The Wichita daily eagle., 1903-09-26
STOCKS ARE STEADIER
Effort Is Made to Stem the
Downward Tide.
RESULTS IN A REACTION
But Bears Pound Hard on the
Steel Stocks.

New York, Sept. @.-Yesterday's late
events nthe stock market aroused Sc
rious apprehension that disastrous re-
suits might be witnessed today. AS is
often the case in speculative matters.
the theatened harm incited 10 efforts TO
counteract il. There were strong protec-
tive measures adopted in the stock mar
ket TO check the precipitate decline in
prices. which threatened the violent
shrinkage of credits. There were fever
ish and erratic fluctuations during the
greater part OF the morning. but the
supporting measures finally proved OF
effect and the market quieted down and
became steady at level OF values sub
stantiauy above last night. There was
some settlement again IN the Iinal deal
ings, but the pressure was again resist
ed and the market closed steady and dun.
but below the best. The liquidation was
continued with considerable force this
morning. especially in the United States
steel securities. Both classes OF stock
and the second mortgage bonds opened
at new low records. and in the early mar
against it. 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 10 regain the upper hand They
centered the attack upon United States
steel preferred. apparently equipped with
the knowledge of the existence OF a con-
sidrable stop loss order in that stock at
about g.. Its movement after touching
that point proved the accuracy OF the
bears information or surmise the price
slumping 10 col. with rapid recovery.
however, on covering by the shorts. The
common stock touched is and the bonds
7O7s during the day. The general marlc-.
weakened again in response TO this drive,
but prices finally got slightly below last
nights level The uncovered bears took
alarm at this effort of support and bought
largely 70 cover their shorts The prin-
cipal active stocks got from l TO points
over last nights close. There were large
declines both on the stock exchange and
in the outside market, some securities
for which there is not an active market.
but speculative sentiment on the whole
was considerably improved as a result OF
later market was helped by the prelim-
mary estimates Of the weeks currency
movement, which showed a merely nomin
al change in the cash holdings Of the
banks. The large shipments OF currency
TO the South and a small loss Oh the sub
treasury operations proper were slightly
more than offset by receipts from other
sources, including new gold. The heavy
liquidation in the stock markets give fair
promise Of some reduction in the loan
item and the deposit loss.
Money was rather firmer, however to-
day, both for time loans and on coll. and
further fall in New York exchange at
Chicago brought the market nearest 10
the point for shipping currency West
There was a sharp break in sterling ex-
change, which was partly in response 10
the firmer money market here. There
was also a larger supply of commercial
bills in the exchange market II is re-
ported that some Of the larger banks are
selling demand bills here for the pur-
chasers grain and cotton bills. Exports
OF wheat show an increase of more than
2. 600 e1obushels over last week. and the
cotton market in London viii increase a
foreign demand.
The bond market was quiet and r.
regular. Total sales, par value, Ss25. .eoo
United States IS declined Z per cent on
the last call. Quotations were as follows: