The San Francisco call., 1903-09-26
EASTERN MARKETS.
Neag York Stock Market.

KEW YORK Sept. 25.-Yesterday's late
events iu the stock market aroused serious ap-
rrehensions that disastrous results might be
witnessed to-day AS is often the case in
speculative matters. the threatened harm IN
cited 10 efforts TO coUnteract Il. There were
strong protective measures adopted in the stock
market 20 check the precipitate decline IN
prices which threatened the violent shrinkage
81 credits There were feVerish and erratic
fluctuations during the greater part Of the
morning. but the supporting measures many
proved ~ effect and the market quieted down
and became steady al level Cf values suDstan-
TALLY above last night. There was some set
reraert again IN the hnai dealings, but tne
pressure was agaln resisted aIq lAe HI.Ihet
closed steady and dun, but below the best
The Liquidation was continued with consicera-
States Steel securities. Both classes Of stock
and the second mortgage bonds opened at new
low records and kept the early market unset
--el in spite Of support by powerful clients at
other points. When the fact developed that
The buying % support the Bnarket did not fol
I-v- rra ADVANCE IN prices 10 any extent the
bears made determined drive IN an attempt
to regain the upper hand They centered the
arrarF uuon United states Steel preferred ap-
rarcury equipped with the knowledge Of the
existence Cf a considerable stop-loss order in
touching that point proved the accuracy Of
the bears Information or surmise- the price
ever. on covering by shorts. The common
stock touched l0 and the bonds 705s during
the day. The general market weakened again
in response . this drive. but prices generally
got slightly below last nights level The un-
covered bears took alarm at tnls evidence ~
effective support and bought largely 10 cover
their shorts The principal active stocks after
ward got from ! 10 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 speculative sentiment on the whole
was considerably improved a result OF the
days events. The hrnness Of the later mar
ket heiDed by the preliminary estimates
Of the weeks currency movement. which
promise a merely nominal change in the cash
holdings 0f the banks. The large shipments
~ currency 20 the South and small loss on
sut-rreasur operations proper were slightly
more than offset by receipts from other sources
including gold The heavy liquidation Ia
the stock market gives fair promise Of some
reduction in the loan item and the deposit
liabilities
Money was rather frmer however. to-day
both for time leans and on call and a further
faiI in New York exchange al Chicago brought
the market nearer 10 point FOR shipping cur
rency west. There was larger supply OF
commercial bills in the exchange market. It
Is reported that some Of the interior banks are
selling demand bills of exchange here against
purchase Of grain and cotton bills The week s
exports II wheat show an increase Of more than
. 600 GOO bushels over the previous week. and
enc decline ln the cotton market u is believed
vin induce an increased foreign demand
The boud market was quite active and irreg-
ular Total sales. par value, S3.925, 600.
United states Is declined = per cent on the
'rzr call.