The Birmingham age-herald., 1903-07-28
NERVOUSNESS IN THE STOCK MARKET Failure of Another Firm Made Spectators Uneasy MANY POINTS OF STRENGTH Later In the Day, When It Was Said No Further Failures Would He
 Announced, the Tone
 Became Strong.
MANY POINTS OF STRENGTH

New York. July 27-The failure of an- other stock Exchange firm. announced shortly after the opening this morning, renewed the feeling of nervousness and prices were again forced to a lower level. There were violent declines in some of the stocks in which the failed firm was immediately interested. number of the standard railroad stocks at the same time sold down from one to two points under Saturdays level but even during this period of initial weakness there was manifest a good absorption of stocks and points of strength persisted against the depression. Later in the day, when 1t was said nc further failures would be an- nounced, the tone of the market became very strong and the early losses were wiped out even in. the weak stocks while the general level of the market rose to a substantial lever over last night.
 The demand was especially conspicu- ous for New York Central St, Paul, Southern Pacific, Reading, Illinois Cen tral and stocks of a like substantial grade Some large orders were executed in all of these points throughout the market, so that prices ended the day from one to over three points above Sat urday's level for prominent stocks and at much wider advances for some of the less active issues. Some of this buying was to cover short contracts and a con siderable portion of 1t was by profess sional operators for a turn in the market on the long side. But there was an im- proved demand for investment, both in stocks and bonds, and Stock Exchange
 i1aaF a pd confidence in advising thelr customers to buy. Only few of the inactive stocks showed such violent falls as have charac- terized the recent market, which pointed to a conclusion that there was less pres sure to close out unmarketable securities figuring as collateral in loans and an lm- provement in facilities for securing ac- eommodations. The recent contraction of credit in the stock market has largely been due, as to such operations, as those in which the recently failed firms have been engaged, involving, as they did, in- fation and manipulation of the values of securities. The letting out of this infia- ton has really brought a sense of relief from the oppression of artificial condi- tions hanging over the market and sus- tained with difficulty. The held-over projects are quite apart from the early ones in which the syndicates were suc- cessful in holding up prices until their holdings were taken off their hands and which have left behind them also their train of financial distress and disappoint- ments. But with the passing of the syn dicate interests in this and the abandon ment of the artificial support the stocks have been allowed to sink to the level natural to the changes in their status. The recent failures represent the aban- donment of efforts to sustain by main strength the prices of securities, the mar ket for which has passed, and the closing up of affairs which resulted is the cause of sensible relief in the stock market. There were rumors that other failures would occur and the strong recovery in the market was helped Dy the averting of these,
 The market closed quiet and stca dy and cnly slightly below the top levfl.
 The bond market continued rather ir- regular, although there was good demand for some issues. Total sales, par value, ss,225.OOO.
 United States bonds were unchanged on the last call.