The Washington times., 1903-07-27
FAILURES EXPECTED,
BUT ONLY ONE CAME
Wall Street Thrown Into a
MOmentary FURRY.
MARKET SPEEDILY RALLIES
Tone Fairly Firm and Sentiment Pre-
valent That the Worst Is Over.
Good Recovery in Prices.

NEW YORK. July 27.--Deep anxiety
peryaded New York's financial center
this morning. There were rumors that
several failures were probable, sequels
to the failures of two important broker
age houses Friday.
The market opened nervous and ir
regular. with only fractional changes.
as IL operators were feeling the market
No failures were announced when the
market got started and this partially
restored confidence. the market becom-
ing somewhat steadier.
Then suddenly there came the an
nouncement Of the failure OF g E. S.
HOoley & Co, firm only a little over
a year old. but which had become quite
prominent in the street by gaining con-
troll of the Terre Haute Railroad Com
pany. Stocks weakened generally and
for twenty minutes declined sharply,
! while brokers waited anxiously for fur
ther announcements of embarrassment,
which were generally expected.
None came, and this, after an inter-
| the speculation. Stocks rallied splen-
didly. especially some of the stocks be-
longing to the embarrassed firms.
/ At 1870 a. m. the tone was fairly firm
and the feeling seemed general that the
worst was over. No further failures are
looked for until near the delivery hour.
and none may occur then.
No Decentralization.
There was nothing approaching de-
moralization in the stock market, not
withstanding the acute apprehension
which existed after Saturdays close. A
few issues suffered notable early de-
clines, including Evansville aud Terre
| Harte. Minneapolis and St. Louis. and
United States Rubber preferred. The
major part of the list lost only frac-
tionally, except temporary declines of l
per cent or more in Union Pacific, Anal
gamated Copper, and few others.
Before the first hour was over de-
cided support was in evidence through
the list. Covering OF shorts became ex-
tensive as soon as the market began
TO improve. Except In isolated cases
the selling of securities out on loans
was on a much more moderate SCALE
than on Friday and Saturday last, ard
the stocks which suffered from connec-
tion with the firms that have been un-
der embarrassment rallied several
points.
The feeling seems general that tho
worst developments of trouble have
taken place. and buying IS more con-
fident on the theory that IL no failures
OF Importance are announced the strong
er interests will continue 10 extend
| support. Government bonds are un-
changed; railroad bonds irregular.
Gains of Several Points.
The market continued to improve ant
at noon a strong tone prevailed. Gains
of and 3 per cent were numerous on
the subject OF failures there is every
where distinct feeling OF relief Rep
resentatlves OF the best houses give theil
opinion that nothing whatever will hap
pen during the remainder of the day II
this way II is probably true that ther'
are loans on comparatively unmarketabl'
collateral made By two OF three houses
which the banks would like 10 see ta&ei
UP, but which the excellent tone OF tn
market goes a great way to straightel
out London bought about 20 coo shares