The daily morning journal and courier., 1903-08-11
EitratrciaI.
YGSTERDAT'S STOCK MARKET
Heavy Declines Wiped Ont by Rally in
 Closing Hour.

Closing Hour.
 New York, Aug. 1O.-Measuress were adopted in Wall street to-day similar to those of last Thursday when the de- moralized break in stocks was checked by the opportune protective measures of large banking interests and market managers for various stocks. There was similar hurrying back to the financial district by men prominent in the financial world to repair the dam age by Saturdays violent break in prices, The downward plunge of prices was checked for the time, but there was no such sustained tendency to recover as was the case last Thursday, and the sentiment regarding the market con tinued feverish and unsettled through out the day. The early dealings gave clear indication of the large part played by professional operations on the short side in causing Saturdays slump in the market. When it became clear this morning that effective meas ures had been taken to hold prices at llle SldIl, IliCGG was SVlllCthtilS oL A scramble amongst the shorts to cover their outstanding commitments, which caused a strong rebound in prices The demand was notably urgent for Cana dian Pacific and that stock loaned at premium for use over night, which of fered inducements to refrain from fore ing the shorts to cover completely.
 The stock, after being rushed up 6 points, consequently eased off, The de- mand from shorts was very conspicu- ous also in Union Pacific, Southern Pa- ciffc and Metropolitan Street Railway, which 1t will be remembered were very fiercely raided by the bears on Satur- day. The fear that the Saturday slump had uncovered weak spots again, which would force suspensions was allayed by the announcement at the end of the first hour of trading that all stock sheets had passed through the clearing house. The discipline administered to the bears by the upward furry in prices had. the effect of somewhat sub duing their ardor for attack. The mar ket was not free from points Of weak ness, however. and liquidation was re- newed from time to time in different parts of the list. This was notably the case in Missouri Pacific, and its weak ness and that of Atchison had a sym pathetic effect in dragging the whole list backwards to below Saturdays level.
 This liquidation had apparently spent it's force towards the latter part of the day and confidence was renewed also by the absence of failures. The mar ket turned strong in the last hour and the early top level was generally ex- ceeded and the active stocks rose from to points over Saturdays closing level Union Pacific was conspicuous ly strong and advanced 5-S over Sat- urday to TO- The closing was quiet and steady with the advances we'll niain- tained. General news was ignored In the days movement, which hinged lip- on the character of buying and the sell- ing. There was less forced selling on the closing out of collateral and there were indications of investment buying and of buying on large scale by in-1 fluential capitalistst. There was said to be important investment demand for foreign account. This was factor in the further weakening of the exchange market with renewed talk of possible gold imports. Fears of an unfavorable government crop report to be published after the closing was an influence in weakening Missouri Pacific and Atchi- son. The success which attended the effort to check demoralization. follow ing the similar success of last Thurs day had reassuring effect and there was more cheerful feeling at the close of the day.. without an entire passing of nervousness and apprehen- sion.
 Bonds were heavy. Total sales par value 2.600.000.
 United States old fours and new fours registerted declined 1-4 and the new fours coupon 1-2 per cent. on call.