The daily morning journal and courier., 1903-07-28
gi1atrrtaI.
YESTERDAT'S STOCK MARKET.
Early Decline on Announcement of Further Failures Followed by Late

Eariy Deciine on Anhouuceheht Oi
 Further FaiIuros Followed by Late Rally. ~N
 New York, July 27.-There was anoth-
 CT failure of stock exchange firm an nouncad shortly after the opening this
 morning which awakened a feeling of
 nervousness again and forced prices to a lower level. There were violent de- clfnes in some of the stocks In which the failed firm was immediately interested.
 A number of the standard railroad stocks at the same time sold down from 1 to ? points under Saturdays level. But even during this period of initial weakness there was manifest good absorption of stocks and points of strength persisted against the depres- sion. Later in the day when 1t was seen that no further failures were to be
 announced the tone of the market be- came very strong and the early losses were wiped out even in the weak stocks. I while the general level of the market rose to substantial level over Satur- l days close The demand was especially conspicuous for New York Central, St. | Paul, Southern Pacific, Reading, Penn sylvania, Illinois Central and stocks of | a like substantial grade Some large orders were executed in all these stocks | of Al, ipNts fhrnI1 O tho market, so that prices ended the day from to over points above Saturdays s Ilevel for prominent stocks and at much I wider advances for some of the less ac- tive issues. Some of this buying was to cover short contracts and consid- erable portion of it was by professional loperators for turn in the market n the long side. But there was an inn Il proved demand for investment both in lstocks and bonds and stock exchange lcommission houses showed an increased lconfdence in advising their customers to buy Only a few of the inactive lstocks showed such violent falls as have characterized the recent market, which pointed to conclusion that there was less pressure to close out unmarketable lsecurities figuring as collateral in loans and an improvement in facilities for se- lcuring accommodations. The recent con tration of credit In the stock market has
 been largely due to distrust of such
 operations as those in which the re-
 gently failed firms have been largely en- gagged, involving as they did imitation Fand manipulation of the values of se- curities. The letting out of this infla-
 tion has really brought sense of relief
 from the oppression of artificial condi- tions hanging over the market and sus-
 tained with difficulty. These held over projects are quite apart from the earlier ones in which the syndicates were sue cessful in holding up prices until theil
 holdings were taken off their hands and which have left behind them all theil
 train of financial distress and disap. pointments. But with the passing oi teh syndicates interests in these an6
 the abandonment of the artificial sup. iport. the stocks have been allowed t
 Esink to the level natural to the change:
 | in their status. The recent failures rep
 lresent the abandonment of efforts t i. sustain prices by main strength of SC
 lCuElllGS IoE WHlC1l lllG- lIidIh IhSl AdS pass ed and the closing up of affairs whiel result is the cause of sensible relief il the stock market. There were fear that further fail1res would result tD day and the strong recovery iii tn : market was helped by the averting c these. The market closed quiet an,
 steady, and only slightly below the tol level. ts 2 The bond market continued rather ir regular. although there was a good de ] mand for some issues. Total sales pa t value $3.225.0O0. United States bond : were unchanged on call.