The San Francisco call., 1903-09-27
STOCK MARKET
IS UNSETTLED
Wall Street Investors
Are Filled With APP
prehension.
Notwithstanding Reassuring
Reports They Fear Eco
nomical Crisis.

NEW YORK, Sept. 26.-To-day's stock
market was kept unsettled and feverish
by occasional signs OF renewed nquida-
ton Of the urgent and precipitate char
acter which threatened the situation on
Thursday and which was checked BY yes
terday's measures taken by the great
banking interests. The course OF the Lon
don market this morning indicated that
the stock purchased yesterday for sup
porting purposes would be for sale again
at any favorable opportunity. A disor-
derly break in prices IS dreaded for the
panicl1y conditions which 1t might bring
about but the feeling continues generally
that there is liquidation stiu to be ef-
fected. 1t Is also considered undesirable
to undertake any campaign for an ad-
vance IN the face OF the money require
ments for the crops. The bank statement
was regarded as satisfactory, and espe-
cially in the loan contraction OF more
than So 900 600. rejecting the good pro-
gress made in the necessary process OF
liquidation. Hopes are entertained that
this process will begin to be effective In
restoring the impairment OF credit which
has Overhung the market like a cloud
and infected all minds with dtstrust and
apprehension. The most notable selling
pressure to-day was in the United States
Steel securities, Baltimore and Ohio and
the local fractions.
The news from the various crops and
the price movement OF the great agrt-
cultural staples were convincing assur-
ance Of a safe harvesting OF a sufficient
supply to afford a good exDortable sur
plus. The harvest Of the year has been
looked upon for many months as a vital
point in the problem OF the working de-
velopments in which capital and enter
prise had become entangled This news
was taken advantage Of to market stocks.
There was a large movement Of cur
rency to New Orleans for the movement
Of the cotton crop. This was regarded
as gratifying from a monetary and indus
trial standpoint the early movement Of
that crop insuring an increased supply
for money purposes and relinquishment
Of exchange bills to increase our demands
on foreign money markets The freer
movement Of grain in the West was sat
isfactOry, for the same reason, although
IL serves TO turn the tide OF the currency
movement in that direction. Railroad
earnings and the statistics OF railroad
traffic showed a high level OF activity
and prosperity there. These apparent in
centives to buy stocks were without the
slightest effect. and the demand for
stocks was seemingly paralyzed. On the
contrary, every development OF an unfa-
vOrable character was gwen close atter-
tion and was decisive in shaping the spec
4
ion In Wall street seemed to have set
tied down to a conviction that industrial
reaction and an economic crisis were
foreshadOwed. These gloomy fOrebOdingS
find no Endorsement from trade authOri-
ties. Reaction is admitted, but the ad-
missions are accompanied by assurances
that the normal demand for products Is
undisturbed and awaiting supply at a nor
NAL price level which had been exceeded
In the boom period.
1t is believed that many margined ac-
counts which were tided over the sum-
mer weakness in the stock market on
condition that they would be liquidated
at the first favorable opportunity have
been forced to sale. Some of the col
lateral taken over by banks and others
from firms is also said to have come upon
the market But it is evident, notwith-
standing reassuring statements, that pro-
found distrust and apprehension have
taken hold Of the spectators.
Bonds have declined in sympathy with
stocks.
United States new As advanced three
eights per cent, the 3's per cent, the old
registered per cent. The Is declined
IL per cent as compared with the clos
ing call of last week.