The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-09-26
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KESTERDAY'G STOCK MARKET.
strong Protective Measures Bring
steadiness Qua High level OF Prices.


New York, Sept. 25.-Yesterday's late
events in the stock market aroused serious,
apprehensicnS that disastrous results might
be witnessed to-day. As is often the case
In speculative matters, the threatened
harm melted to efforts to eounteract 1t.
Ihere was strong protective measures
adopted in the stock market to check the
precipitate. decline In prices which threat
ehed the violent shrinkage of credits. There
We're feyerish and erratic fluctuations dur
NY the greater part OF the morning, but the
supporting measures finally proved of effect
and the market cuieted down and became
steady at level Of values Substantially
above last night. There was some unsettle-
Inent again In the final dealings, but the
pressure was again resisted and the mar
ket closed steady AHA dull, but below the
pest. Liquidation was continued with con-
sh Az. force this morning, especially in
the United States Steel securities. Both
classes Of stock and the second mortgage
bonds opend at new low records and kept.
| the early market unsettled in spite Of sup
port by powerful financial interests at
other points. When the fact developed 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 regain the upper hand. a They
Steel preferred, apparently equipped with
siderable stop loss order In that stock at
siderable stop loss order in tina stock at
| about ". Its movement, after touching
that point, proved the accuracy of the
bears information Or surmise., the prices
slumping to 60A, with rapid recovery,
however, on covering by the shorts. The
common stock touched 10 and the bonds
M oS eepg sFa hf fny Tas to b market dr
last lights level. H The Sne covered beSrs
took alarm at this evidence of effective
support and bought largely to cover their
| wards goyt from l to 2 points over last
night. There were wide declines both on
the stock exchange, and in the outside mar.
ket In some securities for which there Is
not an active market, but speculative senti-
ment on the whole was considerably i'm
proved as result of the days evnts. The
hrmness of the later market was helped by
the preliminary estimates Of the weeks
currency movemnt, which promise a merely
nominal change in the cash holdings of the
banks. The large shipments of currency to
| the south and small loss on sub-treasury
operations proper were slightly more than
otfest by receipts from other sources IN
Guiding new gold. The heavy liquidation
in the stock market gives fair promise Of
some reduction In the loan item and the de-
post liabilities. Money was rather firmer.
however, to-day. both for time loans and
on call and a further fall In New York
exchange at Chicago brought the market
| nearer to the point for shipping currency
west. There was sharp break in sterling
exchange, which was partly In response to
the frner money market here. There was
also larger supply of commercial bills In
the exchange market 1t is reported that
some of the interior banks are selling de-
| mand bills of exchange here against pur-
chase of grain and cotton bills. hTe weeks
exports of wheat show an increase Of more
than 100000 bushels over the previous
week and the decline in the cotton mar
ket 1t Is believed will induce an increased
foreign demand.
The bond market was quite .acive and IT.
regular. Total sale par value SO, 925, 900. =
United States twos declined 1-2 per cent.
| on the last call.