The Birmingham age-herald., 1903-09-26
STOCK MARKET
 HAS UNEASY DAY
There Were Approximations of
 Disastrous Breaks
MOVEMENT c0UNTERACTED
Liquidation Wac Continued With Con- siderable Force In the Morning, Especially in U. S. Steel seouri-
 ties-Bears Make a Raid.

New York, September 25.-Yesterday late events in the stock market aroused serious apprehensions that disastrous re- suits might be witnessed today As is often the case in speculative matters, t.-e threatened harm melted efforts to counteract it. There were strong pro- tective measures adopted in the stock market to check the precipitate decline in prices which threatened the violent shrinkage of credits There were feverish and cratic fluctuations during the great CT part of the morning, but the supporting measures finally proved of effect, and the market quieted down and became steady at a level of values substantially above last night. There was some un- settled again in the final dealings, but the pressure was again resisted and the market closed steady and dull, but below the best The liquidation was continued with considerable force this morning, es- pecially in the United States steel securi- ties Both classes of stock and the sec ond mortgage bonds opened at new low records and kept the early market un- settled in spite of support by powerful financial interests at other points, When the fact developed that the buying to support the market did not follow the ad- vance in prices to any extent the bears made determined drive in an attempt to regain the upper hand. They centered the attack upon United States steel pre- Ierred' apparently equipped with the Knowledge of the existence of a consd- efable stop-loss order in that stock at
 
 that point proved the accuracy of the bears information or surmise, the price slumping to GOA, with a rapid recovery. however, on covering by the shorts The common stock touched 16 and the bonds 70ss during the day The general market weakened again in response to this drive, put prices generally got slightly below last nights level. The uncovered bears took alarm at this evidence of effective support and bought largely to cover their shorts The principal active stocks after wards got from 1 to points over last night. There were wide declines both on the stock exchanges and in the out side market in some securities, for which there is not an active market but spec ulative sentiment on the whole was con siderably improved as a result of the days events. The tirmness of the later market was helped by the preliminary estimates of the weeks currency movement 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 offset by receipts from other sources, including new .sciu ~The heavy liquidation in the stock market gives fair promise of some reduce tfon in the loan item and the deposit lia- bilities Money was rather ffrmer. how ever, today both for time loans and on call and further fall in New York ex . change 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 firmer money market here There was also a larger supply of commercial bills in the exchange market. It Is reported that some of the interior banks are sell ing demand bills of exchange here against purchase of grain and cotton bills. The weeks report of wheat shows an increase of more than 2O00.000 bushels over the pre- vious week and the decline in the cotton market, it is believed. will induce an increased foreign demand.
 The bond market was quite active and irregular. Total sales par value, s3 925, GOO.
 United States 2s declined F per cent on the last call.