Los Angeles Herald, Volume XXX, Number 360, 26 September 1903 — STOCKS WELL SUPPORTED Fluctuations Were Feverish, but the Market Closed at Steady Level [ARTICLE]

STOCKS WELL SUPPORTED Fluctuations Were Feverish, but the Market Closed at Steady Level

NEW YORK. Sept. 25.— Yesterday's late •vents In the stock market aroused serious apprehensions thnt disastrous results might be witnessed today. As is often the case In speculative matters, the threatened harm incited to efforts to counteract it. There were strong protective mf itrf adopted in the stock market to check the precipitate decline in prices, which threatened the violent shrinkage of credits. There were feverish and erratic fluctuations during the greater part of the morning, hut the supporting measures Anally proved of effect and the market quieted down and became steady at ft level of values substantially above last night's. » There was some settlement again in the final dealings, but the pressure was again resisted and tho market closed steady and dull, but below the best. The liquidation •was continued with considerable force this morning, especially in the United States Steel securities. Both classes of stock and the second mortgnge bonds opened at new low records and kept the early market unsettltd in spite of support by powerful clients at other points. When tho fact developed that the buying to support the market did not follow the advance in prices to any extent the bears made a determined drive in an attempt to regain the upper hand. They centered the attack upon United States Steel preferred, apparently equipped with the knowledge of the existence of a considerable stop-loss order in that stock nt about 42. Its movement after touching that point proved the accuracy of the bears' Information or surmise, the price slumping to 60*4. Tho common stock touched 16 and the bonds 70% during the day. The general market weakened again in response to this drive, but prices generally got slightly below last night's level. The uncovered bears took alarm at this evidence of effective support and bought largely to cover their shorts. The principal active stocks afterwards got from 1 to 2 points over last night. There ■were wide declines both on the stock exchange and in the outside market in some securities for which there is not an active market, but speculative sentiment, on the whole, was considerably Improved as a result of the day's events. The firmness of the later market was helped by the preliminary estimates of the week's currency movement, Which promise a merely nominal change in tho cash holdings of the banks. The largo shipments of currency to the south and a small loss on sub-treasury operations proper were slightly more than offset by receipts from other sources, including new gold. The heavy liquidation In the stock market gives Indication of some reduction in the loan item and the deposit liabilities. Money was rather firmer, however, today both for time loans and on call, and a farther fall In New York exchange at Chicago brought the market nearer to a point for shipping currency west. There was a larger supply of commercial bills in the exchange market. It Is reported that some of the interior banks are selling demand bills of exchange here against purchase of grain and cotton bills. The week's exports of wheat show an increase of more than 2,000,000 bushels over the previous week and the decline in the cotton market, It Is believed, will Induce an increasel foreign demand. The bond market was quite active and irregular. Total sales, par value, $3,925,000. United States 2s declined % per cent on the last call.