The daily morning journal and courier., 1903-08-06
Eitrallrial
YEsTERDAY'S STOCK MARKET.
Day of Excitement aud AIarm,- Esdiag Away Of Prices.

Day of Excitement and AIarm,- sading
 Away of Prices.
 New York, Aug. 5.-The hour for closing of to-day's stock market was hailed with re. lief by the highly-strung members of the exchange. The day was one of excitement and alarm, and the fading away of the prices of securities was so rapid and com prehensive as to arouse grave fears of the consequences. The announcements of two failures were the only actual disasters to develop, and neither of these was q surprise. Some of the days liquidation was supposed to. be of collateral on the loans of the failed firms, although it was officially announced in one case that the creditors had decided to withhold the collateral from the market Ill it's present condition.
 It was evident that Il very general closing out of collateral in loans was in progress, and much of 1t was allowed to go for what 1t would bring. As the demand for stocks is still exceedingly light the natural result was demoraliZation of the market and the pressure grew more acute by the reaction ary effect of the selling in forcing shrink age of the collateral in other loans. So far as the news of the day was concerned, there was very slender basis for the sacrifice of securities beyond the uneasy sense that col lateral could not be readily realized on and llS NOhhVqueAL utsiESgt " SoHfeEl It uutO ready moncy. T.
 This is the essence of demoralization in any market, and it had it's natural result to- day. Expectation was ar the high pitch at the opening, and demoralization was pre-. vented at that time only by the most yigor- ous and determined support on the part of banking interests and market managers for various prominent stocks The support was especially notable in the United States Steel stocks and succeeded in raising the price of the common q point and the preferred IS over last nights IeYeisa a The support of these stocks was hel3ed by the fact that some of the developments which were fear ed from yesterdays meeting of directors did not occur. As the weakness of these stocks was a potent factor in the weakness of yes terday's market the strong support acc0rdr ed them this morning had T soothing effect on sentiment The result was pretty gem erai recovery from the opening declines Then came the announcement of the first failure-that of an important house with commitments in a variety Of stocks. From that time until the close the liquidation was intermittently pursued, with occasional ral- lies on short covering. . r
 There was an eager rush to cover among the bears in the final dealings, but even then there were renewed breaks at other points and the closing was extremely nerv- ous and excited, with very irregular fuctu- ations. The United States Steel stocks sufA fered comparatively small losses, but both the common and preferred and the sinking funu TYe per cent. DnlluS JOuCneu lpW fecuEu prices during the day.
 liquidation in Missouri Pacific was very violent and 1t suffered an extreme loss of 6%. Much of the liquidation in this was at tributed to the account of one of the sus- pended firms. It carried down Wabash pre- ferred five points with 1t. Erie was also very heavily sold as the day progressed The pacitics and grangers were under steady pressure during most of the day, The violent declines in the Colorado and South ern stocks the Southern Railway stocks and Virginia Carolina Chemical were associated with the failures. Some of the high-priced comparatively inactive stocks were severe sufferers, American Snuff breaking 15 and New York Air Brak, Pullman, Consolidated Gas, General Electric and Chicago and East ern Illinois certificates from five to ten points.
 Call loans were slightly firmer, but there was nothing in the time-money market to explain the pressure to retire loans. A fur ther sharp break in sterling exchange caus- ed an approach in the rate towards the gold import point Profit-taking In the grain markets was satisfactory development, which was offset, however, by the continued speculative manipulation in cotton. A cut in price of steam coal by the Reading and talk of Rock Island strike, which was de- nied. were made something of by the bears. Satisfactory reports of railroad earnings, including a 13 per cent increase in gross earnings for July over last year by the New York Central. were without any influence upon sentiment.
 Bonds were weak in sympathy with stocks. The total sales, par value, aggre- gated S4,640,000.
 United States bonds were unchanged on the last call.