is often the case in specu- iatfve matters the threatened harm melted to efforts to cunteract. 1t. There were strong pro. tective measures adopted in the stock market to check the percpitate decline in prices which threatened violent shrinkage of cred It's. There feevrish and cratic huctua- tions during the greater part of the morning. but the supporting measures finally proved of effect and the market queted down and be- above last night There unsettle maent again in the final dealings, but the pres sure was again resisted and the market closed steady and dull. but below the best The li- oxidation was continued with considerable force this morning, especially in the United States Steel securities Both classes of stock low records and kept teh early market unset- tied in spite of support by powerful financial interests at other points. When the fact de- veloped that the buying to support the market did not follow the advance in prices to any extent, the bears made a determined drive in an attempt to gain the uppevhand. They cen- tered the attack upon United States Steel preferred. apparently equipped with the knowl- edge of the existence of considerable stop loss order fin that stock at about 62 Its move ment after touching that point proved the &C., the price slumpng to 60k with a rapid re- covery. however. on covering by the shorts The common stock touched l6 and the bonds 7oN during the day. The gtneral market weakened again in response to this drive, but prices generally got slightly below last nights level. Tn euncovered bears took alarm at this evidence of effective support and bought argely to cover their shorts.
 The principal active stocks afterwards got from to 2 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 an active market. but spec ulative sentiment the whole was consider ably improved 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 holdings of the banks. The large shipments of currency to the South and a small loss on sub-treasury operations proper were slightly more than off, set by receipts from other sources including new gold The heavy liquidation in the stock market igves fair promise of some reduction in the loan item and the deposit liabilities Money was rather firmer however. today both for time loans and on call and further fall in New York exchange at Chicago brought the market nearer to the point for shipping cur rency West.
 There was a sharp break in sterling change which was partly in response to the firrner money market here There was also a larger supply of commercial bills in the ex change market. It is reported that some of the interior banks selling demand bills of exchange here against purchase of grain and cotton bills.
 The weeks exports of wheat show an increase of more than 1000 900 bushels the pre- vfous week and the decline in the cotton mar ket, 1t is believed, will induce an increased foreign demand.
 The bond market was quite active and ir regular Total sales (par value). S3, 925, 900. United States 2s declined h per cent. on the last call.