The Bridgeport evening farmer., 1909-02-24

New York, Feb. 24.-Plainly realizing
 that yesterdays bear condition, if con-
 t1nued, must undoubtedly result in a financial panic that might prove as far-reaching as that of October, 1907, the bull interests of Wall Street today
 rallied to the support of active stand
 ard railway and industrial stocks The
 result was that while the market was
 irregular and feverish, there were no
 sensational slu1nps and in most of the
 securities, especially Reading and other
 coal stocks, coppers the Hartman is-
 sues and others that were footballs for
 the bears yesterday, gains were record
 ed today
 The London market was off in the
 early hours but 1t responded promptly
 to the buoyant tone of the New York
 Exchange and the entire list advanced
 Consolidated securities which were un-
 der pressure early recovered their
 losses and made gains. Support from
 the bulls in the local market added
 confidence to the tone.
 Market conditions, however, are puz-
 zllng and financiers generally are ad-
 vlsing their customers to keep out. The Steel shares are under extreme pressure and the support in evidence for them is of a character that is plain ly intended merely to prevent a de- moralization and not to keep the prices above any set figure.
 Il a. m.-The upward trend of the railways was momentarily checked after the first hour by a flood of sell ing orders which were cabled from London. The market abroad was flooded with selling orders shortly be- fore the close and this had its effect here although the support that was in evidence early had not been with drawn. Steel common was strong, moving up a. point.
 Leading brokers were in their offices early to-day prepared for another strenuous campaign in stock dealings and long before the market opened here most of the international houses were trading on the London Exchange, up the accounts that were in a bad way. London market condi- tlons were more mixed than at any time since the financial difficulties of sixteen months ago but there was plen- ty of support in evidence for the real ly active stocks
 The biggest drive in the British cap- ital was. on the Erie First Preferred which slumped off Is points in the l noon quotations on heavy selling | which is believed to have originated l on this side. New York Central, Penn l sylvania and Reading which were un- | der pressure here last night, were re- ported strong and advancing in the | London market. The market was fe- verish.
 The New York market opened with l plenty of support for most of the ac- tive stocks. The market, however, was feverish during the initial period and the bears were reported to be ral- ying for a general drive at leading .ailroad stocks. There was much ac- ,ivity in the Steel issues, the Hartman | stocks and the so-called Morgan is- sues but during the first fifteen min ltes they held up we'll under excellent y organized support.
 Liquidation that was the depress- ng influence in the market all through was restricted to a smaller number of stocks this morning and ,rice movements at the opening and in he first few minutes reacted as much buying for new accounts as the clos ng out of holdings of impairet; mar gins. A majority of the stocks on the irst sales showed some amount of ,ain while others under pressure of catered long stock showed irregular osses. Reading started up 3-4, Anal samated showed a fr1ner tone moving I ID 3-4 and B. & o. gained IA North ,rn Pacific declined l 3-4 and Smelling I National Lead, Missouri Pacific and Union Pacific on small sales lost from 1 ne to two points. Steel Common ad- i 'anced 3-4 to AZ. Z
 Noon-Some reactions from the high st levels reached in the first hour anne later in the forenoon but these ( were due to raids by operators persist ( ntly coming to the bear side. Anaeri- i an Smelting was forced down two Ii, oints. Union Pacific lost a point ut it was quickly recovered. t