The daily morning journal and courier., 1903-07-29
Efmaircia1.
YESTERDAY's STOCK MARKET.
Pronounced Reaction at Close and Prices Fall Again.

Prices Fall Again.
 New York, July 2s.-The stock mar ket this morning showed the continuing effect of the clearing of the atmosphere which resulted from yesterdays and Fridays failures and the market be- came quite generally strong. But the brighter sentiment over the outlook did not hold it's full force throughout the day. There was pronounced reaction at the last which wiped out the most
 important part of the days gains and carried a few of the grain carriers point or more below last night. New York Central was the conspicuous
 leader of the advance, rising at one time Is over last night on buying re- puted to be of the best character. The sentimental effect on the market of the
 buying of this stock and the Pennsyl-
 vania and the affiliated stocks as well
 as of the coalers and other high grade
 railroad stocks was considerable. Atch-
 ison suffered most acutely amongst the
 market leaders and its drop to 5-S be-
 low last night upset the late market
 and led the whole list downward. The
 grain carriers were not strong at any
 time and were presumably affected by
 the reports of hot winds in the corn belt and by the weather bureaus week
 ly bulletin on corn and shipping of wheat, Reports of crop damage were
 reinforced by the upward movement of prices in the grain markets and the de- velopment of profit taking in those markets did not save stocks from the late reaction. The improved sentiment this morning was largely due to the understanding that the closing out of hypothecated securities for loans, both of the failed firms and of others under pressure for repayment of loans on col lateral for which the market is not ac- tive was to be suspended for the pres ent and to await a more favorable mar
 ket. Late in the day there was indicae ton of a resumption of selling out ot collateral on some loans. The buying through commission houses was report 1 ed to be better than for many weeks
 and was hopefully regarded. But this
 buying did not follow the market up- wards. There was evidence of pur- pose to drive in the bears in the calling in of stocks loaned for delivery on short contracts and in the character of some of the runors which were set afloat.= There was report of a private settle-s ment between the Union Pacific inter- est and one of last weeks failed firms, looking to taking over of large holdings of Southern Pacific and a resumption by the firm. This was denied when the
 Union Pacific directors assembled to declare the regular dividends. Toledo, St. Louis & Western was reported to have passed to Grand Trnuk control
 An offer of fifty for Evansville & Terre Haute control was alleged to have been made by an anonymous bidder Colo-s rado Fuel was said to have acquired the Utah Iron company, and it's price shot. up nearly a dozen points on a few in tervening sales just at the last. The
 other stories were effective in varying degree in causing sharp bidding for the I SLOChS.5 IIle 8TeIlGMdl #OI LflG SSI6el DllleL
 pool seemed to be hopefully regarded amongst iron and steel company share
 holders and stocks of that group were quite generally strong. The time
 money market was reported appreciably easier and some long time loans on se-. leeted collateral were reported to have
 been negotiated below 6 per cent. Sam guine hopes were expressed of strong
 bank statement on next Saturday. But the obvious fact was that the demand from the shorts was growing satisfied | and that the investment demand was not following the advance in prices \ When traders attempted to take profits
 on the days rise, the market therefore | gave way and closed unsettled and ir- regular.
 Active bond issues were generally ! decidedly strong, but there were some wide concessions in the marketing of inactive bonds. Total sales par value
 $3, 4S5. GOO.
 | United States bonds were unchanged \ on call.