The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-22
STOCK MARKET SUPPORT
HASTILY FORTHCOMING ON NEWS OF
PITTsBURG FAILURE.
Fair Gains Established i'm Many Lead
ing Stocks, with Some Recession
Toward the Close.

NEW YORK, Oct 21-The news before
the opening of the stock market to-day of
the suspension of the Federal National
Bank. of Pittsburg, caused fears Of
violent break in the market. There were
some heavy offerings just at the opening
in some of the leading stocks and de-
| clines ran to point in a few cases.
Pressure was severe on United States
Steel preferred causing a loss of IL. Fears
for the result in the market were the
more acute owing to the part played in
yesterdays considerable recovery by the
| published assurances that the Federal Ma
| tional Bank was not in need of assistance.
| 1t was believed, therefore. that the threat
ened institutions had weathered the storm.
| The news this morning caused hasty
measures for supporting prices. The eff
| fectiveness of these became very promptly
manifest, but the recovery was viewed with
some suspicion owing to the belief in the
| artificial nature of the demand. Those on
| the floor were surprised at the ease with
| which the decline was checked and it was
| easy to perceive that the offerings of stocks
IN the market were on very light scale
| The buying was thereupon renewed with
vigor and the market carried upward COM
| prehensively to the extent of a point or
more.
! Prices retraced their course during the
! latter part of the day and the closing was
4
| day, except where the early gains had been
above the average. The late downward
| movement was not fully explained by any
| published development. The demand from
shorts was satisfied to some extent on the
advance, thus subtracting from the sup
| port of the market. Some fears were en-
Htertained that there might be a factor
| in the Pittsburg trouble, carried over to-
| day by reason of the decision of the banks
not to call maturing loans there and other
| measures of precaution. The cause assigned
| for the failure. namely the withdrawal of
deposits by small banks which had been
| offered a high rate of interest by the failed
| from condition known to have become
| sufficiently general to be the subject of
| widespread criticism.
| Notwithstanding the late reaction in the
| market its tone was accepted as rather con-
| vincing evidence of measurable restora-
| ton OF confidence in view of the factors to
| be contended with To these must be added
| the threatening aspect of labor conditions
| with the Manhattan Elevated. The market
| did not take we'll the announcement that
| some of the anthracite collieries will close
| for about week owing to the quick sue
| cession of holidays within that period
| The local moQay market was quite unaf-
| fected by the large shipments of money
| to Baltimore. Reports were current of fur
| ther large grain exports and the freer
| movement of cotton was also viewed with
| satisfaction.
| The bond market was very board and
| widely varied at generally advancing prices.
| the investment demand. Total sales at
par value were $3,476.0O0. United States twos
| advanced ", the old fours 70 and the threes
| and new tours "a per cent. on the last call.
Following are the days share sales and
| the recorded price changes: